Word: 990s
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...could do. So he struck out on his own, borrowing 50 shoe boxes of microfilm from the National Center for Charitable Statistics, and in 1996 began posting the financial data of nonprofit organizations on the Web. Three years later, the former agribusiness executive started airing Internal Revenue Service Form 990s, which charities are required to file if they receive $25,000 or more in donations...
...free database doesn't exactly allow visitors to run their own audit, but it enables analysts to compare charities with their counterparts and helps the IRS develop profiles of tax-exempt organizations that could be up to no good. One red flag: more than a fourth of the 990s submitted in 1997 and 1998 reported zero fund-raising costs, as unlikely as money growing on trees...
...recoup its 880 losses, Convair decided to build a long-range jet, the 990, which, by using the then new fanjet engine, would fly faster (635 m.p.h.) than any comparable commercial jet. To save lead time, Convair skipped making a prototype, with the result that when the first 990s came off the production line, they could not fly at the guaranteed speed-and General Dynamics was forced to cut the sale price on early models and lose precious time in modifications...
...Hughes Tool Co. as a middleman on all its jet purchases. To begin with, TWA purchased 20 Convair 880s from Hughes Tool rather than directly from the manufacturer. General Dynamics. Next, charges the TWA complaint, Hughes tried to coerce TWA into agreeing to buy from Hughes Tool 13 Convair 990s (which Hughes had already contracted to buy from General Dynamics). When the Tillinghast team decided instead to buy Boeing 707s, Hughes allegedly sought to queer the deal by warning Boeing that its contract with TWA was invalid because the airline had an obligation to buy from Hughes Tool...
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