Income and Tax Information for the President and Mrs. Ford - 1966/1974 Deductions
Year Gross Taxable Medical Contri- State, Interest Federal All Taxes As Income Income butions Local & Income % of Gross Other Tax Income Taxes 1966 59,513.65 50,267.90 277.79 1335.00 1012.55 20.41 17,389.05 31% 1967 71,608.55 60,827.53 150.00 2960.00 1071.02 22,896.16 33 1/2% 1968 68,952.43 56,759.55 150.00 2353.20 3089.68 22,617.43 37% 1969 80,741.98 67,838.99 611.98 2125.50 3565.51 29,610.90 41% 1970 94,322.11 80,944.31 1001.18 1892.50 3348.91 385.21 35,121.09 41% 1971 71,114.58 55,308.68 1886.45 2187.00 4090.02 592.43 20,390.53 34 1/2% 1972 67,927.41 53,723.20 150.00 2286.25 4036.85 221.00 2O,296.75 36% 1973 92,745.40 77,867.06 150.00 2760.20 4297.38 170.76 31,997.58 39% 1974 147,683.10 128,472.96 150.00 5849.00 5984.71 2726.43 56,296.49 42% 1975 - The President and Mrs. Ford's Tax Returns for 1975 have not yet been prepared. The following figures are available: Gross Income Federal Income Tax Withheld Payment of Michigan Income Tax (Estimated) 250,000.00 + 106,200. 00 9,123. 00
THE HONORABLE GERALD R. AND ELIZABETH B. FORD
STATEMENT OF NET WORTH
DECEMBER 31, 1975
Cash in Banks $ 1,239 Securities: Ford Paint and Varnish Co. - Debenture Bonds $ 9,031 Central Telephone of Illinois - Stock 2,734 Stein Roe Farnum Balance Fund - Stock 1,208 12,973 Cash Value - Life Insurance: Gerald R. Ford (Face Value $ 25,000.00) $ 8,267 Elizabeth B. Ford (Face Value $ 5,000.00) 1,634 9,901 U. S. Congressional Retirement Fund - Contributed Cost 53,701 Real Estate: Residence - Alexandria, Virginia $90,000 Condominium - Vail, Colorado 90,000 Rental Dwelling - Grand Rapids, Michigan 30,000 Cabin - South Branch Township, Michigan (1/4 Interest) 2,000 212,000 Furnishings and Personal Effects: Residence $ 20,000 Condominium 6,000 Rental Dwelling 2,000 28,000 Automobiles and Other Vehicles 6,875 TOTAL ASSETS $ 324,689 LIABILITIES General Bills Outstanding $ 1,200 NET WORTH $ 323,489
THE HONORABLE GERALD R. AND ELIZABETH B. FORD
NOTES TO STATEMENT OF NET WORTH
DECEMBER 31, 1975
The Cash in Bank consists of accounts at the Central Bank N.A. Grand Rapids, a business account and a personal account at the First National Bank of Washington.
The Debenture Bonds are with the Ford Paint and Varnish Co.
The Stock consists of 135 Shares of Central Telephone of Illinois and 72.206 Shares of Stein Roe Farnum Balance Fund.
All securities were valued as of December 31, 1975.
The cash value Life Insurance was supplied by New England Mutual Life Insurance Company.
The U. S. Congressional Retirement Fund represents your contributed cost to December 31, 1975.
The value of the Real Estate, Furnishings and Personal Effects represent estimated market values determined by you and are in excess of the original cost.
The automobiles and other vehicles consist of a 1974 Jeep, 1972 Jeep and a 1971 Mustang. These vehicles were valued by Orson E. Coe owner of Coe Pontiac, Grand Rapids, Michigan.
The general bills outstanding are estimated miscellaneous items unpaid at December 31, 1975.
Grand Rapids, Mich., Oct. 29, 1973
Hon. Howard W. Cannon,
Chairman, U.S. Senate Committee on Rules and Administration, the Capitol, Washington, D.C.
In accordance with Congressman Gerald R. Ford's request, we have prepared and are submitting to you the enclosed statement of his and Mrs. Ford's net worth as of September 30, 1973. The statement of net worth should be considered in conjunction with the notes to the statement which are attached.
This firm has served as Congressman Ford's tax accountants since 1949 and we are generally familiar with all of his financial records and transactions.
For purposes of preparing this statement of net worth, we have relied upon the complete financial information provided by Congressman Ford each year, and stored in this office, consisting of check books, bank statements, cancelled checks, and deposit slips. The market values of Real Estate and furnishings were supplied by Congressman Ford and represent his estimate of current values.
Robert J. McBain
Certified Public Accountant
Gerald R. And Elizabeth B. Ford, statement of net worth, Sept. 30, 1973
Assets: Cash in banks $1,001 Savings Account--Grand Rapids Mutual Federal 281 Securities: Ford Paint and Varnish Co.--debenture bonds 9,031 Central Telephone of Illinois--stock 3,240 Stein Roe Farnum Balance Fund--stock 1,299 Subtotal 13,570 Cash value--life insurance Gerald R. Ford (face value $25,000) 6,990 Elizabeth B. Ford (face value $5,000) 1,497 Subtotal 8,487 U.S. Congressional Retirement Fund--contributed cost 40,414 Real Estate: Residence--Alexandria, Va 70,000 Condominium--Vail, Colo 65,000 Rental dwelling--Grand Rapids, Mich 25,000 Cabin--South Branch Township, Mich (1/4 interest) 2,000 Subtotal 102,000 Furnishings: Residence 12,000 Condominium 5,000 Rental dwelling 2,000 Subtotal 19,000 Automobiles and other vehicles 6,725 Total assets 261,078 Liabilities: Notes payable--National Bank of Washington 3,200 General bills outstanding 1,500 Total liabilities 4,700
Net worth 256,378
Gerald R. And Elizabeth B. Ford, Notes to Statement of Net Worth,
September 30, 1973
The cash in banks consists of an account at Sergeant at Arms, Washington, D.C., Central Bank, Grand Rapids, Michigan and Union Bank and Trust Co., Grand Rapids, Michigan.
The debenture bonds--Ford Paint and Varnish Co. are due on July 1, 1975
The stock securities consist of 135 shares of Central Telephone of Illinois and 60 shares of Stein Row, Farnum Balance Fund valued at market value on September 30, 1973.
The cash value--life insurance was supplied by New England Mutual Life Insurance Co.
The U.S. Congressional retirement fund represents Congressman Ford's contributed cost to September 30, 1973.
The real estate and furnishings represent estimated market value supplied by Congressman Ford, which are in excess of original cost and values determined by property tax assessments.
The automobiles and other vehicles which consist of a 1968 Chrysler, 1972 Jeep, 1969 Mustang, 1971 Mustang, and a 1972 Motorcycle, were valued by Berger Chevrolet Co., Grand Rapids, Michigan.
The notes payable--National Bank of Washington, are short-term notes maturing at 30-day intervals.
The general bills outstanding are estimated miscellaneous items unpaid at September 30, 1973.
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