Democratic gubernatorial candidate Richard Moore's latest ad contrasts his handling of the state pension fund with Beverly Perdue's business record, Ben Niolet reports.

What the ad says: Moore: "I'm Richard Moore, candidate for governor, and I sponsored this ad." Announcer: "A trusted manager, Democrat Richard Moore built the nation's second-best retirement fund. Governing magazine named Moore a public official of the year. And the boldest plan to fix our economy. And Bev Perdue's record? Her business paid taxes late 92 times. Perdue's business even had its license suspended after failure to pay state taxes. If Bev Perdue can't manage her own business, how can she manage the state?"

The background: As treasurer, Richard Moore oversees a $77 billion pension fund. That fund was ranked second this year by Standard & Poor’s in its ability to pay its obligations. Moore was one of Governing magazine’s Public Officials of 2004. He was cited for his pressure for reforms on Wall Street. The claim about Moore’s plan to stimulate the economy is subjective.

Perdue is part owner of Quail Woods Village in New Bern, a real estate development company. According to Craven County tax records, the company was delinquent on property taxes 92 times between 1997 and 2005. The delinquencies cost the business nearly $2,000 in interest and another $200 in fees.

David Kochman, a Perdue spokesman, said in e-mail that the company bought a large tract in Craven County and subdivided the tract into more than 80 smaller lots. Quail Woods was late in paying some of its property taxes because each tract had its own tax bill, Kochman said.

In 1996, the company did not file a tax return because it had no income, Kochman said. But the company was required to file a return because it owed a $210 franchise tax. The oversight led the secretary of state to suspend the business license for Quail Woods Village. Kochman said the business was not notified of a problem until 2004. The issue was resolved soon after, Kochman said.

Is the ad accurate? Yes. 

Lt. Gov. Beverly Perdue's company had its license suspended because of $210 in unpaid state taxes.

As noted yesterday, the Democratic gubernatorial candidate's company, Quail Woods Village, had its business license suspended for five months in 2004.

Her deputy campaign manager, David Kochman, said today that the suspension came about because the real estate development company failed to pay $210 in state franchise taxes in 1996.

That year, Quail Woods Village did not have any income because it did not sell any land. Perdue and her co-owners did not file a tax return, but they still owed a small tax as a company.

They weren't notified about the problem until 2004, however.

"They got the notice, and a short time later, they paid it," he said.

Secretary of State spokesman George Jeter said that such delays, while not typical, have happened. Sometimes they are because of the Department of Revenue and sometimes the Secretary of State's office, he said.

"We hope there aren't that many delays for that long," he said.

A small business co-founded by Beverly Perdue was suspended in 2004 for failure to comply with the state Department of Revenue.

The lieutenant governor and her first husband, Gary, founded Quail Woods Village in New Bern in 1991, according to state records.

Though her role in the company is unclear, a press release from her gubernatorial campaign this evening noted that she is "50% owner of Quail Woods Village."

The company, which handles real estate development, has built homes and subdivisions in Craven County.

From May to October of 2004 — just as Perdue was wrapping up her re-election campaign — the company's license to do business was suspended by the Secretary of State's office for failure to comply with the Department of Revenue.

Perdue's campaign staffers and the company's registered agent were not available for comment tonight.

The story so far, after the jump.

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