Report from the Supervisory Committee

The Supervisory Committee’s major responsibilities are to ensure an independent audit is performed at least annually and the account balances of the membership are verified. To carry out its responsibilities, the Supervisory Committee employs certified public accountants to perform auditing, account verification and clerical work under its supervision. In this regard, the Supervisory Committee hired McGladrey & Pullen, one of the largest accounting firms in the United States, to perform an annual audit of PFFCU’s financial statements to ensure that they comply with generally accepted accounting principles and fairly represent the financial condition of PFFCU. The Committee works with the National Credit Union Administration (NCUA), our federal regulator, when it conducts its examination of PFFCU. The Committee also works with the internal audit group to ensure that PFFCU’s policies and procedures are being followed and that internal controls exist to protect member assets.

We are pleased to report that the annual audit conducted by McGladrey & Pullen for 2007 was completed successfully in April, 2008, and PFFCU’s financial statements were certified without qualification. The Supervisory Committee concurs with this assessment. The Committee is pleased to report that PFFCU is a financially sound organization dedicated to serving its members.

PFFCU Supervisory Committee
Joanne Zarro, Chair
James Cunningham
Robert Gavin
JoAnn Chapman
Anne Kelly King