The Supervisory Committee’s major responsibilities are to ensure an independent audit is performed at least annually to verify member account balances. To carry out these responsibilities, the Supervisory Committee employs certified public accountants to perform auditing and account verification work under its supervision. In this regard, the Supervisory Committee hired CliftonLarsonAllen LLP 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.
In addition, the Supervisory Committee works with the National Credit Union Administration (NCUA), our federal regulator, when it conducts its annual examination of PFFCU. The Supervisory Committee also oversees the internal audit group to ensure PFFCU operations are in compliance with PFFCU’s policies and procedures and that internal controls exist to protect member assets.
We are pleased to report that the annual audit conducted by CliftonLarsonAllen LLP for 2016 was completed successfully and PFFCU’s financial statements were certified without qualification in March, 2017. The Supervisory Committee concurs with this assessment. CliftonLarsonAllen LLP has been hired to perform the annual audit of PFFCU’s 2017 financial statements and its audit opinion is expected in March, 2018. The Committee is pleased to report that PFFCU is a financially sound organization dedicated to serving its members.
PFFCU Supervisory Committee
Anne Kelly King, Chairperson
|Unconsolidated Statement of Financial Condition as of: 12/31/17 (Unaudited)|
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