PEF Trustees’ Report

The trustees are charged by the PEF Constitution to periodically review PEF’s financial records; report to the membership any activities not in its best interest and to attend PEF Executive Board meetings. We meet periodically and review, at random, division audits, regional budgets, and expense vouchers. The trustees also review those divisions and regions not in compliance with acceptable PEF financial policies and make appropriate recommendations of action in keeping with PEF policies.

GENERAL STATEMENT
Due to our staff in the business office’s proactive involvement, the auditors did not need to provide a management letter that had recommendations they deemed necessary. While we have achieved a contract that was overwhelmingly approved, PEF needs to be sure that our resources be ready to fight any future actions that negatively impact our terms and conditions of employment and job security.

AUDIT REPORT
On July 21, 2008, the trustees, Secretary-Treasurer Arlea Igoe, and Valerie O’Dell, PEF’s director of finance, met with representatives of Marvin and Company. An overview of PEF’s 2007-2008 audit findings were presented.
The audit included examination of PEF documentation that supported the amounts and disclosures in the PEF consolidated financial statements. Marvin and Company reported that PEF’s financial position for fiscal year 2007-2008 ended in conformity with generally accepted accounting procedures. They further stated that all PEF financial statements reviewed by them supported their opinions and fairly represented PEF’s financial position at the time of the audit.
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