PEF Trustees Report

PEF Trustees Report
Presented to the 31st Annual Convention
Niagara Falls, NY - September 13-16th, 2009

MISSION:
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 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.

FINDINGS AND RECOMMENDATIONS:
• We recommend PEF Executive Board meetings start at 1:00 p.m. on the first day. This would eliminate one night’s hotel stay and a breakfast and lunch. This would constitute a savings of about $60,000 per year.

• We recommend PEF Executive Board members revisit room double occupancy for all Executive Board meetings. This savings would be about $18,900 per year.

• We recommend the PEF payroll-status-change report be reviewed by someone outside of the payroll function as the reports are received, and this review be documented on those reports, and the reports filed for future reference. We looked into this, and it has been corrected. We will continue to monitor it.

AUDIT REPORT:
On August 19, 2009, the trustees, Secretary-Treasurer Arlea Igoe, Valerie O’Dell, PEF’s director of finance, and Russell Kuon, divisions controller, met with representatives of Marvin and Company. An overview of PEF’s 2008-2009 audit findings was presented.

The audit included examination of PEF documentation that supported the amounts and disclosures in the PEF consolidated financial statements. Marvin and Company reported PEF’s financial position for fiscal year 2008-2009 ended in conformity with generally accepted accounting procedures. It further stated all PEF financial statements reviewed supported that opinion and fairly represented PEF’s financial position at the time of the audit, fiscal year 2008-2009.

Continue to read Trustees Report
CLICK HERE TO VIEW 4 PAGE PDF