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NiagaraFalls,NY
vention
September13-16th,2009
r
t
MISSION:
ThetrusteesarechargedbythePEFConstitutionto
Submittedby
periodicallyreviewPEF’sfinancialrecords;reporttothe
Olubiyi(Mr.B)
membershipanyactivitiesnotinitsbestinterestandto
Sehindemi,
e
p
o
attendExecutiveBoardmeetings.Wemeetperiodicallyand
review,atrandom,divisionaudits,regionalbudgets,and
GailNobleand
expensevouchers.Thetrusteesalsoreviewthosedivisions AdamSumlin
andregionsnotincompliancewithacceptablePEF
s
’
R
financialpoliciesandmakeappropriaterecommendations
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A
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T
.
IONS:
Temporarily Restricted Net Assets:
Thoseassetsasof3/31/09tobeusedonlyforaspecific
purpose:
•WerecommendPEFExecutiveBoardmeetingsstartat
A.COPE(VoluntaryPoliticalContributions)....$ 187,966
1:00p.m.onthefirstday.Thiswouldeliminateonenight’s
B.ContractFightbackFund...........................$2,963,872
PEFpolicystates:“Outsideofcontractfightback
u
s
t
e
e
hotelstayandabreakfastandlunch.Thiswould
constituteasavingsofabout$60,000p
activities,theContractFundcanonlybeusedtoprotect
thejobsecurityofPEFmembersifapprovedbyathree-
T
r
eryear.
•WerecommendPEFExecutiveBoardmembersrevisit
roomdoubleoccupancyforallExecutiveBoardmeetings.
quartersvoteofPEF’sExecutiveBoard.”
Thissavingswouldbeabout$18,900peryear.
•WerecommendthePEFpayroll-status-changereport
2. Contingency Funds
bereviewedbysomeoneoutsideofthepayrollfunctionas
thereportsarereceived,andthisreviewbedocumentedon
thosereports,andthereportsfiledforfuturereference.We
lookedintothis,andithasbeencorrected.Wewill
A
co
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nt
D
in
IT
ue
R
t
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o
P
m
O
on
R
it
T
o
:
rit.
OnAugust19,2009,thetrustees,Secretary-Treasurer
ArleaIgoe,ValerieO’Dell,PEF’sdirectoroffinance,and
RussellKuon,divisionscontroller,metwithrepresentatives
ofMarvinandCompany.AnoverviewofPEF’s2008-2009
auditfindingswaspresented.
Forthesecondyearinarowwehaveseenaslight
TheauditincludedexaminationofPEFdocumentation
increaseinourcontingencyfund.Futureanticipated
thatsupportedtheamountsanddisclosuresinthePEF
expendituresofthisfundrequirethatitbebuiltupasmuch
consolidatedfinancialstatements.MarvinandCompany
aspossible.Wecontinuetoneedameanstoreplenishthese
reportedPEF’sfinancialpositionforfiscalyear2008-2009
fundseveryyear.Oneoptionistoensureouroperating
endedinconformitywithgenerallyacceptedaccounting
budgetisdesignedtoachieveasurplus,whichwouldthen
procedures.ItfurtherstatedallPEFfinancialstatements
betransferredintotheContingencyFundaftertheyear-end
reviewedsupportedthatopinionandfairlyrepresented
audit.ExistingPEFpolicystipulates:“Allsurplusmoniesat
PEF’sfinancialpositionatthetimeoftheaudit,fiscalyear
theendofanyfiscalyearshallbeplacedinafundfor
2008-2009
emergenciesandspecialneeds.Expendituresfromthisfund
shallbemadeonlyafterapprovalbyatwo-thirdsvoteofthe
1. PEF’s Expenses By Functional Activity
ExecutiveBoard.”
The following table breaks down the amounts spent
over the last 5 years:
Page18—TheCommunicatorOctober2009 PEFInformationLine:1-800-553-2445
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