NewYorkStatePublicEmployeesFederationandSubsidiaries
FinancialStatementsand
OtherFinancialInformation
11BritishAmericanBlvd.,Latham,NY12110
INDEPENDENT AUDITOR’S REPORT
OfficersandTrustees financialreportingasabasisfordesigning theircashflowsfortheyearsthenendedin
NewYorkStatePublicEmployees auditproceduresthatareappropriatein conformitywithU.S.generallyaccepted
Federation thecircumstances,butnotforthepurpose accountingprinciples.
ofexpressinganopiniononthe Ourauditswereconductedforthe
Wehaveauditedtheaccompanying effectivenessofPEF’sinternalcontrolover purposeofforminganopiniononthe
consolidatedstatementsoffinancial financialreporting. Accordingly,we consolidatedfinancialstatementstakenas
positionoftheNewYorkStatePublic expressnosuchopinion. Anauditalso awhole. Theconsolidatingstatementof
EmployeesFederationandSubsidiary(PEF) includesexamining,onatestbasis, financialposition,theconsolidating
asofMarch31,2009and2008,andthe evidencesupportingtheamountsand statementofactivities,andtheschedulesof
relatedconsolidatedstatementsofactivities disclosuresintheconsolidatedfinancial consolidateddetailofexpensesare
andcashflowsfortheyearsthenended. statements,assessingtheaccounting presentedforpurposesofadditional
Theseconsolidatedfinancialstatementsare principlesusedandsignificantestimates analysisandarenotarequiredpartofthe
theresponsibilityofPEF’smanagement. madebymanagement,aswellas consolidatedfinancialstatements. Such
Ourresponsibilityistoexpressanopinion evaluatingtheoverallconsolidated informationhasbeensubjectedtothe
ontheseconsolidatedfinancialstatements financialstatementpresentation. We auditingproceduresappliedinourauditof
basedonouraudits. believethatourauditsprovidea theconsolidatedfinancialstatementsand,
Weconductedourauditsinaccordance reasonablebasisforouropinion. inouropinion,isfairlystatedinallmaterial
withU.S.generallyacceptedauditing Inouropinion,theconsolidated respectsinrelationtotheconsolidated
standards.Thosestandardsrequirethatwe financialstatementsreferredtoabove f
planandperformtheaudittoobtain presentfairly,inallmaterialrespects,the
reasonableassuranceaboutwhetherthe financialpositionoftheNewYorkState
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consolidatedfinancialstatementsarefreeof PublicEmployeesFederationand
materialmisstatement. Anauditincludes SubsidiaryasofMarch31,2009and2008,
October14,2009
considerationofinternalcontrolover andthechangesintheirnetassetsand
www.pef.org TheCommunicatorNovember2009—Page15
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