PBGC’s management is responsible for the accompanying Statements of Financial Condition of the Single-Employer and Multiemployer Funds as of September 30, 2008 and 2007, the related Statements of Operations and Changes in Net Position and the Statements of Cash Flows for the years then ended.  PBGC’s management is also responsible for establishing and maintaining systems of internal accounting and administrative controls that provide reasonable assurance that the control objectives, i.e., preparing reliable financial statements, safeguarding assets and complying with laws and regulations, are achieved.

In the opinion of management, the financial statements of the Single-Employer and Multiemployer Program Funds present fairly the financial position of PBGC at September 30, 2008, and September 30, 2007, and the results of their operations and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America (GAAP) and actuarial standards applied on a consistent basis.  As noted in the FMFIA Statement of Assurance above, PBGC’s accounting systems and internal controls comply with the provisions of the FMFIA.

Estimates of probable terminations, nonrecoverable future financial assistance, amounts due from employers and the present value of future benefits have a material effect on the financial results being reported.  Litigation has been disclosed and reported in accordance with GAAP.

As a result of the aforementioned, PBGC has based these statements, in part, upon informed judgments and estimates for those transactions not yet complete or for which the ultimate effects cannot be precisely measured, or for those that are subject to the effects of any pending litigation.
The Inspector General engaged Clifton Gunderson LLP to conduct the audit of the Corporation’s fiscal years 2008 and 2007 financial statements, and Clifton Gunderson issued an unqualified opinion on those financial statements.

 
 
                                                                 
Charles E.F. Millard                                                                       Patricia Kelly
Director                                                                                           Chief Financial Officer

November 12, 2008

                              

 

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