NCUA Permanent Funds Earn Clean Audits
The NCUA announced on Tuesday that its four permanent funds have received unmodified audit opinions for the year 2013, according to the audited financial reports released by the agency.
The audited financial reports from independent auditor KPMG LLP cover the National Credit Union Share Insurance Fund, the Operating Fund, the Community Development Revolving Loan Fund and the Central Liquidity Facility.
According to the NCUA, as of Dec. 31, 2013, the Share Insurance Fund had $11.6 billion in total assets. The fund protects individual deposits up to $250,000 for almost 96 million consumers at 6,550 federally insured credit unions.
“The clean opinions from our independent auditors after their audits of the financial statements for the four permanent funds again demonstrate the diligence with which these funds are managed,” said NCUA Board Chairman Debbie Matz. “By making the complete financial reports public, we are living up to our commitments to provide transparency to credit unions and their members.”
The NCUA said KPMG LLP expects to issue an opinion on the 2013 financial statements for the Temporary Corporate Credit Union Stabilization Fund next month. The agency noted that the Stabilization Fund earned a clean audit opinion in 2012 as well.