Management’s Report on Internal Control Over Financial Reporting Farm Credit West’s principal executives and principal financial officers are responsible for establishing and maintaining adequate internal control over financial reporting for Farm Credit West’s consolidated financial statements. For the purposes of this report, “internal control over financial reporting” is defined as a process designed by, or under the supervision of Farm Credit West’s principal executives and principal financial officers, and effected by the Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets of Farm Credit West; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures are being made only in accordance with authorizations of management and directors of Farm Credit West; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Farm Credit West’s assets that could have a material effect on its consolidated financial statements. Management has completed an assessment of the effectiveness of Farm Credit West’s internal control over financial reporting as of December 31, 2020. In making the assessment, management used the framework in Internal Control – Integrated Framework (2013) promulgated by the Committee of Sponsoring Organizations of the Treadway Commission, commonly referred to as the “COSO” criteria. Based on the assessment performed, Farm Credit West’s management concluded that as of December 31, 2020, the internal control over financial reporting was effective based upon the COSO criteria. Additionally, based on this assessment, Farm Credit West’s management determined that there were no material weaknesses in the internal control over financial reporting as of December 31, 2020.
Mark D. Littlefield President and Chief Executive Officer March 10, 2021
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FARM CREDIT WEST
Jean L. Koenck Executive Vice President – Chief Financial Officer
