MARCH 16, 2022
Report of Management M RR M
EPORTOF OF ANAGEMENT ANAGEMENT EPORT
Theconsolidated consolidatedfinancial financialstatements statementsofofFresno FresnoMadera MaderaFarm FarmCredit, Credit,ACA ACA(Association) (Association)are areprepared preparedand andreviewed reviewed The by management, who is responsible for their integrity and objectivity, including amounts that must necessarily be by management, who is responsible for their integrity and objectivity, including amounts that must necessarily be based on judgments and estimates. In the opinion of management, the accompanying consolidated financial based on judgments and estimates. In the opinion of management, the accompanying consolidated financial statementsfairly fairlypresent presentthe thefinancial financialcondition conditionand andresults resultsofofoperations operationsofofthe theAssociation, Association,ininconformity conformitywith with statements accountingprinciples principlesgenerally generallyaccepted acceptedininthe theUnited UnitedStates StatesofofAmerica. America.Other Otherfinancial financialinformation informationincluded includedininthe the accounting 2021Annual AnnualReport Reportisisconsistent consistentwith withthat thatininthe theconsolidated consolidatedfinancial financialstatements. statements. 2021 Tomeet meetits itsresponsibility responsibilityfor forreliable reliablefinancial financialinformation, information,management managementdepends dependson onthe theAssociation’s Association’saccounting accounting To andinternal internalcontrol controlsystems, systems,which whichhave havebeen beendesigned designedto toprovide providereasonable, reasonable,but butnot notabsolute, absolute,assurance assurancethat that and assets are are safeguarded safeguarded and and transactions transactions are are properly properly authorized authorized and and recorded. recorded. To To monitor monitor compliance, compliance, the the assets Association engaged Deloitte & Touche LLP to perform audits of the accounting records, review accounting systems Association engaged Deloitte & Touche LLP to perform audits of the accounting records, review accounting systems andinternal internalcontrols, controls,and andrecommend recommendimprovements improvementsas asappropriate. appropriate.The The consolidated consolidatedfinancial financialstatements statementsare are and audited by PricewaterhouseCoopers LLP, independent auditors. The Association is also examined by the Farm Credit audited by PricewaterhouseCoopers LLP, independent auditors. The Association is also examined by the Farm Credit Administration. Administration. TheAudit AuditCommittee Committeeofofthe theBoard BoardofofDirectors Directorshas hasoverall overallresponsibility responsibilityfor forthe theAssociation’s Association’ssystem systemofofinternal internal The controlsand andfinancial financialreporting. reporting.The TheAudit AuditCommittee Committeemeets meetsand andconsults consultsregularly regularlywith withmanagement managementand andthe the controls auditorsto toreview reviewthe themanner mannerininwhich whichthese thesegroups groupsare areperforming performingtheir theirresponsibilities responsibilitiesand andto tocarry carryout outthe theBoard’s Board’s auditors oversightrole rolewith withrespect respectto toauditing, auditing,internal internalcontrols, controls,and andfinancial financialreporting reportingmatters. matters.The Theindependent independentauditors auditors oversight also have direct access to the Audit Committee. also have direct access to the Audit Committee. The undersigned undersigned certify certifythat thatthe the Fresno Fresno Madera Madera Farm Farm Credit, Credit, ACA ACA2021 2021 Annual AnnualReport Reporthas has been been prepared prepared and and The reviewed in accordance with all applicable statutory or regulatory requirements, and that the information contained reviewed in accordance with all applicable statutory or regulatory requirements, and that the information contained hereinisistrue, true,accurate, accurate,and andcomplete completeto tothe thebest bestofofour ourknowledge knowledgeand andbelief. belief. herein March16, 16,2022 2022 March
DeniseWaite, Waite,Audit AuditCommittee CommitteeChair Chair Denise Fresno Madera Farm Credit, ACA Fresno Madera Farm Credit, ACA FresnoMadera MaderaPCA, PCA,FLCA FLCA Fresno
KeithHesterberg, Hesterberg,President Presidentand and Keith Chief Executive Officer Chief Executive Officer FresnoMadera MaderaFarm FarmCredit, Credit,ACA ACA Fresno FresnoMadera MaderaPCA, PCA,FLCA FLCA Fresno
WayneCarstens, Carstens,Audit AuditCommittee CommitteeVice ViceChair Chair Wayne FresnoMadera MaderaFarm FarmCredit, Credit,ACA ACA Fresno FresnoMadera MaderaPCA, PCA,FLCA FLCA Fresno
JoeSoto, Soto,Senior SeniorVice VicePresident Presidentand and Joe ChiefFinancial FinancialOfficer Officer Chief FresnoMadera MaderaFarm FarmCredit, Credit,ACA ACA Fresno Fresno Madera PCA, FLCA Fresno Madera PCA, FLCA
DanielErrotabere, Errotabere,Audit AuditCommittee CommitteeMember Member Daniel Fresno Madera Farm Credit, ACA Fresno Madera Farm Credit, ACA FresnoMadera MaderaPCA, PCA,FLCA FLCA Fresno
Jeff Jue, Chairman of the Board Fresno Madera Farm Credit, ACA Fresno Madera PCA, FLCA
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JeffJue, Jue,Chairman Chairmanofofthe theBoard Board Jeff
