MARCH 16, 2022
Management’s Report on Internal M ’ R I C O F R Control Over Financial Reporting M ’ R I C O F R
ANAGEMENT S EPORT ON NTERNAL ONTROL VER INANCIAL EPORTING ANAGEMENT S EPORT ON NTERNAL ONTROL VER INANCIAL EPORTING
Fresno Madera Farm Credit’s principal executives and principal financial officers are responsible for establishing and maintaining adequateexecutives internal control over financial reporting Association’s Fresno Madera Farm Credit’s principal and principal financial officers for are the responsible for consolidated financial statements. For purposes of this report, “internal control over financial reporting” establishing and maintaining adequate internal control over financial reporting for the Association’sis defined as a financial process designed by,For or under theofsupervision the Association’s principal consolidated statements. purposes this report,of “internal control over financialexecutives reporting”and is principal financial officers, and effected by its Board of Directors, management and other personnel, defined as a process designed by, or under the supervision of the Association’s principal executives andto provide financial reasonable assurance regardingbythe of financialmanagement reporting and theother preparation of the principal officers, and effected its reliability Board of Directors, and personnel, to consolidated financial statements for external purposesof in financial accordance with accounting principles generally provide reasonable assurance regarding the reliability reporting and the preparation of the accepted in the United States of America. consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Our internal control over financial reporting includes policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail accurately andprocedures fairly reflect the(1)transactions and Our internal control over financial reporting includes policies and that: pertain to the dispositions of assets of in thereasonable Association, (2) provide reasonable thattransactions transactionsand are maintenance of the records that detail accurately and fairlyassurance reflect the recorded as necessary to permit preparation of financial information in accordance with accounting dispositions of the assets of the Association, (2) provide reasonable assurance that transactions are principlesasgenerally accepted in the United States America, and that receipts and expenditures are being recorded necessary to permit preparation of of financial information in accordance with accounting made only in accordance with authorizations of management and directors of the Association, and principles generally accepted in the United States of America, and that receipts and expenditures are being (3) provide reasonable assurance regarding prevention or timelyand detection of unauthorized acquisition, made only in accordance with authorizations of management directors of the Association, and use or disposition of the Association’s assets that could have a material effect on its consolidated financial (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, statements. use or disposition of the Association’s assets that could have a material effect on its consolidated financial statements. Management has completed an assessment of the effectiveness of internal control over financial reporting as of December 31, 2021. an In assessment making theofassessment, management theover framework Internal Management has completed the effectiveness of internalused control financial in reporting Control — Integrated Framework (2013), promulgated by the Committee of Sponsoring Organizations as of December 31, 2021. In making the assessment, management used the framework in Internalof the Treadway Commission, commonly to as the criteria. of Sponsoring Organizations of Control — Integrated Framework (2013), referred promulgated by “COSO” the Committee the Treadway Commission, commonly referred to as the “COSO” criteria. Based on the assessment performed, the Association’s management concluded that as of December 31, 2021, on thethe internal control performed, over financial reporting was effective based upon the COSO Additionally, Based assessment the Association’s management concluded that criteria. as of December 31, based on this assessment, the Association’s management determined that there were no material 2021, the internal control over financial reporting was effective based upon the COSO criteria. Additionally, weaknesses in the internal control over financial reporting as of December that 31, 2021. based on this assessment, the Association’s management determined there were no material weaknesses in the internal control over financial reporting as of December 31, 2021. March 16, 2022 March 16, 2022
Keith Hesterberg, President and ChiefHesterberg, Executive Officer Keith President and Fresno MaderaOfficer Farm Credit, ACA Chief Executive FresnoMadera MaderaFarm PCA,Credit, FLCA ACA Fresno
Joe Soto, Senior Vice President and Chief Financial Joe Soto, Senior Officer Vice President and Fresno Madera Farm Credit, ACA Chief Financial Officer Fresno Madera PCA,Credit, FLCA ACA Fresno Madera Farm
Fresno Madera PCA, FLCA
Fresno Madera PCA, FLCA
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