2010 Audit Report

United Federal Credit UnionConsolidated Financial Reportwith Additional InformationDecember 31, 2010United Federal Credit UnionContentsReport Letter 1Consolidated Financial StatementsStatement of Financial Condition 2Statement of Income 3Statement of Members' Equity 4Statement of Cash Flows 5Notes to Consolidated Financial Statements 6-23Additional Information 24Report Letter 25Consolidating Statement of Financial Condition 26Consolidating Statement of Income 27Independent Auditor's ReportTo the Board of DirectorsUnited Federal Credit UnionWe have audited the accompanying consolidated statement of financial condition of UnitedFederal Credit Union (the "Credit Union") as of December 31, 2010 and 2009 and the relatedconsolidated statements of income, members’ equity, and cash flows for the years then ended.These consolidated financial statements are the responsibility of the Credit Union'smanagement. O ur responsibility is to express an opinion on these consolidated financialstatements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the ...