ALTERNATIVES Circular A-133 Audit, 12-31-00.do

ALTERNATIVES FEDERAL CREDIT UNION Ithaca, New York Standard Report on Financial Statements and on the Supplementary Schedule of Expenditures of Federal Awards Issued in a Single Audit- Nonprofit Organization December 31, 2000 ALTERNATIVES FEDERAL CREDIT UNION DECEMBER 31, 1999, 2000 Independent Auditors’ Report………………………………………… 1 Schedule of Expenditures of Federal Awards………………………… 3 Statement of Financial Condition…..…………………………………. 4 Statement of Income…………………………………………………... 5 Statement of Members’ Equity………………………………………... 6 Statements of Cash Flows……………………………………………... 7 Notes to Financial Statements…………………………………………. 8-18 Independent Auditors’ Report on Additional Information…………….. 19 Key Ratios…………………………………………………………….... 20 INDEPENDENT AUDITORS’ REPORT To the Board of Directors of the Alternatives Federal Credit Union Ithaca, New York We have audited the accompanying statements of financial condition of the Alternatives Federal Credit Union as of December 31, 1999, and 2000, and the related statements of income, members’ equity, and cash flows for the year then ended. These financial statements are the responsibility of the Credit Union’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our ...