As treasurer of the Ukrainian FCU and in compliance with NCUA regulations it is my responsibility to ensure that our membership is presented with the correct financial status of our Credit Union. At the Annual Meeting on April 6, 2008, our membership was presented with un-audited financial statements for the year ending December 31, 2007. Our Ukrainian FCU, a dynamic and growing cooperative financial institution, with six branch locations coast-to-coast, engaged the services of Bonadio & Co., LLP, a certified public accounting firm, to perform an audit in accordance with generally accepted auditing standards and Section 715 of the NCUA Rules and Regulations for the credit union. On April 28, 2008, the firm issued an audit report on the 2007 financial statements and recommended that management consider making the following adjustments to the 2007 year-end financial statements -- increasing the Allowance and Provision for Loan Loss by $250,000 and re-classifying $40,000 of Loan Origination Fees as Deferred Income. The combined effect of these audit adjustments thereby reduced the credit union’s net income by $290,000 to $72,922 for 2007. The Board of Directors by unanimous vote affirmed the importance of publishing the following corrected 2007-06 Comparative Statement of Financial Condition and the 2007-06 Comparative Statement of Income.