ARIZONA FEDERAL CREDIT UNION AND SUBSIDIARIES
REPORT OF INDEPENDENT AUDITORS AND CONSOLIDATED FINANCIAL STATEMENTS
ARIZONA FEDERAL CREDIT UNION AND SUBSIDIARIES
December 31, 2018 and 2017
Table of Contents
Report of Independent Auditors
Consolidated Financial Statements Consolidated statements of financial condition Consolidated statements of income Consolidated statements of comprehensive income Consolidated statements of members' equity Consolidated statements of cash flows Notes to consolidated financial statements
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Repo rt o f Independent Audito rs
Board of Directors and Supervisory Committee Arizona Federal Credit Union and Subsidiaries
Report on the Financial Statem ents We have audited the accompanying consolidated financial statements of Arizona Federal Credit Union and Subsidiaries (the "Credit Union"), which comprise the consolidated statements of financial condition as of December 31, 2018 and 2017, and the related consolidated statements of income, comprehensive income, members' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
M a n a g e m e n t 's R e s p o n s ib ilit y fo r t h e Co n s o lid a t e d Fin a n cia l St a t e m e n t s Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the consolidated financial statements that are free of material misstatement, whether due to fraud or error.
Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our audit opinion.
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Op in io n In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Arizona Federal Credit Union and Subsidiaries as of December 31, 2018 and 2017, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Scottsdale, Arizona April 9, 2019
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Arizona Federal Credit Union and Subsidiaries
Consolidated Statements of Financial Condition
ASSETS
Cash and cash equivalents Investments:
Securities available-for-sale Other Loans held-for-sale Loans receivable, net Accrued interest receivable Property held-for-sale Property and equipment, net National Credit Union Share Insurance Fund (NCUSIF) deposit Goodwill and other intangibles Other assets
Total assets
December 31,
2018
2017
$ 70,423,254
$ 56,421,771
508,059,225 27,542,064 -
874,764,011 5,175,973 6,503,535
47,440,272
616,113,455 22,888,580 337,925
721,794,368 5,269,981 6,830,258
45,401,209
13,066,140 3,966,772
45,489,073
12,707,333 4,414,953
45,257,345
$ 1,602,430,319
$ 1,537,437,178
LIABILITIES AND MEMBERS' EQUITY
Liabilities:
Members' share accounts
$ 1,316,930,524
Accrued expenses and other liabilities
26,560,855
Total liabilities
1,343,491,379
Members' equity: Regular reserve Undivided earnings Accumulated other comprehensive loss
30,424,552 238,565,655 (10,051,267)
Total members' equity
258,938,940
Total liabilities and members' equity
$ 1,602,430,319
$ 1,261,600,456 37,741,721
1,299,342,177
30,424,552 213,593,077
(5,922,628)
238,095,001 $ 1,537,437,178
See accompanying notes.
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