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News ReleaseFarm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090


For Immediate Release
NR-07-04 (04-12-07)
Contact: Martha Schober or Christine Quinn, 703-883-4056
E-mail: info-line@fca.gov
Web site: www.fca.gov

FCA Board Hears Report on Audit of FCS Building Association's 2006 Financial Statements

McLEAN, Va., April 12, 2007 — The Farm Credit Administration (FCA) Board today listened to a report on the audit of the Farm Credit System (FCS) Building Association’s 2006 financial statements.

The audit report concluded that the financial statements for calendar years 2006 and 2005 fairly present the financial position of the FCS Building Association and the results of its operations and cash flows for those years. The audit was conducted by Cherry, Bekaert, and Holland, Certified Public Accountants and Consultants, an independent accounting firm. The firm conducted its audit in accordance with generally accepted auditing standards.

Notational Votes
The FCA Board approved four notational votes in March. Notational votes are actions taken by the FCA Board between Board meetings.
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The Farm Credit Administration is the safety and soundness regulator of the cooperative Farm Credit System. FCA charters, regulates, and examines the 107 banks, associations, and service corporations of the FCS. System institutions make loans to agricultural producers and their cooperatives nationwide. Members of the FCA Board are Nancy C. Pellett, Chairman and CEO; Dallas P. Tonsager; and Leland A. Strom.

Note: FCA news releases are available on the Internet. Access the FCA Web site at www.fca.gov.