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| Dupaco Restates 2009 Financials |
| Posted: | March 23, 2010 |
| Details: | In late March of 2010, auditors from McGladrey and Pullen determined that Dupaco must immediately recognize income from sold real estate loans with servicing at Dupaco instead of accruing it annually as earned. Last year was a record for Dupaco real estate loans disbursed, and this auditor determination resulted in a $1.81 million increase in 2009 net income. As a result, your credit union has restated its financial statements for the year ended December 31, 2009.
Please note that we have received a clean audit opinion on our revised 2009 financial statements from McGladrey and Pullen, LLC. To receive a copy of the full audit report, contact the credit union.
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