The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) approved the Fiscal Year 2018 (FY18) Annual Report on April 1st. The FY18 Audited Financial Statements were completed by the independent auditor, Baker Tilly Virchow Krause, LLP, on March 28th. Both reports were released to the respective governments.
The FY18 audit performed by Baker Tilly was completed on time and according to U.S Generally Accepted Auditing Standards and Generally Accepted Government Auditing Standards issued by the Comptroller General of the United States. There were no audit findings.
The full reports can be found at: https://fsmcfatf.com/file-repository/
The Trust Fund for the People of the Federated States of Micronesia was established by the Compact of Free Association, as Amended, as codified in the Compact of Free Association Amendments Act of 2003 (U.S. Public Law 108-188, December 17, 2003). The Trust Fund’s purpose is to contribute to the economic advancement and long-term budgetary self-reliance of the FSM by providing a source of revenue for the government and the people of the Federated States of Micronesia when certain grants under the Amended Compact of Free Association expire in 2023.