Report of Independent Auditors
To the Board of Directors of FCS Financial, ACA,
We have audited the accompanying Consolidated Financial Statements of FCS Financial, ACA and its subsidiaries (the Association),
which comprise the consolidated statements of condition as of December 31, 2017, 2016, and 2015, and the related consolidated
statements of income, changes in members’ equity and cash flows for the years then ended.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the 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 Consolidated Financial Statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on the 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 audit 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 our 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, we consider internal control
relevant to the Association'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
Association'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 we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the Consolidated Financial Statements referred to above present fairly, in all material respects, the financial position of
FCS Financial, ACA and its subsidiaries as of December 31, 2017, 2016, and 2015, and the results of its operations and its cash flows
for the years then ended in accordance with accounting principles generally accepted in the United States of America.
March 9, 2018
PricewaterhouseCoopers LLP, 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402
T: (612) 596 6000, www.pwc.com/us
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