US Poultry & Egg Export Council, Inc.Non-Profit

Management has reviewed the recommendation of its auditors to establish a more effective review and reconciliation process as a customary part of its accounting system that recognized transactions such as revenue and expenses in the proper period. It is also recommended that accounts receivable should not have accounts receivable in its chart of accounts since it only recognizes revenue when received. It was also suggested that the general ledger is reconciled on a quarterly basis to the supporting schedules. Management understands the recommendations set forth. Due to the nature of the business, USAPEEC will continue to use accounts receivables for reimbursable and invoiced transactions throughout the year, those accounts will be zeroed out at year end to accurately record the revenues for the year. Furthermore, Management will no longer record prepaid expenses but will expense them when invoices are paid. Examples of this are insurances, taxes, computer support, etc. Management also plans to reconcile on a quarterly basis for ease of reporting. New software is being implemented to help with the work load for existing employees in an effort to help streamline procedures and report more accurately.

2021-001

Management has reviewed the recommendation of its auditors to establish a more effective review and reconciliation process as a customary part of its accounting process and development standardized system that recognizes transactions such as revenues and expenses in the proper period. Management is the process of implementing a new accounting system to further enhance procedures. The auditors have also recommended removing accounts receivable from its chart of accounts since it only recognizes revenue when the received. Management will implement this change. Management will also provide training for all department staff now the decision to report on the modified cash yearly has been made.

2020-001