Report of Independent Auditors Report of the Audit Committee - IUPAT

As of December 31, 2006 the future principal maturity ofthese loans are as follows:Year EndedDeath BenefitDecember 31, 2006 Fund LMCI2007 $88,480 $38,9502008 93,704 41,2502009 99,236 43,6852010 105,095 46,2642011 111,300 48,996Thereafter 3,912,599 1,747,376$4,410,414 $1,966,521NOTE 11. COMMITMENTS AND CONTINGENCIESThe International Union is involved in litigation arising inthe normal course of operations. Some of the litigationinvolves matters common to any organization of comparablesize, including personnel, employment, contract, and trademarkissues. None of this litigation involves any substantialpotential liability on the part of the International Union.www.IUPAT.orgThe members of the International Union of Painters and Allied Trades Audit Committee; (from left to right) IUPAT Executive Assistant to theGeneral Secretary-Treasurer Charlie Harris, Daniel Poling of District Council 53/Local Union 1144, Dave Wenninger of DC 88/LU 130,Grady Bryant of DC 80/LU 1225, IUPAT General Secretary-Treasurer George Galis, CPA Peter Novak of Novak Francella, CPA Steve Mazurof Novak Francella and IUPAT Assistant to the General Secretary-Treasurer Ron Kniess.APRIL-JUNE 2007 • JOURNAL27