U-Haul 2007 Annual Report Download - page 53

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47
M
quisition, use or disposition of the Company's assets that could
ha
rted by testing
an
ear. We reviewed the results of management's assessment with the Audit
C
ment of
ver financial reporting and has issued their report, which is included below.
F
urpose subsidiaries. These special-purpose subsidiaries will be consolidated into U-
Haul’ s financial statements.
anagement Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) to provide reasonable assurance regarding the reliability
of our financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. Internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized ac
ve a material effect on the financial statements.
Management assessed our internal control over financial reporting as of March 31, 2007, the end of our fiscal
year. Management based its assessment on criteria established in Internal Control-Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Management's assessment included
evaluation of such elements as the design and operating effectiveness of key financial reporting controls, process
documentation, accounting policies, and our overall control environment. This assessment is suppo
d monitoring performed both by our Internal Audit organization and our Finance organization.
Based on our assessment, management has concluded that our internal control over financial reporting was
effective as of the end of the fiscal y
ommittee of our Board of Directors.
Our independent registered public accounting firm, BDO Seidman, LLP, has audited management's assess
the Company's internal control o
Item 9B.
Other Information
leet Securitization Transaction
The Company has entered into a securitized financing, as of June 1, 2007, through an offer by certain new special-
purpose entities of up to $217.0 million of Fixed Rate Series 2007-1-BT Notes and $86.6 million of Fixed Rate
Series 2007-1-CP Notes in a private placement transaction exempt from registration under the Securities Act of
1933, as amended. The new special-purpose entities that will issue the notes will be indirect subsidiaries of
AMERCO. These new special-purpose subsidiaries will use the net proceeds from the sale of the notes to, among
other things, acquire box trucks, cargo vans and pickup trucks from the manufacturers as well as from other
subsidiaries of AMERCO. The new special-purpose subsidiaries will generate income from truck and trailer rentals
to be used to service and repay the notes. The notes will not be obligations of AMERCO or any of its subsidiaries
other than the new special-p