US Postal Service 2004 Annual Report Download - page 38

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financial review
36 | 2004 annual report united states postal service
Item 10. Directors and executive officers
Stated฀on฀pages฀12–13.
Item 11. Executive compensation
The฀Postal฀Service฀releases฀information฀concerning฀execu-
tive฀compensation฀to฀the฀extent฀required฀by฀the฀Freedom฀of฀
Information฀Act฀(FOIA),฀5฀United฀States฀ Code฀ (U.S.C.)฀552.฀
Postal฀Service฀regulations฀implementing฀the฀FOIA฀are฀located฀
at฀39฀C.F.R.฀265.฀Information฀regarding฀how฀to฀submit฀a฀FOIA฀
request฀can฀be฀found฀on฀our฀website฀usps.com.
Item 12. Security ownership of certain
beneficial owners and management related
stockholder matters
Not฀applicable฀to฀this฀report.
Item 13. Certain relationships and related
transactions
As฀discussed฀in฀item฀9A,฀every฀Postal฀Service฀officer,฀manager,฀
and฀employee฀is฀required฀to฀ comply฀ with฀the฀Standards฀of฀
Ethical฀Conduct฀for฀Employees฀of฀the฀Executive฀Branch฀and฀by฀
the฀Supplemental฀Standards฀of฀Ethical฀Conduct฀for฀Employees฀
of฀the฀United฀States฀Postal฀Service.
Item 14. Principal accountant fees and
services
In฀2002,฀the฀Board฀of฀Governors฀selected฀Ernst฀&฀Young฀LLP฀as฀
its฀independent฀auditor฀to฀perform฀external฀auditing฀services.฀
The฀competitively฀awarded฀five-year฀contract,฀with฀an฀option฀of฀
renewal฀of฀up฀to฀36฀months,฀has฀an฀estimated฀value฀of฀$11.7฀
million.฀This฀contract฀covers฀the฀financial฀statement฀audits฀for฀
fiscal฀years฀2003–2007.฀As฀with฀previous฀contracts฀for฀external฀
audit฀services,฀Ernst฀&฀Young฀LLP฀will฀not฀perform฀consulting฀
work฀for฀us฀for฀the฀duration฀of฀its฀contract.
Part III
Postal financial data can be easily viewed on usps.com