Regulatory oversight requires services, such as e-Funds for Schools, powered by Magic-Wrighter, Inc, to perform an annual SAS-70 audit.

The SAS-70 is performed by a qualified third party audit firm.

The annual SAS-70 audit reports, as performed by the third party auditing firm, are provided to the financial institution that e-Funds for Schools has selected as its clearing institution.

The SAS-70 reports are made available to government regulators performing oversight of the e-Funds for Schools, powered by Magic-Wrighter, Inc., service.

A SAS-70 report allows financial institutions and regulators to verify a payment processor, such as e-Funds for Schools, has adequate controls in place to safely process payments, safeguard consumer information, perform required risk assessments and has data recovery facilities standing by in the event of a man made or natural disaster to its data center.

The school may request a copy of our latest SAS-70 report when selecting our service.

Doing business with companies providing SAS-70 reports can reduce the school's risk exposure, and is often safer and more reliable.

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Rwaelti@wi.rr.com

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