EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
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Exhibit A:
Report of Independent Accountants
To the Trustees and Shareholders of
Provident Institutional Funds
In planning and performing our audits of the financial statements of
TempFund, TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury
Trust Fund, MuniFund, MuniCash, California Money Fund and New York
Money Fund (Portfolios of Provident Institutional Funds, hereafter
referred to as the "Fund") for the year ended October 31, 2000, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that
controls may become inadequate because of changes in conditions or
that the effectiveness of their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 2000.
This report is intended solely for the information and use of the
Trustees, management and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these
specified parties.
PricewaterhouseCoopers LLP
Philadelphia, PA
December 12, 2000
