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<br />Accounting Estimates <br /> <br />Accounting estimates are an integral part of the basic financial statements prepared by <br />management and are based on management's knowledge and experience about past and <br />cunent events and assumptions about future events. Certain accounting estimates are <br />pariicularly sensitive because of their significance to the financial statements and because <br />of the possibility that future events affecting them may differ significantly from those <br />expected. <br /> <br />Significant Audit Adjustments <br /> <br />For purposes of this letter, professional standards define a significant audit adjustment as <br />a proposed conection of the financial statements that, in our judgment, may not have <br />been detected except through our auditing procedures. An audit adjustment mayor may <br />not indicate matters that could have a significant effect on the Organization's financial <br />repOliing process (that is, cause future financial statements to be materially misstated). <br />We proposed and recorded audit adjustments to properly account for cash, capital assets, <br />net assets, accrued wages and vacation, accounts payable, defened revenue and bonds <br />payable and prepaid expenses that in our judgment, either individually or in the <br />aggregate, had a significant effect on the Organization's financial reporting process. <br /> <br />Disagreements With Management <br /> <br />For pUlvoses of this letter, professional standards define a disagreement with <br />management as a matter, whether or not resolved to our satisfaction, conceming a <br />financial accounting, repOliing, or auditing matter that could be significant to the <br />financial statements or the auditor's report. Weare pleased to report that no such <br />disagreements arose during the course of our audit. <br /> <br />Consultations With Other Independent Accountants <br /> <br />In some cases, management may decide to consult with other accountants about auditing <br />and accounting matters, similar to obtaining a "second opinion" on certain situations. If a <br />consultation involves application of an accounting principle to the Organization's <br />financial statements or a determination of the type of auditor's opinion that may be <br />expressed on those statements, our professional st,mdar'ds require the consulting <br />accountant to check with us to determine that the consultant has all relevant facts. To our <br />knowledge, there were no such consultations with other accountants. <br /> <br />Issues Discussed Flior to Retention of Independent Auditors <br /> <br />We generally discuss a variety of matters, including the application of accounting <br />principles and auditing standards, with management each year prior to retention as the <br />Organization's auditors. However, these discussions occuned in the normal course of our <br />professional relationship and our responses were not a condition to our retention. <br /> <br />~. 2_6~ <br />