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<br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />WATKINS & SCHOMMER, INC.' <br />Certified Public J\ccountants <br />1'220 11TH AVENUE, SUITE 200 <br />GREELEY, COLORADO 80631 <br />(970) 352-1700 <br /> <br />LEE WATKINS <br />DAN SCHOMMER <br /> <br />INDEPENDENT AUDITOR'S REPORT <br /> <br />November 21, 2002' <br /> <br />To the Board of Directors and Stockholders of <br />The Greeley and Loveland Irrigation Company <br />Greeley, Colorado <br /> <br />We have audited the accompanying balance sheets of The Greeley and Loveland Irrigation <br />Company (a nonprofit corporation) as of October 31, 2002 and 2001, and the related <br />statements of operations and changes in retained earnings, and cash flows for the years <br />ended October 31, 2002 and 2001. These financial statements are the responsibility of <br />the Company's management. Our responsibility is to express an opinion on these <br />financial statements based on our audits. <br /> <br />We conducted our audits in accordance with auditing standards generally accepted in the <br />United States of America. Those standards require that we plan and perform the audit <br />to obtain reasonable assurance about whether the financial statements are free of <br />material misstatement. An audit includes examining, on a test basis, evidence <br />supporting the. amounts and disclosures in the financial statements. An audit also <br />includes assessing the accounting principles used and significant estimates made by <br />management, as well as evaluating the overall financial statement presentation. We <br />believe that our audits provide a reasonable basis for our opinion. <br /> <br />In our opinion, the financial statements referred to above present fairly, in all <br />material respects, the financial position of The Greeley and Loveland Irrigation <br />Company at October 31, 2002 and 2001,' and the results of its operations ~nd its cash <br />flows for the years ended October 31, 2002 and 2001, in conformity with accounting <br />principles generally accepted in the United States of America. <br /> <br />Respectfully submitted, <br /> <br />/I/~ ,..~~ <br /> <br />Watkins & Schommer, Inc. <br />Certified Public Accountants <br /> <br />MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS <br /> <br />1 <br />