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1 N,,,a J. D40.ti.., P.C. <br />Certified Public Accountant <br />' 309 E. Mountain Ave., Suite 200 <br />Fort Collins, Colorado 80524 <br />, Tel: 970-498-0101 • Fax: 970-498-0676 <br />email: djdunncpa@aol.com <br />I INDEPENDENT AUDITOR'S REPORT <br />' The Board of Directors <br />South Platte Water Related <br />, Activities Program, Inc. <br />I have audited the accompanying balance sheets of South Platte Water Related Activities <br />, Program, Inc. (the Organization) as of December 31, 2007, 2006 and 2005, and the <br />related statements of activities, unrestricted support and revenue and expenses, and cash <br />flows for the years ended December 31, 2007 and 2006 and for the period April 1, 2005 <br />, (date of inception) to December 31, 2005. These financial statements are the <br />responsibility of the Organization's management. My responsibility is to express an <br />opinion on these financial statements based on my audit. <br />' I conducted my audit in accordance with auditing standards generally accepted in the <br />United States of America. Those standards require that I plan and perform the audit to <br />, obtain reasonable assurance about whether the financial statements are free of material <br />misstatement. An audit includes consideration of internal control over financial reporting <br />as a basis for designing audit procedures that are appropriate in the circumstances, but not <br />' for the purpose of expressing an opinion on the effectiveness of the Organization's <br />internal control over financial reporting. Accordingly, I express no such opinion. An <br />audit also includes examining, on a test basis, evidence supporting the amounts and <br />t disclosures in the financial statements, assessing the accounting principles used and <br />significant estimates made by management, as well as evaluating the overall financial <br />statement presentation. I believe that my audit provides a reasonable basis for my <br />, opinion. <br />In my opinion, the accompanying financial statements referred to above present fairly, in <br />' all material respects, the financial position of South Platte Water Related Activities <br />Program, Inc., as of December 31, 2007, 2006 and 2005, the changes in the net assets and <br />cash flows for the years ended December 31, 2007 and 2006 and the period April 1, 2005 <br />' (date of inception) to December 31, 2005 in conformity with U.S. generally accepted <br />accounting principles. <br />' July 31, 2008 <br />Fort Collins, Colorado <br />' <br />?