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&(� Swanhorst & Cutler LLC <br />Cenified Public Accountants <br />Board of Directors <br />Colorado Foundation for Water Education <br />Denver, Colorado <br />INDEPENDENT ACCOUNTANT'S REPORT <br />We have reviewed the statement of financial position of the Colorado Foundation for Water Education, as of June <br />30, 2004, and the related statements of activities and cash flows for the year then ended, in accordance with <br />Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public <br />Accountants. All information included in these financial statements is the representation of the management of <br />Colorado Foundation for Water Education. The prior year summarized comparative information has been derived <br />from the Colorado Foundation for Water Education's 2003 financial statements and, in our report dated August 28, <br />2003, we expressed an unqualified opinion on those financial statements. <br />A review consists principally of inquiries of Foundation personnel and analytical procedures applied to financial data. <br />It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective <br />of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not <br />express such an opinion. <br />Based on our review, we are not aware of any material modifications that should be made to the accompanying <br />financial statements in order for them to be in conformity with generally accepted accounting principles. <br />i <br />August 27, 2004 <br />8400 E. Crescent Parkway • Suite 600 • Greenwood Village, CO 80111 • (720) 528 -4306 Fax: (720) 528 -4307 <br />