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Sutton, 'Dowell & Co., LLC <br /> Certified Public Accountants <br /> 2406 N. Grand Ave. Pueblo,Colorado 81003 <br /> PH. 719-544-4786•Fax.719-542-9849•www.suttondowellcpa.com <br /> Independent Accountant's Review Report <br /> To the Board of Directors <br /> Arkansas Groundwater Users Association <br /> 212 36th Lane <br /> Pueblo, CO 81006 <br /> We have reviewed the accompanying Statement of Financial Position of the Arkansas <br /> Groundwater Users Association (a nonprofit association)as of December 31, 2012 and the <br /> related Statements of Activities, Functional Expenses, and Cash Flows for the year then ended. A <br /> review includes primarily applying analytical procedures to management's financial data and <br /> making inquiries of Organization management. A review is substantially less in scope than an <br /> audit, the objective of which is the expression of an opinion regarding the financial statements as <br /> a whole. Accordingly, we do not express such an opinion. <br /> Management is responsible for the preparation and fair presentation of the financial statements in <br /> accordance with accounting principles generally accepted in the United States of America and for <br /> designing, implementing, and maintaining internal control relevant to the preparation and fair <br /> presentation of the financial statements. <br /> Our responsibility is to conduct the review in accordance with Statements on Standards for <br /> Accounting and Review Services issued by the American Institute of Certified Public Accountants. <br /> Those standards require us to perform procedures to obtain limited assurance that there are no <br /> material modifications that should be made to the financial statements. We believe that the <br /> results of our procedures provide a reasonable basis for our report. <br /> Based on our review, we are not aware of any material modifications that should be made to the <br /> accompanying financial statements in order for them to be in conformity with accounting <br /> principles generally accepted in the United States of America. <br /> Sutton, Dowell, & Co., LLC <br /> March 4, 2013 <br />