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Barbara R. Clausen,CPA/AB\, CVA • Mary E.Naud,CPA <br /> 916 S Main St, Ste 202 Office: 303-678-5392 <br /> Longmont,CO 80501 Fax: 303-678-5434 <br /> CPIs and Advi5oC5' <br /> INDEPENDENT AUDITORS' REPORT <br /> Board of Directors <br /> Pinewood Springs Water District <br /> Larimer County, Colorado <br /> We have audited the accompanying basic financial statements of the Pinewood Springs Water <br /> District as listed in the table of contents as of and for the years ended, December 31, 2011 and 2010. <br /> These financial statements are the responsibility of the District's management. Our responsibility is <br /> to express an opinion on these fmancial statements based on our audit. <br /> We conducted our audit in accordance with auditing standards generally accepted in the United <br /> States of America. Those standards require that we plan and perform the audit to obtain reasonable <br /> assurance about whether the fmancial statements are free of material misstatement. An audit <br /> includes examining, on a test basis, evidence supporting the amounts and disclosures in the fmancial <br /> statements. An audit also includes assessing the accounting principles used and significant estimates <br /> made by management, as well as evaluating the overall fmancial statement presentation. We believe <br /> that our audit provides a reasonable basis for our opinion. <br /> In our opinion, the financial statements referred to above present fairly, in all material respects, the <br /> respective financial position of Pinewood Springs Water District, as of December 31, 2011 and <br /> 2010, and the results of its operations and its cash flows for the years then ended in conformity with <br /> accounting principles generally accepted in the United States of America. <br /> Accounting principles generally accepted in the United States of America require that the <br /> management's discussion and on pages 1 through 6 be presented to supplement the basic fmancial <br /> statements. Such information, although not part of the basic fmancial statements, is required by the <br /> Governmental Accounting Standards Board, who considered it to be an essential part of financial <br /> reporting for placing the basic financial statements in an appropriate operational, economic, or <br /> historical. context. We have applied certain limited procedures to the required supplementary <br /> infounation in accordance with auditing standards generally accepted in the United States of <br /> America, which consisted of inquires of management about the methods of preparing the <br /> infoitiiation and comparing the infoimnation for consistency with management's responses to our <br /> inquires, the basic financial statements, and other knowledge we obtained during our audit of the <br /> basic financial statements. We do not express an opinion or provide any assurance on the <br /> information because the limited procedures do not provide us with sufficient evidence to express an <br /> opinion or provide assurance. <br /> Page 7 <br /> ww-w.cnecpas.com <br />