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III <br /> 19rim 1lie ii 1,ED©IHamiI1C911p <br /> Al. i'-' , <br /> it <br /> JOHNSON AND ASSOCIATES, CPAs, PC <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> INDEPENDENT AUDITOR'S REPORT <br /> IIIITo the Board of Directors <br /> Logan Well Users, Inc. <br /> IIISterling, Colorado <br /> We have audited the accompanying statements of financial position of Logan Well Users, Inc. (a <br /> nonprofit organization) as of December 31, 2005 and 2004 and the related statements of activities and <br /> IIII cash flows for the years then ended. These financial statements are the responsibility of the <br /> Organization's management. Our responsibility is to express an opinion of these financial statements <br /> based on our audits. <br /> We conducted our audits in accordance with auditing standards generally accepted in the United States of <br /> America. Those standards require that we plan and perform the audit to obtain reasonable assurance <br /> RIO about whether the financial statements are free of material misstatement. An audit includes examining, <br /> on a test basis, evidence supporting the amounts and disclosures in the finahcial statements. An audit <br /> also includes assessing the accounting principles used and significant estimates made by management, as <br /> well as evaluating the overall financial statement presentation. We believe that our audits provide a <br /> reasonable basis for our opinion. <br /> In our opinion, the financial statements referred to above present fairly, in all material respects, the <br /> U financial position of Logan Well Users,Inc. as of December 31, 2005 and 2004 and the changes in its net <br /> assets (deficit) and its cash flows for the years then ended in conformity with accounting principles <br /> generally accepted in the United States of America. <br /> U <br /> ill r14... 0,441 O et �Cph$, PC. <br /> V <br /> Sterling, Colorado <br /> IIFebruary 21,2006 <br /> U <br /> U <br /> 1 <br /> U <br />