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IIII <br /> /`\ r. <br /> N P <br /> f1IIE 11R111 CI,C3II;SIT yfI <br /> 1111 J <br /> ,v <br /> JOHNSON AND ASSOCIATES, CPAs, PC <br /> III CERTIFIED PUBLIC ACCOUNTANTS <br /> III INDEPENDENT AUDITOR'S REPORT <br /> N <br /> U To the Members <br /> Logan Well Users,Inc. <br /> Sterling, Colorado <br /> III We have audited the accompanying statements of financial position of Logan Well Users,Inc. (a <br /> nonprofit organization)as of December 31, 2006 and 2005, and the related statements of <br /> activities and cash flows for the years then ended. These financial statements are the <br /> II responsibility of the Organization's management. Our responsibility is to express an opinion on <br /> these financial statements based on our audits. <br /> 10 We conducted our audits 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 <br /> reasonable assurance about whether the financial statements are free of material misstatement. <br /> III An audit includes examining on a test basis, evidence supporting the amounts and disclosures in <br /> the financial statements. An audit also includes assessing the accounting principles used and <br /> significant estimates made by management, as well as evaluating the overall fmancial statement <br /> presentation. We believe that our audits provide a reasonable basis for our opinion. <br /> In our opinion, the financial statements referred to above present fairly,in all material respects, <br /> the financial position of Logan Well Users,Inc. as of December 31, 2006 and 2005, and the <br /> U changes in its net assets(deficit) and its cash flows for the years then ended, in conformity with <br /> accounting principles generally accepted in the United States of America. <br /> IIpd dope agd ti'd aoccate , 9P7k, pe <br /> • Sterling, Colorado <br /> February 22,2007 <br /> 4 <br /> 4 <br /> IP 1 <br /> II <br />