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<br /> <br />- <br /> <br />I <br /> <br />-- <br /> <br />- <br /> <br />. <br /> <br />~ Clifto <br />~ Gund~rson LLP <br /> <br />C.'li;;.... Public Anounhnh & Con...lhnh <br /> <br />Accountant's Report <br /> <br />Board of Directors <br />Colorado \Vater Conservation Board <br />Denver. Colorado <br /> <br />We have compiled the accompanying statements of net assets of Colorado Water <br />Conservation Board. Construction Fund as of June 30, 2005, 2004 and 2003. and the <br />related statements of revenue, expenses and changes in net assets for the years then <br />ended, and the accompanying supplemental infonnation. which is presented only for <br />supplementary analysis purposes, in accordance with Statements on Standards for <br />Accounting and Review Services issued by the American Institute of Certiiied Public <br />Accountants. <br /> <br />. <br /> <br />A compilation is limited to presenting in the fonn of financial statements and <br />supplemental infommtion, information that is the representation of management. We <br />have not audited or reviewed the accompanying financial statements and supplemental <br />information and, accordingly, do not express an opinion or any other form of assurance <br />on them. <br /> <br />The financial statements of the Colorado Water Conservation Board, Construction Fund <br />are intended to present the financial position of only that portion of the funds of the <br />Colorado Water Conservation Board that is attributable to the transactions of the <br />Colorado Water Conservation Board, Construction Fund. <br /> <br />Management has elected to omit substantially all of the disclosures. management's <br />discussion and analysis, and the statements of cash flows required by generally accepted <br />accounting principles. If the omitted disclosures, management's discussion and analysis, <br />and statements of cash flows were included in the financial statements, they might <br />influence the user's conclusions about the Colorado Water Conservation Board. <br />Construction Fund's fmancial position. results of operations, and cash flows. <br />Accordingly, these financial statements arc not designed for those who arc not informed <br />about such matters. <br /> <br />~~LLI' <br /> <br />Grcell\\'ood Village, Colorado <br />August 23, 2005 <br /> <br />. <br /> <br />6J99 J. F"lJit~'1 GTPr1l Grrit <br />Jill', 100 <br />Gm...WJJ l~ilJ.J.ft, U"'~<1.I(J (~OI' I <br />!d: (303) ~-<).S-1O <br />fn: (303) T"-O}..l.~ <br /> <br />".....w.difTOn~"P...com <br /> <br />Ot"rin:s In U S!"les ;md \'fuilln~"n, DC <br /> <br />Mlt-"..-, <br />