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<br />~ <br />. <br /> <br />Hunt, Spillman & Associates, p.c, <br />CERTIFIED PUBLIC ACCOUNTANTS <br /> <br />. <br /> <br />INDEPENDENT AUDITORS' REPORT <br /> <br />I <br /> <br />. <br /> <br />Board of Directors <br />Tunnel Water Company, Inc. <br />Fort Collins, Colorado <br /> <br />IJ <br /> <br />We have audited the accompanying statements of financial position of Tunnel <br />Water Company, Inc. (a nonprofit Organization) as of November 30, 192J and <br />1998, and the related statements of activities and cash flows for the years <br />then ended. These financial statements are the responsibility of the <br />Organization's management. Our responsibility is to express an opinion on <br />these financial statements based on our audits. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />We conducted our audits in accordance with generally accepted auditing <br />standards. Those standards require that we plan and perform the audit to <br />obtain reasonable assurance about whethe~ the financial statements are free <br />of material misstatement. An audit includes examining, on a test basis, <br />evidence supporting the amounts and disclosures in the financial statements. <br />An audit also includes assessing the accounting principles used and <br />significant estimaces made by management, as well as evaluating the overall <br />financial statement presentation. We believe that our audits provide a <br />reasonable basis for our opinion. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />In our opinion, the financial statements referred to above present fairly, <br />in all material respects, the financial position of Tunnel Water Company, <br />Inc. as of November 30, 1999 and 1998, and the changes in its net assets and <br />its cash flows for the years then ended in conformity with generally <br />accepted accounting principles. <br /> <br /> <br />~~~~ <br /> <br />,/ <br /> <br />December 30, <br /> <br />1999 <br />