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<br />Hunt, Spillman & Associates, p.c. <br />CERTIFIED PUBLIC ACCOUNTANTS <br /> <br />INDEPENDENT AUDITORS' REPORT <br /> <br />Board of Directors <br />Tunnel Water Company, Inc. <br />Fort Collins, Colorado <br /> <br />We have audited the accompanying balance sheets of Tunnel Water <br />Company, Inc. (a nonprofit Organization) as of November 30, 1997 <br />and 1996, and the related statements of activities and cash flows <br />for the years then ended. These financial statements are the <br />responsibility of the Company's management. Our responsibility is <br />to express an opinion on these financial statements based on our <br />audits. <br /> <br />We conducted our audits in accordance with generally accepted <br />auditing standards. Those standards require that we plan and <br />perform the audit to obtain reasonable assurance about whether the <br />financial statements are free of material misstatement. An audit <br />includes examining, on a test basis, evidence supporting the <br />amounts and disclosures in the financial statements. An audit also <br />includes assessing the accounting principles used and significant <br />estimates made by management, as well as evaluating the overall <br />financial statement presentation. We believe that our audits <br />provide a reasonable basis for our opinion. <br /> <br />In our opinion, the financial statements referred to above present <br />fairly, in all material respects, the financial position of Tunnel <br />Water Company, Inc, as of November 30, 1997 and 1996, and the <br />changes in its net assets and its cash flows for the years then <br />ended in conformity with generally accepted accounting principles. <br /> <br />~.~ <br /> <br />, / <br />Fort Coll~ns, Colorado <br />December 22, 1997 <br />