C150082 Feasibility Study

• Contract/PO #: C150082
• Contractor Name: Consolidated Home Supply Ditch and Reservoir Company, The
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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MARTIN J. HEPNER, C.P.A" P,C.
CERTIFIED PUBLIC ACCOUNTANT

INDEPENDENT AUDITOR'S REPORT

200 EAST 7TH STREET, SUITE 322
LOVELAND, COLORADO 80537
[phone]
FAX [phone]

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November 24, 1999

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To the Board of Directors of
Consolidated Home Supply Ditch and Reservoir Company

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We have audited the accompanying statement of financial position of
Consolidated Home Supply Ditch and Reservoir Company (a nonprofit organization)
as of October 31, 1999, and the related statements of activities and cash flows
for the year then ended. These financial statements are the responsibility of
the Organization's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

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We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.

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In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Consolidated Home Supply Ditch
and Reservoir Company as of October 31, 1999, and the changes in its net assets
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.

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In accordance with Government Auditing Standard, we have also issued our report
dated November 24, 1999 on our consideration of Consolidated Home Supply Ditch
and Reservoir Company's internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts, and
grants.

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Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying schedule of expenditures of
federal awards is presented for the purpose of additional analysis as required
by U,S. Office of Management and Budget Circular A-133, Audits of States, Local
Governments, and Non-Profit Organizations, and is not a required part

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