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e - ABDO 601 , I EICI� &� r. 110 ME 1 E LLP Certified Public Accountants & Consultants 5201 Eden Avenue Suite 250 Edina,MIFF 55336 INDEPENDENT AUDITOR'S REPORT Board of Trustees Elk River Fire Relief Association Elk River,Minnesota Report on the Financial Statements We have audited the accompanying financial statements of the governmental and fiduciary activities of the Elk River Fire Relief Association(the Association)as of and for the years ended December 31,2012 and 2011,and the related notes to the financial statements,which collectively comprise the Association's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America;this includes the design,implementation,and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement,whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment,including,the assessment of the risks of material misstatement of the financial statements,whether due to fraud or error.In making those risk assessments,the auditor considers internal control relevant to the Association's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Association's internal control. Accordingly,we express no such opinion.An audit also includes evaluating the appropriateness of accounting policies used and significant accounting estimates made by management,as well as evaluating the overall financial statement presentation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion,the financial statements referred to above present fairly,in all material respects,the financial position of the governmental and fiduciary activities of the Association as of December 31,2012 and 2011,and the results of its operations for the years then ended in conformity with accounting principles generally accepted in the United States of America. 952.835.9090 ■ Fax 952.835.3261 www.aemepas.com -9-