7.0. EDSR 04-12-1993 - Laserfiche WebLink

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U ABDO 50 goRtAml ICK CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS William Rubin Economic Development Coordinator City of Elk River 720 Dodge Avenue NW Elk River, Minnesota 55330 Dear Mr. Rubin: Enclosed is our report of the agreed upon procedures between the 111 City of Elk River, its Economic Development Authority and Abdo, Abdo & Eick regarding the grant application to the State of Minnesota Department of Trade & Economic Development for funding of the Tescom Corporation construction project. 111 It is our understanding that you are performing a due diligence search of Tescom Corporation as part of a grant application to the State of Minnesota Department of Trade & Economic Development. Our participation in this due diligence search is to apply certain accounting analysis procedures to the financial statements and financial information of Tescom Corporation and report thereon. We conducted our accounting analysis by first obtaining from Tescom the following documents: 1) Audited financial statements (audited by McGladrey & Pullen) for the four years ending December 31, 1988, 1989, 1990 and 1991. 2) Unaudited, internally prepared interim financial statements 111 for the period from January 1, 1992 through July 3 , 1992 . 3) Detailed budget projections of the three years ending December 31, 1993 , 1994 and 1995. 4) Corporate income tax returns (prepared by McGladrey & Pullen) for the three years ending December 31, 1989, 1990 and 1991. 5) Accounts payable aging at July 3, 1992 . 6) Accounts receivable aging at July 3, 1992. 11 Member of American Institute of Certified Public Accountants Private Companies Practice Section US EAST HICKORY sTREEL$5570 302 RN FIST PEARL STREET 1060 NORTHLAND PLATA Pa BOX 7166 Tn 001E 345 1000 VEST EOTH STREET MANKATO,MINNESOTA 56002.066 QOATpNNA,M09NESOM 150600H5 6�WESPOUS MMNESOTA 5540 15011625.2727 IS073 45125176 16125 01Sg070 FAX 15011 7069179 FAX(307)4560799 FAX E642E 0961620