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<br /> <br />Grandview Square <br />5201 Eden Avenue <br />Suite 370 <br />Edina, MN 55436 <br /> <br />INDEPENDENT AUDITOR'S REPORT <br /> <br />Board of Trustees <br />Elk River Fire Relief Association <br />Elk River, Minnesota <br /> <br />We have audited the accompanying financial statements of the fiduciary activities of the Elk River Fire Relief Association (the <br />Association) as of and for the years December 31,2005 and 2004, which collectively comprise the Association's basic financial <br />statements as listed in the table of contents. These financial statements are the responsibility of the Association's management. <br />Our responsibility is to express an opinion on the financial statements based on our audits. <br /> <br />We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those <br />standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are <br />free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in <br />the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by <br />management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable <br />basis for our opinion. <br /> <br />In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the <br />Association as of December 31, 2005 and 2004, and the results of its operations for the years then ended in conformity with <br />accounting principles generally accepted in the United States of America. <br /> <br />The management's discussion and analysis on pages III through VII is not a required part of the basic financial statements but is <br />supplementary information required by accounting principles generally accepted in the United States of America. We have <br />applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement <br />and presentation of the supplementary information. However we did not audit the information and express no opinion on it. <br /> <br />Our audit was conducted for the purpose offorming opinions on the financial statements that comprise the Association's basic <br />financial statements. The supplementary information listed in the table of contents is presented for the purposes of additional <br />analysis but is a required part of the basic financial statements. Such information has been subjected to the auditing procedures <br />applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the <br />basic financial statements taken as a whole. <br /> <br />March 17,2006 <br />Minneapolis, Minnesota <br /> <br />().fxk/U ~. ) LLf <br /> <br />ABDO, EICK & MEYERS, LLP <br />Certified Public Accountants <br /> <br />952.835.9090 . Fax 952.835.3261 <br /> <br />www.aemcpas.com <br />