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<br />1 <br />D <br /> <br /> <br /> <br /> <br /> <br /> <br />ABDO <br />EICK & <br />/I ~A ~ 1V LL's 1 L'~1 L7 LLP <br />Ccrt~d Public Account¢nts & Consultants <br />Grandview Square <br />5201 Eden Avenue <br />Suite 37U <br />Edina, M'_V 55436 <br />IIv~EPENDENT AUDITOR'S REPORT <br />Board of Trustees <br />Elk River Fire Relief Association <br />Elk River, Minnesota <br />We have audited the accompanying financial statements of the govenunental and fiduciary activities of the Elk River Fire Relief <br />Association (the Association) as of and for the years December 31, 2007 and 2006, which collectively comprise the Association's <br />basic financial statements as listed in the table of contents. These financial statements arc the responsibility of the Association's <br />management Our responsibility is to express an opinion on the financial statements based on our audits. <br />W e 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 hrcludes examinhrg, 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 /> <br />~J <br />L; <br /> <br /> <br />In our opinion; the financial statements referred to above present fairly; in all materia( respects, the financial position of the <br />govenunental and fiduciary activities of the Association as of December 31, 2007 and 2006, and the results of its operations for <br />the years then ended in conformity with accounting principles generally accepted in the United States of America. <br />The management's discussion and analysis on pages I through V is not a required part of the basic financial statements but is <br />supplementary information required by accotnting 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 />Our audits were conducted for the purpose of forming opinions on the financial statements that comprise the Association's basic <br />financial statements. The supplementary information listed in the table of coutsnts 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 />(~1~.~4,LL~ <br />ABDO, EICK & MEYERS, LLP <br />Cerz~ed Public Accountants <br /> <br />May >, 2008 <br />Minneapolis, Minnesota <br />' 952.8359090 Fax 952.835.3261 <br />www.aemcpas.cem <br />