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i <br /> BRAINERD LAKES AREA DEVELOPMENT CORPORATION <br /> TABLE OF CONTENTS <br /> INDEPENDENTAUDITORS'REPORT........................a............ ....................................................1 <br /> FINANCIAL STATEMENTS <br /> Statements of Financial Position ............................................................................................2 <br /> Statementsof Activities............................................................................................................3 <br /> Statements of Functional Expenses.................................................................................4-5 <br /> Statements of Cash Flows.....................................................................................................6 <br /> Notes to Financial Statements.......................................................................................7- 11 <br />