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i <br /> KUMME A O CO PA Y, P.A. <br /> i <br /> Certified Public Accountants and Consultants <br /> Richard L.Kummet,CPA Michael A. Sands,CPA Michael J.Youngquist,CPA <br /> Susan E. Heuntng,CPA Laura J. Richter,CPA Gary J. Bluth,CPA <br /> INDEPENDENT AUDITORS' REPORT <br /> Board of Directors <br /> Brainerd Lakes Area Development Corporation <br /> We have audited the accompanying statements of financial position of Brainerd Lakes Area Development <br /> Corporation (a nonprofit organization)as of September30,2003 and 2002, and the related statements of <br /> activities,functional expenses,and cash flows'for the years then ended. These financial statements are the <br /> responsibility of the Organization's management. Our responsibility is to express an opinion on these financial <br /> statements based on our audits. <br /> We conducted our audits in accordance with auditing standards generally accepted in the United States of <br /> America. Those standards require that we'plan and perform the audits to obtain reasonable assurance about <br /> whether the financial statements are free of material misstatement. An audit includes examining,on a test <br /> basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includes <br /> assessing the accounting principles used and significant estimates made by management,as well as <br /> evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis <br /> for our opinion. <br /> In our opinion,the financial statements referred to above present fairly, in all material respects,the financial <br /> position of Brainerd Lakes Area Development Corporation as of September 30, 2003 and 2002 and the <br /> changes in its net assets and cash flows for the years then ended, in conformity with accounting principles <br /> generally accepted in the United States of America. <br /> KUMMET LAR ON BLUTH &CO., P.A. <br /> Brainerd, Minnesota <br /> January 9,2004 <br /> PO Box 504, 309 Northwest 3rd Street A Brainerd,Minnesota 56401 <br /> 218.829.3585 A Fax 218.829.9268 A email: info @kummetlarsonbluth.com A www.kummettarsonbluth.com <br />