11-13-01 SUMM OF SIGN ASSUMP/ACCOUNTING

Home Browse Search

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To Orono Senior Housing, LLC: We have examined the accompanying forecasted statements of financial position, activities and cash flows of Orono Senior Housing, LLC as of December 31, 2001, 2002, 2003, 2004, 2005 and 2006, and for the period from November 1, 2001 (inception) through December 31, 2001 and the years ending December 31, 2002, 2003, 2004, 2005 and 2006. Orono Senior Housing, LLC's management is responsible for the forecast. Our responsibility is to express an opinion on the forecast based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included such procedures as we considered necessary to evaluate both the assumptions used by management and the preparation and presentation of the forecast. We believe that our examination provides a reasonable basis for our opinion. In our opinion, the accompanying forecast is presented in conformity the guidelines for presentation of a forecast established by the American Institute of Certified Public Accountants, and the underlying assumptions provide a reasonable basis for management's forecast. However, there will usually be differences between the forecasted and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report. Our examinations of the financial forecasts were made for the purpose of forming an opinion on whether the financial forecasts are presented in conformity with AICPA guidelines for presentation of a financial forecast and whether the underlying assumptions provide a reasonable basis for the forecasts. The forecasted supplementary information on page 11 is presented for purposes of additional analysis and is not a required part of the financial forecasts. Such information has not been subjected to the procedures applied in the examination of the financial forecasts, and, accordingly, we express no opinion or any other form of assurance on it. Furthermore, there will usually be differences between the forecasted and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report. Minneapolis, Minnesota November 8, 2001