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13LACKMAN & SLOOP, CPAs, P.A. <br />CUMMM <br />NCNB PLAZA - P.O. DRAWER 929 2 <br />CHAPEL FILL, NORTH CAROLINA 27614 <br />INDEPENDENT AUDITOR'S REPORT <br />Board of Directors <br />Orange Community Housing Corporation <br />Carrboro, North Carolina <br />We have audited the accompanying balance sheet of the Orange <br />Community Housing Corporation, as of June 30, 1991, and the related <br />statements of support, revenue, expenses and changes in fund balances <br />and cash flows for the year then ended. These financial statements are <br />the responsibility of the corporation's management. Our responsibility <br />is to express an opinion on these financial statements based on our <br />audit. <br />We conducted our audit in accordance with generally accepted <br />auditing standards. Those standards require that we plan and perform <br />the audit to obtain reasonable assurance about whether the financial <br />statements are free of material misstatement. An audit includes <br />examining, on a test basis, evidence supporting the amounts and <br />disclosures in the financial statements. An audit also includes <br />assessing the accounting principles used and significant estimates made <br />by management, as well as evaluating the overall financial statement <br />presentation. We belive that our audit provides a reasonable basis for <br />our opinion. <br />In our opinion, the financial statements referred to above present <br />fairly, in all material respects, the financial position of the Orange <br />Community Housing Corporation, as of June 30, 1991, and the results of <br />its operations and changes in cash flows for the year then ended, in <br />conformity with generally accepted accounting principles. <br />/ �. op <br />Chapel Hill, North Carolina <br />September 13, 1991 <br />