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76 <br /> McDaniel & Company, PLLC <br /> Certified Public Accountants <br /> May 3,2001 <br /> Board of Directors <br /> Animal Protection Society of Orange County,Inc. <br /> Chapel Hill, North Carolina <br /> We have audited the accompanying statement of assets, liabilities and net assets—cash basis of <br /> Animal Protection Society of Orange County, Inc. (a nonprofit organization) as of June 30, 2000, <br /> and the related statements of support, revenues, expenses and changes in net assets - cash <br /> basis, functional expenses— cash basis and cash flows for the year then ended. These financial <br /> statements are the responsibility of the Organization's management Our responsibility is to <br /> express an opinion on these financial statements based on our audit. <br /> We conducted our audit in accordance generally accepted auditing standards. Those standards <br /> require that we plan and perform the audit to obtain reasonable assurance about whether the <br /> financial statements are free of material misstatement. An audit includes examining, on a lest <br /> basis, evidence supporting the amounts and disclosures in the financial statements. An audit also <br /> 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 <br /> our audit provides a reasonable basis for our opinion. <br /> In our opinion, the financial statements referred to above present fairly, in all material respects, <br /> the financial position of Animal Protection Society of Orange County, Inc. as of June 30, 2000, and <br /> the changes in its net assets and its cash flows for the year then ended in conformity with <br /> generally accepted accounting principles. <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> 419-R Arhor Hill Road Kemcr. ills W-17794 • rinieo IlIM 996-1119 • Fur(13M996-1166 <br />