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Vadnais Lake Area Water Management Organization <br />March 19, 2008 <br />Page 6 <br />Adjusting Journal Entries JE # 9 <br />Debit Credit <br />To setup storm water utility charges and assessments as deferred revenue <br />12100 Assessments Receivable - Deferred $ 82,503.00 <br />34000 6.5.5.1 • Storm Water Utility 53,251.00 <br />34000 6.5.5.1 • Storm Water Utility 331,471.00 <br />11500 Accounts Receivable $ 53,251.00 <br />22201 Deferred Revenues 82,503.00 <br />22201 Deferred Revenues 331,471.00 <br />Total <br />Adjusting Journal Entries JE # 10 <br />To reverse prior year deferred revenue <br />22201 Deferred Revenues <br />33400 Grants <br />Total <br />Disagreements with Management <br />$ 467,225.00 $ 467,225.00 <br />$ 38,878.00 <br />$ 38,878.00 <br />$ 38,878.00 $ 38,878.00 <br />For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or <br />auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's <br />report. We are pleased to report that no such disagreements arose during the course of our audit. <br />Management Representations <br />We have requested certain representations from management that are included in the management representation letter dated <br />March 19, 2008. <br />Management Consultations with Other Independent Accountants <br />In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to <br />obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the <br />Organization's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, <br />our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant <br />facts. To our knowledge, there were no such consultations with other accountants. <br />Other Audit Findings or Issues <br />We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with <br />management each year prior to retention as the Organization's auditors. However, these discussions occurred in the normal course <br />of our professional relationship and our responses were not a condition to our retention. <br />952.835.9090 • Fax 952.835.3261 <br />www.aemcpas.com <br />