VLAWMO Annual Financial Report 2009

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ABDO j to EICK & ®I/Ali_ MEYERS LLP Certtjted Public Accountants & Consultants March 24, 2010 5201 Eden Avenue Suite 370 Edina, MN 55436 Board of Directors Vadnais Lake Area Water Management Organization Vadnais Heights, Minnesota We have audited the financial statements of the governmental activities and each major fund of the Vadnais Lake Area Water Management Organization (the Organization), Vadnais Heights, Minnesota, for the year ended December 31, 2009 and have issued our report thereon dated March 24, 2010. Professional standards require that we provide you with the following information related to our audit. Our Responsibility Under Auditing Standards Generally Accepted in the United States of America As stated in our engagement letter, our responsibility, as described by professional standards, is to express opinions about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or rngement of your responsibilities. Our responsibility is to plan and perform the audit to obtain reasonable, but not absolute, assurance that the financial statements are free of material misstatement. As part of our audit, we considered the internal control of the Organization. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures specifically to identify such matters. Significant Audit Findings Our consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses and therefore, there can be no assurance that all such deficiencies have been identified. However, as discussed below, we identified certain deficiencies in internal control over financial reporting that we consider to be material weaknesses and other deficiencies that we consider to be significant deficiencies. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency or combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the Organization's financial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiencies presented as findings 2009-3 and 2009-4 on the following pages to be material weaknesses in internal control over financial reporting. 952.835.9090 • Fax 952.8.35.3261 www.aemcpas.com