To the Board of Directors of Chicago Metropolitan Housing Development Corporation We have audited the accompanying statements of financial position of the Chicago Metropolitan Housing Development Corporation ("CMHDC") (an Illinois not-for-profit corporation) as of December 31, 2005, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of CMHDC's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of CMHDC as of an for the year ended Decemeber 31, 2004, were audited by other auditors whose report dated May 13, 2005, expressed an unqualified opinion on those statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget (OMB) Circular A-133, "Audits of States, Local Governments and Non-profit Organizations." Those standards and (OMB) Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CMHDC as of December 31, 2005 and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued a report dated May 26, 2006, on our consideration of CMHDC's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The statement on functional expenses is presented for the purposes of additional analysis and is not a required part of the financial statements of CMHDC. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations", and is also not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. Washington, Pittman & McKeever, LLC Chicago, Illinois |
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