Fiscal 2008 Audit Report for OVLR - Summary

Dated: January 22, 2009

As auditor of the 2008 books, I can report that all accounts and transactions are in good order. The Treasurer has performed superbly this year and should be once again commended for his accuracy in records and ability to maintain full traceability.

Exemplary methods have been followed not only in tracking completed transactions but also pending transactions and merchandise inventory.

The auditor confirms a net positive cash flow for the club of $2429.64 and a final asset balance of $10,839.45.

Once again it is recommended that the FY08 executive undertake to review the asset value of the trailer and equipment. This can be a self assessment if the executive so decides; however this action is well overdue. It is further recommended that the executive confirm the value of inventory on hand.

In FY03 $200 worth of merchandise assets was unaccounted for. At the time it was expected that it was legitimately used but no records existed. It is viewed by the executive that this amount would be fruitless to trace and of little benefit to pursue given it was likely legitimate. This amount will no longer appear in the audits.

The FY09 treasurer should endeavor to keep separate ledger entries for the merchandising transactions. This is to facilitate the tracking of costs and revenue as it relates to the ledger vs inventory.

Details of the audit are available from the executive or the auditor upon request.

Signed,

Christian Szpilfogel

Auditor 2008 for OVLR