Price Waterhouse LLP December 9, 1994 REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors Neighborhood Reinvestment Corporation In our opinion, the accompanying balance sheets and the related statements of revenue, expenses and changes in fund balance, of cash flows and of functional expenses present fairly, in all material respects, the financial position of Neighborhood Reinvestment Corporation at September 30, 1994 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Corporation's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. |