Fiscal 2005 Audit Report for OVLR - Summary

Dated: February 12, 2006

As auditor of the 2005 books, I can report that all accounts and transactions are in good order. The Treasurer should be commended for his accuracy in records and ability to maintain full traceability.

In total, two observations were made to the 2005 and 2006 OVLR executive. Specifically:

Ø      Five refunds of $25 were made to early registrants to the OVLR Birthday party. One of the recipients was a member of the OVLR executive. The meeting had three executive members present and was recorded. However, it was not properly recorded that the executive with the conflict of interest did abstain from the vote.

Ø      During the OVLR Birthday party, three cash payments were made for services rendered. While the payments were properly recorded in the books, there was no paper trail (invoice, receipt, or cheque). It is recommended in future that a traceable transaction occur.

The auditor confirms a net negative cash flow for the club of ($1964.58) and a final asset balance of $7145.80.

It is recommended that the FY05 executive undertake to review the asset value of the trailer and equipment. It is further recommended that the executive confirm the value of inventory on hand.

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

Signed,

Christian Szpilfogel

Auditor 2005 for OVLR