2007-Audit

AUSTIN COMMUNITY FOUNDATION FOR THE CAPITAL AREA, INC. Consolidated Financial Statements December 31, 2007 and 2006 (With Independent Auditors’ Report Thereon) Independent Auditors’ Report To the Board of Governors of Austin Community Foundation for the Capital Area, Inc.: We have audited the accompanying consolidated statements of financial position of Austin Community Foundation for the Capital Area, Inc. (the “Foundation”) and its affiliate as of December 31, 2007 and 2006, and the related consolidated statements of activities and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe ...