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�'r4 Cherry Bekaert go C VA Ih fidt,f5ori October 5, 2015 To the Members of the Board of Directors Florida Development Finance Corporation Orlando, Florida Dear Members We have audited the basic financial statements of Florida Development Finance Corporation ("FDFC") for the year ended June 30, 2015, and have issued our report thereon dated October 5, 2015 Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards and Govemment Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our engagement letter dated January 6, 2015 Professional standards also require that we provide you with the following information related to our audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application The significant accounting policies used by the Organization are described in Note 1 to the financial statements. No new accounting policies adopted and the application of existing policies was not changed during fiscal year ended June 30, 2015 We noted no transactions entered into by FDFC during the year for which there is a lack of authoritative guidance or consensus There are no significant transactions that have been recognized in the financial statements in a different period than when the transaction occurred The financial statement disclosures are neutral, consistent, and clear Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them_ to the appropriate level of management. There were no such misstatements identified during the audit. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated October 5, 2015 6