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: q Harris , Cotherman, Jones , Price & Associates Cerrified Public AccoLl]%M¢ - CheaereJ Mr . Mark Thomas, Executive Director Indian River County Housing Authority as Operator of Victory Park Apartments Complex and Orangewood Park Apartments Complex August 16, 2006 Page 2 of 3 Our engagement is limited in scope and will be confined to our agreed-upon procedures. We will not be conducting an audit or review of the financial statements of the Indian River County Housing Authority, and therefore, we will not express an opinion or any other form of assurance on them . At the end of our engagement, we will present the results of applying the agreed-upon procedures in the form of a report . Our accountants' report should be used only for the intent of the original users of this report. Using this report for anything other than the original intent of the agreed-upon procedures could mislead the readers. You must notify us if the original users of the report change . Our engagement cannot be relied upon to disclose errors, irregularities, or illegal acts, including fraud or defalcations, that may exist ; however, we will inform you of any such matters that come to our attention. By your signature below, you acknowledge that you are responsible for management decisions and functions . That responsibility includes designating qualified individuals with the necessary expertise to be responsible and accountable for overseeing all the services we perform (e . g. , agreed-upon procedures, bookkeeping services, payroll services, tax services, prospective financial statements, profit-sharing plan services, etc .) as part of this engagement, as well as evaluating the adequacy and results of the services performed . You are responsible for maintaining the accuracy and completeness of the accounting and financial records . You are also responsible for establishing and maintaining internal controls, including monitoring ongoing activities of your entity . Our fees for these services are based on the hours required to complete the engagement . Our hourly rate is $ 100 . 00 . The fee shall not exceed $9, 500 . Our policy is to render progress billings as the work is being performed, with a final billing at the completion of the engagement. Invoices are due upon receipt . We appreciate the opportunity to be of service to you and believe this letter accurately summarizes the significant terms of our engagement . If you have any questions, please let us know. If the preceding is in accordance with your understanding, please sign both copies of this letter and return one to us in the envelope provided . H:\Client Directory\IRC Housing Authority\2006 AGRLED-UPON PROCS\REVISED IRCI1A Agreed_Upon_Proc Engagement Letter 08- 16-06 .doc