1 325672400080058825253256727049wwwdkcpacom Independent Auditors Report To the Institutional Licensee of We have audited the accompanying financial statements of KACUFM a nonprof ID: 834753
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1 -1- FinancialBuilding 325.672.4000800.5
-1- FinancialBuilding 325.672.4000800.588.2525325.672.7049www.dkcpa.com Independent Auditor's Report To the Institutional License
2 e of -: We have audited the accompanyi
e of -: We have audited the accompanying financial statements of KACU-FM (a nonprofit organization), which comprise the statements
3 of financial position as of May 31, 201
of financial position as of May 31, 2016 and 2015, and the related statements of activities, functional expenses and cash flows for
4 the years then ended, and the related n
the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Stateme
5 nts Management is responsible for the p
nts Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting
6 principles generally accepted in the Un
principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of interna
7 l control relevant to the preparation an
l control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whethe
8 r due to fraud or error. Auditor’s
r due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements b
9 ased on our audit. We conducted our audi
ased on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America.
10 Those standards require that we plan an
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
11 free from material misstatement. An a
free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosure
12 s in the financial statements. The proc
s in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
13 of material misstatement of the financi
of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
14 considers internal control relevant to t
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to d
15 esign audit procedures that are appropri
esign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiven
16 ess of the entity’s internal contro
ess of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriat
17 eness of accounting policies used and th
eness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluati
18 ng the overall presentation of the fina
ng the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and app
19 ropriate to provide a basis for our audi
ropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fai
20 rly, in all material respects, the finan
rly, in all material respects, the financial position of KACU-FM as of May 31, 2016 and 2015, and th years then ended in accordance
21 with accounting principles generally acc
with accounting principles generally accepted in the United States of America. Certified Public Accountants October 31, 20