To the Members of the
Canadian Snowbird Association

We have audited the combined balance sheet of the Canadian Snowbird Association as at October 31, 2004 and the combined statements of operations, changes in net assets and cash flows for the year then ended. These financial statements are the resposibility of the Association's management. Our responsibility is to express an opinion on these financial statements based on our audit.

Except as explained in the following paragraphs, we conducted our audit in accordance with Canadian generally accepting auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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.

In common with many not-for-profit organizations, the Association's Special Action Fund derives most of its revenue from donations which, by their nature, are not susceptible to satisfactory audit verification. Accordingly, our verifications of donations was limited to the amounts recorded in the records of the Association and we were not able to determine whether any adjustments might be necessary to donations, excess (deficiency) of revenue over expenses and net assets.

In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of the donations referred to in the preceding paragraph, these combined financial statements present fairly, in all material respects, the financial position of the Association as at October 31, 2004 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. As required by the Canada Corporations Act, these principals have been applied on a basis consistant with that of the preciding year.

December 6, 2004