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ARNOLD, WALKER, ARNOLD, & CO, P C
<br />CeYtified Pzcblic Accountants ccnd Consultants
<br />Bob J. Arnold, C.P.A.
<br />Lanny G. Walker, C.P.A.
<br />; Kris Arnold, C.P.A.
<br />Andrew T. Arnold, C.P.A.
<br />Melissa J. Godfrey, C.P.A.
<br />NDEPENDENT AUDITOR'S REPORT
<br />Board of Directors
<br />, Shelter Agencies for Families in East Texas, Inc.
<br />' Mount Pleasant, Texas
<br />NIEN(BfiR
<br />American Institute Of
<br />Certified Public Accountants
<br />Texas State Society Of
<br />Certified Public Accountants
<br />We have audited the accompanying statement of net assets of Shelter Agencies for Families in East Texas, Inc. (a not-for-profit
<br />' corporation) as of August 31, 2008 and the related statements of activities, cash flows, and statement of functional expenses for the
<br />period then ended. These financial statements are the responsibility of the Organization's management. Our responsibility is to
<br />express an opinion on these financial statements based on our audit.
<br />We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards
<br />applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States.
<br />Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
<br />free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
<br />financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
<br />as well as evaluating the overall financial statement presentation. We believe our audit provides a reasanable basis for our opiruon.
<br />In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shelter
<br />Agencies for Families in East Texas, Inc., as of August 31, 2008, and the changes in net assets and its cash flows for the period then
<br />ended in conformity with accounting principles generally accepted in the United States of America.
<br />In accordance with Government Auditing Standards, we have also issued a report dated January 7, 2009 on our consideration of the
<br />Shelter Agencies for Families in East Texas, Inc. intemal control over financial reporting and our tests of its compliance with
<br />provisions of laws, regulations, contracts, grant ab eements, and other matters. The purpose of that report is to describe the scope of
<br />our testing of intemal control over financiai reporting and compliance and the results of that testing and not to provide an opinion on
<br />the internal control over financial reporting or compliance. That report is an integral part of an audit performed in accordance with
<br />Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
<br />Our audit was performed for the purpose of forming an opinion on the financial statements of Shelter Agencies for Families in East
<br />Texas, Inc. taken as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional
<br />analysis as required by U.S. Office of Nlanagement and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit
<br />Organizations, and is not a required part of the financial statements. The schedule of eYpenditures of federal awards has been
<br />subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated, in all material
<br />respects, in relation to the financial statements taken as a whole.
<br />Q- W ~ ~ (o .
<br />ARNOLD, WALKER, ARNOLD & CO., .C.
<br />January 7, 2009
<br />915 N. Jefferson Street . PO Box 1217 • Mt. Pleasant, Texas 75456-1 2 1 7 .(903) 572-6606 . Fax (903) 572-3751
<br />Email: fir,n@awacpa.com
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