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MCCLANAHAN AND HOLMES CERTWUM PUBLIC ACCOUNTANTS R. FRANK RAY. C.P.A. R. E. BOSTWICt C.P.I. THOMAS C. HENSEL- C.P.A. STEVEN W. MOHUNORO. C.P.A. JACOUELYNE S. SHELTON. C.P.A. F. L MCCI.ANAHAK C.P.A. SETHEL F. HOLMES (1924.1964) Board of Directors Red River Valley Fair Association Paris; Texas 226 SIXTH STREET. a. E. PAR19. TEXAS 76460 903.764 -4316 FAX 903- 764.4310 304 WEST CJiESTNLJT OE111960f1t TEXAS 75020 903. 465-6070 FAX 903465 -6093 216 WEST FIFTH STREET BONHAM. TEXAS 75415 903. 563 -5574 FAX 903- 563 -5575 Paris, Texas April 9, 1991 We have compiled the accompanying balance sheet - income tax basis of Red River Valley Fair Association as of December 31, 1990, and the related statement of income and expense - income tax basis for the year then ended and the accompany- ing Schedules 1 through 3, which are presented for supplementary analysis pur- poses, in accordance with standards established by the American Institute of Certified Public Accountants and on the same basis as used for Federal income tax reporting. A compilation is limited to presenting in the form of financial statements in- formation that is the representation of- management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit all of the disclosures ordinarily included in financial statements prepared on the income tax basis of accounting and the current portions of assets and liabilities are not reflected in the financial statements. If the omitted disclosures were included in the financial state - ments, they might influence the user's conclusions about the Association's assets, liabilities, fund balance, income and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. C_4� ecl� 4X�� Certified Public Accountants AME/tlCAN "TnUTE OF C"TWW_0 PUBIJG ACCOUNTANTS