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December 4, 2008 Page 2 8. NEW ITEMS C. Annual Audit Report Lewanda introduced Gary Caporicci and Henry Chen, of Caporicci & Larson, who provided a presentation of CRPD's audit. Caporicci and Chen provided an overview of the audit process including philosophy, SAS standards, control deficiencies, approach, results, District net assets, cost of services to General Revenues, and the General Fund. Audit results indicated that the District's financial statements present fairly, in all material respects, the financial position and results of operations, and audit results indicated no disagreements with District management, no material weakness in internal controls, and no indications of fraudulent or inappropriate activities. In response to Gibson's inquiry, Lewanda said that staff is investigating options for a more sophisticated Disaster Recovery Plan. Board members thanked the auditors for their presence and presentation. Board members and Friedl thanked Lewanda and members of the Finance staff for their efforts. It was moved by Gibson, seconded by Holt, and carried 3-0 to accept the financial statements and management letter for the year ending June 30, 2008, as prepared by the accounting firm of Caporicci & Larson, CPAs. A. Consider District -Wide Sponsorship Policy and Provide Input to Staff on Draft Conejo Creek Park South Sponsorship Opportunities Friedl reported that Jacobsen expressed an interest in participating in the discussion and providing feedback at a later date. Hare provided background information, noted the interest of a potential sponsor, and stated that in order to seek new revenue sources to enhance programming, property acquisition, park improvements and capital facility replacements, and in compliance with Strategic Plan Element 3.2.1, staff has recently developed a policy for Board consideration to implement advertising and sponsorship revenue opportunities.