Auditors "Management Letter" (SAS 114)

February 21, 2014
To the Board of Directors Montgomery Village Foundation, Inc.

We have audited the financial statements of Montgomery Village Foundation, Inc. for the year ended December 31, 2013, and have issued our report thereon dated February 21, 2014. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our engagement letter dated July 23, 2013.  Professional standards also require that we communicate to you the following information related to our audit.

Significant Audit Findings
Qualitative Aspects of Accounting Practices
You are responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by Montgomery Village Foundation, Inc. are described in Note 2 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2013. We noted no transactions entered into by the Foundation during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.Accounting estimates are an integral part of the financial statements and are based on your knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected.Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The financial statement disclosures are neutral, consistent, and clear.

Difficulties Encountered in Performing the Audit
  We encountered no significant difficulties in performing and completing our audit.

Uncorrected Misstatements 
Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management.There were no such misstatements.

Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit.

This information is intended solely for the use of the board of directors and management of Montgomery Village Foundation, Inc. and is not intended to be, and should not be, used by anyone other than these specified parties.

Very truly yours,
Malvin, Riggins & Company, P.C.