Management's Responsibility for Financial Reporting

The accompanying summarized financial statements of the Association of Canadian Community Colleges are the responsibility of management. They have been derived from the Association's audited financial statements which have been prepared in accordance with generally accepted accounting principles using information available to April 26th, 2001, and management's best estimates and judgements.

Management has developed and maintains a system of internal controls to provide reasonable assurance that all assets are safeguarded and to produce relevant, reliable and timely financial information, including the accompanying financial statements.

The Board of Directors discharges its duties relating to the financial statements primarily through the activities of its Audit Committee. The Audit Committee meets at least annually with management and the external auditors to review both the financial statements and the results of the audit examination with respect to the adequacy of internal accounting controls. The external auditors have unrestricted access to the Audit Committee. The Audit Committee also considers, for review by the Board of Directors, the engagement and re-appointment of external auditors.

The financial statements have been approved by the Board of Directors and have been audited by KPMG LLP on behalf of the membership. The auditors' report outlines the scope of their audit and their opinion on the financial statements.

Gerald Brown
President

Ramon Lashley
Director of Corporate Services

April 26, 2001

Auditor's Report to the Members

The accompanying summarized statement of financial position and summarized statement of operations are derived from the complete financial statements of the Association of Canadian Community Colleges as at March 31, 2001 and for the year then ended on which we expressed an opinion without reservation in our report dated April 26, 2001.  The fair summarization of the complete financial statements is the responsibility of management.  Our responsibility, in accordance with the applicable Assurance Guideline of the Canadian Institute of Chartered Accountants, is to report on the summarized financial statements.

In our opinion, the accompanying financial statements fairly summarize, in all material respects, the related complete financial statements in accordance with the criteria described in the Guideline referred to above.

These summarized financial statements do not contain all the disclosures required by Canadian generally accepted accounting principles.  Readers are cautioned that these statements may not be appropriate for their purposes.  For more information on the entity's financial position, results of operation and cash flows, reference should be made to the related complete financial statements.

KPMG LLP
Chartered Accountants
Ottawa, Canada
April 26, 2001