FairPoint Communications 2002 Annual Report Download - page 505

EXHIBIT. 99.7
INDEPENDENT AUDITORS' REPORT
To the Partners of
Illinois Valley Cellular RSA 2-III Partnership
We have audited the accompanying balance sheets of Illinois Valley Cellular RSA
2-III Partnership (an Illinois partnership) as of December 31, 2002 and 2001,
and the related statements of income, partners' capital, and cash flows for each
of three years in the period ended December 31, 2002. These financial statements
are the responsibility of the Operating Partner's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as, evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Illinois Valley Cellular RSA
2-III Partnership as of December 31, 2002 and 2001, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 2002, in conformity with accounting principles generally accepted
in the United States of America.
KIESLING ASSOCIATES LLP
Madison, Wisconsin
March 1, 2003
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ILLINOIS VALLEY CELLULAR RSA 2-III PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 2002 AND 2001
2002 2001
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ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 81,145 $ 48,377
Accounts receivable:
Due from customers
Less allowance of $85,000 and $80,000, respectively 565,754 697,422
Affiliates 69,741 72,718
Other 20,554 23,620
Prepaids 104,236 3,855
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841,430 845,992
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PROPERTY AND EQUIPMENT
Plant in service 7,124,486 5,816,790
Less accumulated depreciation (3,356,524) (2,834,086)
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