BBSR 2001 Annual Report - Bermuda Institute of Ocean Sciences

Financial StatementsINDEPENDENT AUDITORS’ REPORTThe Board of Trustees and MembersThe Bermuda Biological Station for Research, Inc.We have audited the accompanying balance sheet of The Bermuda Biological Station for Research, Inc.(the "Station") as of December 31, 2001, and the related statements of activities and cash flows for theyear then ended. These financial statements are the responsibility of the Station’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit. The prior yearsummarized comparative information has been derived from the Station’s 2000 financial statements and,in our report dated March 17, 2001, we expressed an unqualified opinion on those financial statements.We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout 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 auditalso includes assessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that our audit provides areasonable basis for our opinion.In our opinion, the 2001 financial statements referred to above present fairly, in all material respects, thefinancial position of The Bermuda Biological Station for Research, Inc. as of December 31, 2001, and thechanges in its net assets and its cash flows for the year then ended in conformity with accountingprinciples generally accepted in the United States of America.March 8, 2002New York, NYO’Connor Davies Munns & Dobbins, LLP24