BUSH & GERMAIN, P.C.
Certified Public Accountants
901 Lodi Street
Syracuse, New York 132203
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Phone: (315) 424-1145
June 28, 2000
To the Benefits Committee
Warwick Valley Telephone Company
401K Plan
P.O. Box 592
Warwick, New York 10990
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying statements of net assets available for benefits
of the Warwick Valley Telephone Company 401(k) Plan as of December 31, 1999 and
1998 and the related statements of changes in net assets available for benefits
for the periods ended December 31, 1999, December 31, 1998 and March 31, 1998.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated 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 opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits as of December 31,
1999 and 1998, and the changes in net assets available for benefits for the
periods ended December 31, 1999, December 31, 1998 and March 31, 1998 in
conformity with generally accepted accounting principals.
/s/ BUSH & GERMAIN
