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SIGNATURE JOANNE B. WHARTON
TITLE CONTROLLER
Board of Directors
Minbanc Capital Corp.
In planning and performing our audit of the financial statements of
Minbanc Capital Corp. for the
year ended March 31, 1999, we considered its internal control structure,
including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing an
opinion on the financial statements and to comply with the requirements
of Form N-SAR and not to
provide assurance on the internal control structure.
The management of the Company is responsible for establishing and
maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments by
management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition,
and that transactions are executed in accordance with management's
authorization and recorded
properly to permit the preparation of financial statements in accordance
with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may
nevertheless occur and not be detected. Also, projection of any
evaluation of the structure to future
periods is subject to the risk that it may become inadequate because of
changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the
internal control structure that might be material weaknesses under
standards established by the
American Institute of Certified Public Accountants. A material weakness
is a condition in which the
design or operation of one or more of the internal control structure
elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts
that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no
matters involving the internal control structure, including procedures
for safeguarding securities, that
we consider to be material weaknesses as defined above as of March 31,
1999.
This report is intended solely for the information of management and the
Securities and Exchange
Commission.
Vienna, Virginia
April 28, 1999
