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SIGNATURE RUTH PROCHASKA
TITLE CONTROLLER
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROLS
The Board of Directors
IMG Tax Exempt Liquid Asset Fund, Inc.:
In planning and performing our audit of the financial statements of IMG Tax
Exempt Liquid Asset Fund, Inc. for the year ended June 30, 1995, we considered
its internal control, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of IMG Tax Exempt Liquid Asset Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control policies and procedures.
Two of the objectives of internal control 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
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control 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 the
specific internal control 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 internal control, including
procedures for safeguarding securities, that we consider to be material
weaknesses as defined above.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
July 18, 1995
KPMG PEAT MARWICK LLP
