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SIGNATURE DALLAS E. LUCAS
TITLE VICE PRESIDENT,
TREASURER AND
DIRECTOR
<PAGE>
For period ended 12/31/99
File Number 811-4392
Signature Page
--------------
This report is signed on behalf of the Registrant in the city of New York in the
State of New York on the 28th day of February, 2000.
IR Pass-through Corporation
(Sponsor of Integrated ARROs
Fund I, the Registrant during the
period ending 12/31/99)
Witness: /s/ David King By: /s/ Dallas E. Lucas
-------------------- -----------------------------
David King, Dallas E. Lucas, Vice
President President, Treasurer
and Director and Director
To the Unit-holders, Board of Directors of the Sponsor, and
Trustee of Integrated ARROs Fund I
INDEPENDENT AUDITORS REPORT
In planning and performing our audit of the financial statements of Integrated
ARROs Fund I (the "Fund") for the year ended December 31, 1999 (on which we have
issued our report dated February 18, 2000), we considered its internal control,
including control activities 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, and not
to provide assurance on the Fund's internal control.
The management of the Fund 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
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of the inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 Fund's 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 Fund's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of the Fund's
management, the Board of Directors of the Sponsor, others within the
organization, and the Securities and Exchange Commission.
/s/Hays & Company
- -----------------
Hays & Company
New York, New York
February 18, 2000
