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The Residents' Council
The Sequoias - Portola Valley
501 Portola Road
Portola Valley, CA 94025
att. Margaret Minasian, Vice-President

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Dear Maragret:

In accordance with the request contained in your letter of July 10, 1984,
I have audited the 1983-1984 Council accounts as maintained by Gerald
Pearson.

In so far as I was able to ascertain, these accounts truefully
reflect the state of the Council's financial activities for the past year.
I could find no reason to fault Mr. Pearson in his performance of his
duties as your treasurer, nor have I any grounds for suggesting any changes 
in the methods used to record the transactions involved.

The financial affairs of the Council are being well managed.  I was
particularly impressed by the changes that Gerald had made to avoid
needless bank checking charges and to transfer a substantial portion of
your funds to a reasonably high interest-bearing account.

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