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One Oxford Centre       Pittsburgh, Pennsylvania 15219 Phone: 412 644 7800   Report of Independent Auditors   Board of Trustees Carnegie Library of Pittsburgh We have audited the accompanying statements of financial position of Carnegie Library of Pittsburgh (the Library) as of December 31, 1998 and 1997, and the related statements of activities and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the Library’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 assur-ance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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 our opinion. As discussed in Note 1 to the financial statements, the Library records expenditures for land, buildings, and equipment as an expense when purchased rather than being capi-talized and depreciated as required by generally accepted accounting principles. In our opinion, except for the effects of not capitalizing amounts expended for land, buildings, and equipment, the financial statements referred to above present fairly, in all material respects, the financial position of Carnegie Library of Pittsburgh at December 31, 1998 and 1997, and its operations, changes in net assets, and cash flows for the years then ended in conformity with generally accepted accounting principles. April 2, 1999 Ernst & Young LLP is a member of Ernst & Young International, Ltd.

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	Report of Independent Auditors