To the Board of Trustees
Meredith College
Raleigh, North Carolina

We have audited the accompanying statement of financial position of Meredith College (the College) as of June 30, 2007 and the related statements of activities and cash flows for the year then ended.  These financial statements are the responsibility of the College's management.  Our responsibility is to express an opinion on these financial statements based on our audit.  The financial statements of the College for the year ended June 30, 2006 were audited by other auditors, whose report dated September 6, 2006, expressed an unqualified opinion on those statements.  

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audit to obtain reasonable assurance 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 audit provides a reasonable basis for our opinion.

As discussed in Notes 19 and 21 to the financial statements, the College implemented FASB Interpretation No. 47 Accounting for Conditional Asset Retirement Obligations and Statement of Financial Accounting Standards No. 158 Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meredith College as of June 30, 2007, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

CHERRY, BEKAERT & HOLLAND, L.L.P.

Raleigh, North Carolina
October 12, 2007