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1 ARANOWSKI & COMPANY CPAs and Business Advisors ' 212 EAST LaSALLE AVENUE,SUITE 220 SOUTH BEND,INDIANA 46617 ' (574)289-4821 FAX(574)289-6007 INDEPENDENT AUDITORS'REPORT ' Board of Directors Studebaker National Museum,Inc. South Bend,Indiana ' We have audited the accompanying financial statement of Studebaker National Museum, Inc. (a nonprofit organization), which comprise the statement of financial position as of December 31, 2016, and the related statement of activities and changes in net assets, and the statement of cash flows for the year then ended, and the related notes to the financial ' statements. Management's Responsibility for the Financial Statements ' Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are ' free from material misstatement,whether due to fraud or error. Auditor's Responsibility ' Our responsibility is to express an opinion on these financial statements based upon our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material ' misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial ' statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ' effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management,as well as evaluating the overall presentation of the financial statements. ' We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. ' Basis for Qualified Opinion The Museum has elected to prepare its financial statements separate from those of Studebaker National Museum Foundation, Inc., an entity in which it has both a majority voting interest and an economic interest. Accounting principles ' generally accepted in the United States of America require that consolidated financial statements be issued when entities are so related. The effects of this departure on the financial statements are disclosed in Note 9 to the financial statements. ' Qualified Opinion In our opinion, except for the effects of not including the accounts of Studebaker National Museum Foundation, Inc. in the accompanying financial statements as explained in the Basis for Qualified Opinion paragraph, the financial statements ' referred to above present fairly, in all material respects, the financial position of Studebaker National Museum, Inc. as of December 31,2016, and the changes in its net assets and its cash flows for the year then ended in conformity with generally accepted accounting principles in the United States of America. 1