Opening of Bids - Century Center Esports Arena Proj No. 119-106CR - Martell Electric, LLC

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The Tower Building 218 W. Washington Street, Suite 300 South Bend, IN 46601 ULLAR & ASSOCIATES r C Ph: 574.288.8320 Fax: 574.288,8328 i n www.cullar.com CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR's REPORT To the Members Martell Electric, LLC South Bend, Indiana We Have audited the accompanying financial statements of Martell Electric, LLC, which comprise the balance sheets as of December 31, 2019 and 2018, and the related statements of income, members' equity, and cash flows for the years then ended, and the related notes to 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 the 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 on our audits. We conducted our audits 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 combined 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 audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Martell Electric, LLC as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. South Beard, Indiana April 10, 2020 -1-