Tellers Committee and Members

Society of Professional Engineering Employees in Aerospace

Seattle, Washington

          We have audited the accompanying combined statements of financial position of Society of Professional Engineering Employees in Aerospace (a 501(c)(5) organization) and SPEEA Properties, Inc. (a C Corporation) as of March 31, 2001 and 2000 and the related combined statements of activities and net asset balances, cash flows and schedules of operating expenses for the years then ended.  These financial statements are the responsibility of the Society's management.  Our responsibility is to express an opinion on these financial statements based on our audit.

          We conducted our audit in accordance with generally accepted auditing standards.  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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

          In our opinion the financial statements referred to above present fairly, in all material respects, the combined financial position of Society of Professional Engineering Employees in Aerospace and SPEEA Properties, Inc. as of March 31, 2001 and 2000 and the results of their combined operations and cash flows for the years then ended in conformity with generally accepted accounting principles.

                                                                      Certified Public Accountants

                                                                      S/ Stanford, Munko & Co., PLLC

May 31, 2001