2006 NBAA Annual Report

INDEPENDENT AUDITOR’S REPORTTo the Audit Committee of the National Business Aviation Association, Inc.We have audited the accompanying consolidated statements of financial position of the NationalBusiness Aviation Association, Inc. and affiliate (collectively, the Association), as of June 30, 2006and 2005, and the related consolidated statements of activities and cash flows for the years thenended. These consolidated financial statements are the responsibility of the Association’s management.Our responsibility is to express an opinion on these consolidated financial statements basedon our audits.We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audits to obtain reasonableassurance about whether the consolidated financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the consolidated financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. We believe that our audits provide a reasonable basisfor our opinion.In our opinion, the consolidated financial statements referred to above present fairly, in all materialrespects, the financial position of the Association as of June 30, 2006 and 2005, and thechanges in its net assets and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.RAFFA, P.C.Washington, DCSeptember 8, 200612 2006 NBAA ANNUAL REPORT