ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of the
Universal Service Administrative Company:
We have audited the accompanying combined and combining statements of financial
position of the Universal Service Administrative Company (a Delaware corporation)
(the "Company") as of December 31, 1998, and the related statement of revenue
and expenses and cash flows for the period from September 17, 1997 (inception)
through December 31, 1998. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits 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 and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Universal Service Administrative
Company as of December 31, 1998, and the revenue and expenses and its cash flows
for the period from September 17, 1997 (inception) through December 31, 1998
in conformity with generally accepted accounting principles.
Roseland, New Jersey
June 19,1999
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