The Board of Directors
National Oilheat Research Alliance, Inc.
Alexandria, Virginia
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Alliance as of December 31, 2017 and 2016, and the changes in its net assets and its cash flows
for the years then ended in accordance with accounting principles generally accepted in the United States of
America.
Report on Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The
Schedules of Expenses by State/Jurisdiction on pages 13-16 for the year ended December 31, 2017, are
presented for purposes of additional analysis and are not a required part of the financial statements. Such
information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the financial statements. The information has been subjected to
the auditing procedures applied in the audit of the financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records
used to prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated in all material respects in relation to the financial statements as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
June 5, 2018
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