We have audited the financial statements of IBON International Foundation Inc.’s (a nonstock, nonprofit organization) CPDE Project: “Civil Society Continuing Campaign for Effective Development” (“the Project”), which comprise the statements of assets, liabilities and fund balance as at March 31, 2017 and December 31, 2015, and the statements of revenues and expenses, statements of changes in fund balance and statements of cash flows for the period January 1, 2016 to March 31, 2017 and for the year ended December 31, 2015, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the assets, liabilities and fund balance as at March 31, 2017 and December 31, 2015, and its revenues and expenses and its cash flows for the period January 1, 2016 to March 31, 2017 and for the year ended December 31, 2015 in accordance with the modified cash basis of accounting.