Report of the Committee on Audit Review
for the Year ending June 30, 2001

Members of the Board of Directors appointed to serve on the 2000-2001 Audit Review Committee is listed below:

Dr. Geraldine Twitty, Chairman
Dr. Howard Ceri
Dr. Sue Ann Miller

The Committee met via a telephone conference call on October 2nd, 2001 to review the Sigma Xi Financial Statements and the Auditors' Report for fiscal year 2001. Joining the Committee in the conference call were Dr. Evan Ferguson (Executive Director (Acting)) and Ms. Jasmine Shah (Director of Budget & Finance) representing Sigma Xi management and Ms. Ruth Bartholomew, of the auditing firm of Cherry, Bekaert and Holland, L.L.P. Copies of the financial statements and associated documents were sent to all participants for their review prior to the conference call.

Committee members asked for clarification of some entries in the financial statements. Dr. Ferguson, Ms. Shah and the auditors satisfactorily answered all questions that were raised.

The Committee was pleased to receive an unqualified opinion on the financial statements from the Auditors. The auditors reported that there were no material errors or irregularities and no material weaknesses in the accounting or financial activities of the Society. The high level of openness, availability and cooperation of the Society's financial managers with the auditors was noted. The Auditors also assured the Committee that there were no significant adjustments or reclassifications recorded or significant changes in accounting policies. There were no management recommendations from the Auditors.

In sum, the Auditors offered the opinion that: "...the financial statements referred to above present fairly, in all material respects, the financial position of Sigma Xi, The Scientific Research Society, Incorporated as of June 30, 2001, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America." The Committee on Audit Review unanimously accepted this judgment by the Auditors.

Respectfully submitted,
Geraldine Twitty, Chairman
Committee on Audit Review