SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 5, 2006
Brauvin Net Lease V, Inc.
(Exact name of registrant as specified in its charter)
Maryland 0-28332 36-3913066
(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
30 North LaSalle Street, Suite 3100, Chicago, Illinois 60602
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 759-7660
(Former name or address, if changed since last report)
Item 4.01. Changes in Registrant's Certifying Accountant.
1. On December 5, 2006, Brauvin Net Lease V, Inc. was notified
that a majority of the partners of Altschuler, Melvoin and
Glasser LLP (AM&G) had become partners of McGladrey & Pullen,
LLP and, as a consequence, that AM&G was compelled to resign
and would no longer be the auditor for the Company. McGladrey
& Pullen, LLP was appointed as the Company's new auditor.
2. The audit reports of AM&G on the consolidated financial
statements of Brauvin Net Lease V, Inc. and subsidiary as
of and for the years ended December 31, 2005 and 2004 did not
contain an adverse opinion or a disclaimer of opinion, and
were not qualified or modified as to uncertainty, audit
scope or accounting principles.
3. The decision to engage McGladrey & Pullen, LLP was approved
by the board of directors.
4. In connection with the audits of the Company's consolidated
financial statements for each of the fiscal years ended December
31, 2005 and 2004 and through the date of this Current Report,
there were: (1) no disagreements between the Company and AM&G on
any matters of accounting principles or practices, financial
statement disclosure, or auditing scope or procedures, which
disagreements, if not resolved to the satisfaction of AM&G,
would have caused AM&G to make reference to the subject matter
of the disagreement in their reports on the Company's financial
statements for such years, and (2) no reportable events within
the meaning set forth in [Item 304(a)(1)(iv)(B) of Regulation
S-B or Item 304(a)(1)(v) of Regulation S-K].
5. The Company has provided AM&G a copy of the disclosures in
this Form 8-K and has requested that AM&G furnish it with a
letter addressed to the Securities and Exchange Commission
stating whether or not AM&G agrees with the Company's statements
in this Item 4.01(a). A copy of the letter dated December 7, 2006
furnished by AM&G in response to that request is filed as Exhibit
16.1 to this Form 8-K.
Exhibit 16.1
December 7, 2006
Securities and Exchange Commission
Washington, DC 20549
Commissioners:
We have read Brauvin Net Lease V, Inc.'s statements included
under Item 4.01 of its Form 8-K filed on December 7, 2006, and we
agree with such statements concerning our firm.
/s/ Altshuler, Melvoin and Glasser LLP
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
BY: Brauvin Net Lease V, Inc.
BY: /s/ James L. Brault
James L. Brault
Executive Vice President and
Secretary
DATE: December 7, 2006
BY: /s/ Thomas E. Murphy
Thomas E. Murphy
Chief Financial Officer and Treasurer
DATE: December 7, 2006