Colmena Corp.
                      A publicly held Delaware corporation
                              (Stock Symbol "CLME")

                               www.colmenacorp.com


Edward C. Dmytryk
President & Chief Executive Officer

Anthony Q. Joffe
Chairman of the Board

Vanessa H. Lindsey
Vice President, Secretary, & Chief Administrative Officer

Anthony Q. Joffe;  Lawrence R. Van Etten;  Vanessa H. Lindsey;
Charles J. Champion, Jr;  Robert S. Gigliotti, Edward C. Dmytryk

                               Board of Directors









ADMINISTRATIVE & EXECUTIVE OFFICES

                1941 Southeast 51st Terrace; Ocala, Florida 34471
                  Telephone (352) 694-6661; Fax (352) 694-1325
                       e-mail,Vanessa@yankeecompanies.com

                            Crystal Corporate Center
                     2500 North Military Trail, Suite 225-D;
                           Boca Raton, Florida 33431
                  Telephone (561) 998-3435; Fax (561) 998-4635
                         e-mail charles@colmenacorp.com
                           -----------------------

                                             Respond to Ocala address

                                 August 17, 2001


Board of Directors
Colmena Corp.
1941 Southeast 51st Terrace
Ocala, FL 34471

                           Re: Audit Committee Report

Ladies and Gentlemen:

     Pursuant  to the  requirements  of  Regulation  S-B  (Reg.ss.228.306),  the
undersigned  members of the Audit  Committee  for  Colmena  Corp.  ("Committee")
certify as follows:

         (1)   The  Committee  has reviewed and discussed  with  management  the
               audited  financial  statements  for the year ended  September 30,
               1999;

         (2)   The  Committee has discussed  with the  independent  auditors the
               matters required to be discussed by SAS 61, as may be modified or
               supplemented;

         (3)   The Committee has received the written disclosures and the letter
               from  the  independent   accountants   required  by  Independence
               Standards  Board  Standard No. 1  (Independent  Discussions  with
               Audit  Committees),  as may be modified or supplemented,  and has
               discussed  with  the  independent   accountants  the  independent
               accounts' independence; and the Committee recommends to the Board

         (4)   Based on the review and discussion  referred to in paragraphs (1)
               through (3) above,



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               of Directors that the audited  financial  statements for the year
               ended  September 30, 1999, be included in Colmena  Corp.'s Annual
               Report on Form  10-KSB  (17 CFR  249.310b)  for  filing  with the
               Securities and Exchange Commission.


                                Very truly yours,

                          Colmena Corp. Audit Committee

                        /s/ Charles J. Champion, Jr. /s/

                            Charles J. Champion, Jr.
                               Committee Chairman

                          /s/ Robert S. Gigliotti /s/

                               Robert S. Gigliotti
                                Committee Member




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