PROJ01935 ‎(3)‎

• Contract/PO #: C150144
• Contractor Name: Upper Platte and Beaver Canal Company
• Contract Type: Loan
• Water District: 1
• Loan Projects - Doc Type: Feasibility Study

UPPER PL~TTE AND BEAVER CANAL COMPANY
NOTES TO 'I~ANCIAL STATZMBNTS
January 31, 2002 And 2001

;
i
NOT~ 1: ~ummarv Of S19nificantAccountinq princiDle~

or~anization and ooerations:
The upper Platte And Beaver canal Company was organized
on May 21, 1888 and is a colorado corporation. The
Company maintains an irrigation ditch to supplY ~ater to
the stockholders in Morgan county, Colorado.

~ccountinQ Principles:
The f 1nancial statements are prepared on the accrual
basis of account in; in accordance with Generally Accept-
ed Accounting Principles. A complete record of the cost
of acquisition of the company's assets has not been
maintained. The cost of the assets were established
during the year ended January 31, 1994 by a review of
the Company's files and other data that was available to
management.

Accounts Receivabl~
The stockholders are billed annually for service to be
received durin9 the operating year. stockholder assesS-
ments are based on a budget prepared at the beginning of
the year by management. There are usually no outstand-
ing balances at year end.

Frocertv and Equipme~t:
Building and improvements are stated at cost, see AC-
counting Principles, above. Expenses which extend the
life of an asset are capitalized whereas expenses for
repairs and maintenance are expensed in the periOd in
which they occur. Depreciation is computed on the
straight-line method over the estimated life of the
asset.

i
I
NO:TE 2:

~uildin~s And Improvements:
property and Improve~ents consist of:

Date
ACquired

klli

cost

Buildings
Dam
Dam
Ditch system
Augmentation structure
Augmentation structure
Augmentation structure
Morton Building

1-31-52
1-31-52
1882
11-30-91
11-31-93
6-10-94
11-04-99

70
70
70
70
40
20

$15,000
28,236
34,679
25,000
22,020
13,641
4,635
9,659

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