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SECTIONTWO <br />Description of Sponsoring Entity <br />The funds collected are appropriated for maintenance of the ditch and reservoirs, salaries, and <br />professional fees. <br />Financial statements for 2005 through 2007 are included in Appendix B. For the year 2007 the <br />Company had income of $317,427.31 with expenses of $301,346.65 with a net income of <br />$16,080.66. For the year 2007, the Company's total assets were valued at $563,044.95 while <br />their total liabilities and equity was valued at $563,044.95. They have one long-term liability of <br />$135,790.79 associated with their ditch riders home. <br />~S 2-2 <br />