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TABLE 2 <br />SUMMARY OF FINANCIAL REPORTS <br /> 2006 2007 2008 <br />Total Assets $777,538 $804,627 $813,579 <br />Liabilities $47,581 $55,535 $41,946 <br />Capital Stock $72g,g57 $749,092 $771,633 <br />Total Operating <br />Revenue <br />$274,059 <br />$242,334 <br />$317,999 <br />Total Operating <br />Expenses <br />$216,124 <br />$222,335 <br />$294,638 <br />Net Income (Deficit) $57,935 $19,999 $23,361 <br />REVENUE SOURCES <br />The Company derives most of its revenues from stockholder and operating agreement <br />assessments and from its recreational lease of the Bowles No. 1 Reservoir's surface to the Grant <br />Ranch Homeowners Association. Over 87% of the stockholder assessments are from the <br />Company's major commercial and municipal stockholders. These stockholders rely on the <br />Company's water allocations to preserve their parks, golf courses and recreational facilities and <br />therefore have a vested interest in paying the Company's assessments. <br />PHYSICAL ASSETS <br />The Company owns the Bowles No. 1 Reservoir and operates approximately four miles of inlet <br />and outlet ditches. The Company owns the property underlying the reservoir and dam, and the <br />water rights associated with the reservoir. It has easements for the finro miles of inlet ditch and <br />two miles of outlet ditch. The Company does not own any buildings, or equipment for <br />maintenance of the reservoir and ditches. <br />7 <br />