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Center of Colorado Water Conservancy District Notes to Financial Statements December 31, 2009 NOTE A — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2. Basis of Presentation, Basis of Accounting - continued Fund Financial Statement; Governmental fund financial statements are reported using a current resource measurement focus and the modified accrual basis of accounting. Under this accounting methodology, revenues are recognized when they are both measurable and available. Revenues are considered available when they are collecti within the current operating period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available hey are collected within sixty days after the end of the current year. Interest associated with the current operating period is considered sus and is recognized in the accompanying financial statements. All other recognized when received. Expenditures are recorded when a liability is incurred, the sa using accrual �.� t,, which are recognized �as expenditures rltto the extent they have matur a'tio pplies and materials are considered expenditures when purchased (purchases etho r convention). • The District has a single governmental fund h is a eneral fund. This fund is the operating fund that accounts for all of th ' i rict' ''financial inflows and outlays. The general fund follows FASB Stateme (Fin:,,' ci. Accounting Standards Board) and related interpretations issued on or be ore ue er 30, 1989 as well as earlier pronouncements of the Accounting r ciples ard, and Accounting Research Bulletins, unless these rulings cortf ' GASB pronouncements. 3. Estimates The preparation of financ' s eme is in conformity with generally accepted accounting principles requires ma e n ake estimates and assumptions that affect the reported amounts of Ii lities, revenues and expenses. Actual results could differ from those a es. 4. PrODertv Tax Property T F s ar levied on December 22, and attach as an enforceable lien on prope a w' g January 1. Property Taxes are payable in full by April 30, or in two install nts d, e ebruary 28, and June 15. Park County acts as the billing and c igNi t for the District. Using modified accrual accounting and a governmental fu n measurement focus, the general fund accrues property taxes as a eivnD a and deferred revenue when they are levied. Property tax revenue is zed when the taxes are collected in the subsequent year. Successful Efforts Basis of Accounting The District is investigating, purchasing and /or acquiring through options, drilling, testing, storing and ultimately seeking judicial determination in Water Court of the quantities and nature of rights to water. These Water Rights are typically measured in average annual transferable yield of acre feet (a /f) of water. These activities are very similar in process and result to the extractive industries such as oil and gas. Accordingly, the District reports the investigative /prospecting costs for water and storage facilities that do not 11