Colorado Foundation for Water Education 2004-2005

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COLORADO FOUNDATION FOR 'WATER. EDUCATION NOTES TO ENANCIAL STATEMENTS June 30, 2005 NOTE T C C G OLI (Continued) Income Taxes The Foundation is exempt from income taxes under Section 501(c)(3) of the United States Internal Revenue Code. However, income from activities not directly related to the Foundation's tax-exempt purpose is subject to taxation as unrelated business income. NOTE 2; RK ME%4JIENT PLAN The Fcmundation's employees are eligible to participate in a Simplified Employee Pension (SEP) .plan. Contributions are made by the employer at a rate of 12 percent of the erapl,ayee's salary. Contributions are immediately vested. Individual Retirenrzent Accounts (IRAs) are set up for each participant in the Plan, such that employees control their own investments. All interests dividends, and capital gains for this retirement plan accumulate tax - deferred until withdrawal. For the year ended June 30, 2005, the Foundation contributed $8,895 to this Flan. NOTE 3: CONCEP� OF RISK Time Foundation receives a substantial amount of its support from the Colorado Water Conservation Board pursuant to House Bill 02 -1152. A. significant reduction in this level of support, if it were to occur, may have an effect on the Foundation's programs and activities. NOTE 4: COl.1?PARA TIW ENFORMATION The fmancial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles. Accordingly, such information should be read in conjunction with the Foundation's financial statements for the year ended June 30, 2004, from which the summarized information was derived. 2004 -2005 ANNUAL REPORT is