SPWRAP 2008 Financia and Administration & Membership Report

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C-Itno-Vam, SPWRAP To: Members of SPWRAP Through: SPWRAP Board of Directors From: Dennis Harmon, Treasurer Date: January 17, 2008 Re: 2008 Financial Report The South Platte Water Resources Activities Program ( SPWRAP) Inc. is a non -profit 501(c)(3) corporation. It was created in 2006 by a group of interested parties, including municipalities, private industrial firms and utilities, water conservancy districts and agricultural interests, among others, with the need to and an interest in mitigating the impacts of South Platte water diversions and depletions on endangered species in the South Platte Basin in Central Nebraska. SPWRAP is authorized by the Colorado Secretary of State to represent Water Users on the South Platte River on the Platte River Recovery Implementation Program (PRRIP). The first full year of operations was 2007. The organization has members rather than stockholders. SPWRAP assesses its members based upon a formula tied to measurement units within membership classes, though the formulas are unique for each class of membership. Membership Classes — the membership is divided into five types with unique characteristics and assessment methodologies. They are: Agricultural — Class A Industrial — Class I Municipal — Class M Water Conservancy — Class W Class X — Miscellaneous Assessments — assessments are calculated and paid annually. SPWRAP has a calendar fiscal year for accounting, reporting and operating purposes. Annual membership fees are calculated and paid in January each year for that calendar year. Assessments are tied to units, with units being defined uniquely for each membership class. A unit membership fee is set each year by the Board of Directors and is to be utilized in the calculation of membership assessments for all membership classes. Membership unit fees are 30 cents per unit for both 2007 and 2008 for all members. There is a minimum membership assessment of $50. New members joining the SPWRAP after 2007 are required to pay annual membership assessments plus 4% compounded interest, for all prior years, in addition to the current year's assessment.