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Membership forms for each class of membership are available online at www.spwrap.org. <br />The following financial procedures are generally followed by SPWRAP. <br />Checking and Money Market Funds — The SPWRAP Board manages the financial <br />affairs of the corporation in accordance with the approved articles and by -laws. The <br />Board is responsible for preparing and submitting an annual budget for approval by the <br />membership at the annual members' meeting. In the startup phase of this organization, <br />the Board determined that is in the best interest of the members to accumulate sufficient <br />funds to cover contingencies and to exploit opportunities to acquire, lease or otherwise <br />obtain waters beneficial to the South Platte River mitigation objectives of the <br />organization. In addition, the Board has decided to assess its members sufficiently to <br />accumulate sufficient cash reserves to fund a $2 million shortfall in the event the Colorado <br />State Legislature is unwilling or unable to fulfill its annual funding commitments to the <br />PRRIP. <br />SPWRAP finished its first full year of operations with a surplus of about $1,700,000. The <br />Board determined that it would maintain assessments at the same 30 cents per unit rate for <br />a second year, 2008, in part to fund the possible shortfall as aforementioned, but also in <br />recognition that the start up of recharge and other mitigation programs in the basin had not <br />commenced as quickly as had been expected at the time the corporation was formed. <br />SPWRAP currently maintains both checking and high yield money market accounts at the <br />First National Bank in Fort Collins. Only a nominal amount of operating cash is <br />maintained in the checking account with excess funds transferred to and from, as needed, <br />the high yield money market account. All checks and intra - account transfers require two <br />signatures from authorized check signers. Only officers of SPWRAP are authorized by <br />the Board to be check signers. <br />Accounts Payable -- Expenditures are approved, in advance, by the Board of Directors. <br />Invoices for approved expenditures are approved, or not, by the Director initiating the <br />expenditure and then forwarded to the Treasurer for preparation of a check. The Board <br />then reviews and approves (or denies) the expenditure at which time, if approved, the <br />Treasurer obtains the necessary signatures on the checks and mails them. All SPWRAP <br />checks require the signature of two approved check signers. <br />Accounting — Recording of cash receipts and expenditures is performed by the Treasurer. <br />That raw data is provided to Hunt, Spillman & Associates, P.C., a Fort Collins CPA firm <br />monthly. They then enter the data in their computerized accounting system. Monthly <br />profit and loss statements and a balance sheet, unaudited, are prepared by Hunt, Spillman <br />and provided to the Treasurer for conveyance to the Board at the regular monthly <br />meetings. <br />Tax Services- Hunt, Spillman & Associates prepared the 2006 tax return and advised <br />upon the initial application for 501(c)(3) status. <br />Audit- Policy regarding audits required and a suitable auditor has not yet been determined <br />or identified by the Board. It is anticipated that appropriate audit procedures will be <br />determined by the Board in 2008. Hunt, Spillman & Associates, P.C. offers those services. <br />2 <br />