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LoganWell AgEmergencyGrant Applic
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LoganWell AgEmergencyGrant Applic
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Last modified
8/19/2013 10:54:11 AM
Creation date
8/19/2013 9:53:05 AM
Metadata
Fields
Template:
Grants
Applicant
Logan Well Users, Inc.
Grant Type
Severance Tax
Fiscal Year (i.e. 2008)
2013
Project Name
Agricultural Emergency Drought Response
CWCB Section
Water Conservation & Drought Planning
Related Templates
Drought Mitigation
Grants - Doc Type
Application
Document Relationships
LoganWell AgEmergencyGrant ApprovalLtr
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r <br /> r <br /> LOGAN WELL USERS,INC. <br /> rNOTES TO FINANCIAL STATEMENTS <br /> Note 3. Unrestricted Net Assets <br /> The By-laws set forth certain restrictions on the admission of new members and the transfer of memberships. <br /> The By-laws also set forth the situations under which memberships may be terminated. Upon termination of <br /> membership, if a member's capital account balance is a deficit,the terminated member shall pay the deficit to the <br /> Organization. Non-deficit balances in a member's capital account shall be forfeited to the Organization upon a <br /> member's termination. Upon termination a member shall be responsible for all past and future well depletions <br /> associated with the member's well(s)that have not been replaced by the Organization on the date of termination. <br /> Upon dissolution of the Organization, its assets shall be distributed for one or more exempt purposes(as defined in <br /> r Section 501(c) of the Internal Revenue Code), or shall be distributed to the federal government, or to a state or local <br /> government for a public purpose. <br /> r Note 4. Water Decree <br /> The Organization had filed an "Application For Water Rights, Change of Water Rights and Approval of Plan for <br /> Augmentation" (the Plan)with Water Division No. 1 of the Colorado District Court(the Court) on April 24, 2003. <br /> The Plan was amended on December 31, 2004 and on June 15, 2005. <br /> On January 20, 2006,the Court issued a Decree approving the Organization's Plan, subject to the terms and <br /> conditions set forth in the Decree. The Plan's purpose is to provide for the replacement of"out of priority"water <br /> depletions, caused by water diverted from the South Platte River and its tributaries, by member-owned wells, <br /> augmentation wells, and recharge wells. <br /> Some of the more significant provisions of the Decree pertain to (1)annual submission by the Organization of a 3- <br /> year monthly projection of its operations,to demonstrate it has sufficient augmentation supplies; (2) installation of <br /> r flow meters on member wells by February 1, 2008; and(3)restriction on admission of new, additional, or <br /> supplemental wells to the Plan. <br /> rNote 5. Evaluation of Subsequent Events <br /> Events subsequent to December 31, 2012 have been evaluated through February 25, 2013,the date these financial <br /> r statements were available to be issued,to determine whether they should be disclosed to keep the financial <br /> statements from being misleading. Management found no subsequent events to be disclosed. <br /> r <br /> r <br /> r <br /> r <br />
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