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PINE RIVER IRRIGATION DISTRICT <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1994 <br /> Note 1 - Summary of Significant Accounting Policies: <br /> The Pine River Irrigation District(the "District") is an independent governmental entity organized <br /> under provisions of the Colorado Revised Statutes. It operates within La Plata County, Colorado, <br /> but is not part of the County government. The District is responsible for the operation and <br /> maintenance of Vallecito dam and reservoir (which are the property of the United States <br /> government) in compliance with government regulations. It is governed by an elected Board and <br /> hires a superintendent to manage the administration of the District. The Board is elected at large by <br /> the members of the District based on their acreage within the District. <br /> The accounting policies of the District are based on generally accepted accounting principles as <br /> applicable to governmental units. The following is a summary of the more significant policies: <br /> A. Governmental Reporting Entity: <br /> Governmental Accounting Standards state that a governmental unit shall include in its general <br /> purpose financial statements any governmental department, agency, institution, commission, public <br /> authority, or other governmental organization if the reporting governmental unit can exercise <br /> oversight responsibility over such agencies by the governmental unit's elected officials. Oversight <br /> responsibility is derived from the governmental unit's power and includes, but is not limited to: <br /> Financial interdependency <br /> Selection of governing authority <br /> Designation of management <br /> Ability to significantly influence <br /> operations, and <br /> Accountability for fiscal matters. <br /> Such oversight responsibility implies that the governmental unit is dependent on another and the <br /> dependent unit should be reported as part of the other. <br /> In compliance with the standards, the District has examined its operations in order to provide <br /> evidence of such oversight responsibility. No evidence was revealed which would indicate that the <br /> District could have oversight responsibility over any other governmental organization when the five <br /> criteria listed above, or any other reasonable basis, were applied to determine dependency. <br /> Accordingly,no other governmental organizations have been included in these financial statements. <br /> 6 <br />