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I MANCOS WATER CONSERVANCY DISTRICT
<br /> NOTES TO THE BASIC FINANCIAL STATEMENTS
<br /> December 31, 2011
<br /> I5. Related Party Transactions
<br /> The District contracts with the district manager's wife for bookkeeping services. The total paid
<br /> Iher for services in 2011 was $3,895.
<br /> 6. Capital Assets
<br /> I Beginning Ending
<br /> Balance Additions Deletions Balance
<br /> I Assets not being depreciated
<br /> Easement $22,500 $0 $0 $22,500
<br /> Contract and water rights 907,494 907,494
<br /> Land 208,250 208,250
<br /> I Total 929,994 208,250 0 1,138,244
<br /> I Assets being depreciated
<br /> Buildings 386,750 386,750
<br /> I Property and Equipment
<br /> Improvements 219,766 219,766
<br /> Machinery and equipment 141,647 29,326 26,009 144,964
<br /> ITotal Property and Equipment 361,413 29,326 26,009 364,730
<br /> Total Assets Being Depreciated 361,413 416,076 26,009 751,480
<br /> ILess accumulated depreciation 160,536 24,028 20,812 163,752
<br /> INet Assets Being Depreciated 200,877 392,048 5,197 587,728
<br /> Net Capital Assets $1,130,871 $600,298 $5,197 $1,725,972
<br /> IDepreciation expense for 2011 was $24,028.
<br /> 1 7. Interfund Transactions
<br /> Transfers between funds represent the amounts used to offset allocations between assets and
<br /> Iliabilities in any given year.
<br /> In 2011 the General Fund made operating transfers in the amount of $18,200 to the Water
<br /> IActivity Enterprise Fund.
<br /> 8. Risk Management
<br /> IMancos Water Conservancy District is exposed to various risks of loss related to torts, thefts of,
<br /> damages to or destruction of assets; errors or omissions; injuries to employees, or acts of God.
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