Financials January 2012/2013

• Contractor Name: Upper Platte and Beaver Canal Company
• Contract Type: Loan
• Loan Projects - Doc Type: Report

UPPER PLATTE AND BEAVER CANAL iOMPANY
NOTES TO THE FINANCIAL STATEMENTS
As of January 31, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Operations:
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The Upper Platte and Beaver Canal Company was organized on May 21, 1888 and is a
Colorado nonprofit corporation under IRS Code section 501 (c) 12. The Company
maintains an irrigation ditch to supply water to the stockholders in Morgan County,
Colorado.
Accounting Principles:
The financial statements are prepared on the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States of America. A
complete record of the cost of acquisition of the Company's assets has not been
maintained. The cost of the assets was established during the year ended January 31,
1994 by a review, from a prior accountant, of the Company's files and other data that
was available to management.
Accounts Receivable:
The stockholders are billed annually for service to be received during the operating
year. Stockholders assessments are based on a budget prepared at the beginning of
the year by management.. There are no accounts receivable as of 01-31-2013.
Cash and Cash Equivalents
For the purpose of reporting cash flows, the Company considers all treasury bills,
certificate of deposits and money market funds purchased with an original maturity of
three months or less to be cash equivalents..
Use of Estimates
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent
assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the period. Actual results could differ from those
estimates..
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