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<br />I <br />I <br />I <br />I <br />I <br />I <br />1 <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />ARKANSAS GROUNDWATER USERS ASSOCIATION <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />PERIOD JANUARY 1, 1996 - SEPTEMBER 30, 1996 <br /> <br />NOTE 1 Siqnificant Accountinq policies <br /> <br />The Association was established primarily to render services <br />to its members. Accordingly, the majority of income <br />transactions are owner-member related. <br /> <br />The Association maintains its books on the accrual system, <br />but, files it's tax return using the cash system. <br /> <br />Property and equipment are shown at cost. Depreciation is <br />provided on the MACRS method. <br /> <br />NOTE 2 CERTIFICATES OF DEPOSIT <br /> <br />$ 7,500 <br />$25,000 <br />$15,000 <br /> <br />Feasibility on deposit Bank One, Pueblo, Colorado <br />State on deposit Bank One, Pueblo, Colorado <br />Water Rights on deposit Bank One, Pueblo, Colorado <br /> <br />All CD's will mature on August 9, 1997 <br /> <br />NOTE 3 BOOTH WELL ASSOCIATION <br /> <br />This is a $700 we are holding as a deposit for depletion. <br /> <br />THE NOTES TO THESE STATEMENTS ARE AN <br />INTEGRAL PART OF THEM <br />