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<br />COLORADO RIVER BASIN SALINITY CONTROL FORUM
<br />Notes to Financial Statements, Continued
<br />June 30, 1999 and 1998
<br />(See Accountants' Compilation Report)
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<br />, (1) Accountina Policies. Continued
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<br />IE) Concentration of Risk
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<br />The Forum is subject to a concentration of risk in its collection of revenue. All of
<br />its revenue comes from the govemments of the seven Colorado River Basin
<br />states, The Forum is dependent upon the continuing willingness of the state
<br />governmental entities to support the organization, If adequate contributions from
<br />the states are not received, the ability of the Forum to continue future operations
<br />could be impaired,
<br />
<br />(F) Estimates
<br />
<br />The preparation of financial statements in conformity with generally accepted
<br />accounting principles requires management to make estimates and assumptions
<br />that affect the reported amount of assets and liabilities and disclosure of contingent
<br />assets and liabilities at the date of the financial statements and the reported
<br />amounts of revenues and expenses during the reporting period, Actual results
<br />could differ from those estimates.
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<br />(2) Contracts
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<br />The Forum has entered into a contract with a hydrological engineer whereby the engineer
<br />agrees to provide services to the Forum to further the goals, purposes, and objectives of
<br />the Forum for certain fees, The engineer provides office space, clerical services,
<br />transportation, and other services, The Forum agrees to pay fees for services and certain
<br />other operating costs associated with this contract. The expenses incurred under the
<br />contract are reflected in the accompanying statement of revenues, expenses, and fund
<br />balance,
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<br />(3) Prior Period Adiustment
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<br />The accompanying financial statements have been adjusted by the amount of $9,260,90
<br />to correct the amount of contract services JAB for the year ended June 30, 1998, The
<br />effect of this adjustment on the financial statements is as follows:
<br />
<br />Cash
<br />Total assets
<br />Fund balance
<br />Contracted Services JAB
<br />Total expenses
<br />Revenues (less) than
<br />expenses
<br />
<br />As Previously
<br />Reported
<br />$ 690,52
<br />$ 16,458.46
<br />$ 16,458.46
<br />$122,769.02
<br />$143,391.91
<br />$ (20,343,12)
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<br />Adjustment
<br />$ 9,260.90
<br />$ 9,260.90
<br />$ 9,260,90
<br />$ (9,260,90)
<br />$ (9,260,90)
<br />$ 9,260,90
<br />
<br />As Currently
<br />Reported
<br />$ 9,951.42
<br />$ 25,719.36
<br />$ 25,719.36
<br />$ 113,508,12
<br />$134,131,01
<br />$ (11,082,22)
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