NORTH POUDRE IRRIGATION COMPANY AUDIT REPORT
1956
ROGERS AND McCLUSKEY Certified Public Accountants
H. W. Rogers, CPA R. R. McCluskey, CPA
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aor
teits and McClatilzeit
CERTIFIED PUBLIC ACCOUNTANTS
137 West Oak Telephone HU 2-2272 FORT COLLINS, COLORADO
January 2, 1950 AUDITOR'S REPORT
THE NORTH MORE IRRIGATION ANY
DECEMBER 31, 1958 To The Board of Directors
The North Poudre Irrigation Company Fort Collins, Colorado
Gent Ins
We have examined the BOOM* Sheet of the North Poudre irrigation
Company as of Uecember 31, Me, and the Statements of Revenue and
Expenditures for the calendar year then ended; have reviewed the system of Internal control, and the accounting procedures of the Company; and, without making a detailed audit of the transactions, have examined or tested accounting records of the Company, and other supporting evidence, by methods and to the extent we deemed appropriate. Our examination was mode in accordance with generally accepted auditing standards applicable
In the circumstances, and included all procedures which we considered necessary.
Cash in bank was reconciled with the amount confirmed to us by direct communication with the depositary; cash on hand was counted. Investments
In stock of ditch companies, as shown by Company records, were examined by us and found to be In order. The records pertaining to capital stock issued and Fossil Creek preferred rights were examined by us and found to be In order.
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Disbursements for the year have been test—checked by examination of cancelled checks, journal vouchers, and receipted expense bills. All recorded receipts have been traced as deposits In the bank account. We have satisfied ourselves that all income from assessments, water rents, preferred rights, royalties, and leases has been properly accounted for.
The scope of our audit did not include the confirmation of assessments receivable.
In our opinion, subject to the above comments, the accompanying Balance Sheet and related Statements of Revenue and Expenditures present fairly the position of the North Poudre Irrigation Corpany as of December 31, 1958, and the results of its operations for the calendar year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Yours very truly,
H. W. ROGERS
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BALANCE smku
Cash.. $12tWQ,94:
Cash on hand at the end of the year consisted of balance in the First National Bank, $12,060.94, and Petty Cash, $10.00. Total receipts for the year amounted to $153,427.87, as compared with $116,460.41 for the previous year. Cash disbursements for the year were $149,172.25, as compared with $111,005.62 for the previous year. The opening cash balance on January 1,
1958 was $7,815.32.
AultomentkRectiv4ble. $11_.351.00:
At the close of the year there were unpaid assessments for the year 1957 of $68.00 and unpaid assessments for the year 1958 of $11,283.00. These assessments are now due and we expect no loss from these accounts, as no water is turned on until the total assessments are paid.
stochg, si.146542:
The Company owns stock in the Northern Colorado Water Users Association in the amount of $60.00, in the Poudre Valley Rural Electrical Association in the amount of $59.00, and twenty-two shares of the Company's own stock, %filch is included in this account at a cost of 010.00, class "C" stock in Wichita 3ank for Cooperatives In the amount of $217.29, or total book value of
$1,146.29.
luguraq- $.05-21:
The amount of unexpired insurance premiums at the end of the year was $815.21. Frame building in the Sec. 10 16 R68 is insured for $2,000.00. The President and Secretary are properly bonded for $10,000.00 each. The Michigan Ditch Camp buildings are insured for $1,700.00. The two family dwelling in Sec. 18-9-68 is insured for $8,000.00; and five other buildings
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including the Wellington office, are insured for $5,900.00. The Company has a liability policy in the amount $100,000.00 for Personal Liability, and $100,000.00 Property Damage. This policy covers the entire irrigation system and the autos and trucks owned by the Company.
Fixeb $2.552.QQQA37:
During the current year the major chances in these accounts were the purchase of a new 1959 1.H.C. Pickup at a cost of S2,035.00; the purchase of a heavy duty Trailer at a cost of $3,050.00; the purchase of a 1953 Chevrolet Suburban at a cost of $704.30; and the purchase of miscellaneous
tools and equipment costing $1,341.83.
Current 1, i_apj 10* i es- NP-634040:
The Company owes $60,000.00 for Big Thompson Water purchased in 1958. This amount will be due in the spring of 1950. Accrued Social Security tax for the last (,uarter of 1958 amounts to :312.66; and accrued County taxes for 195E were estimated at $321.74.
qApital Sto, 4nd Surplus. S3.061.875.35*
After deducting depreciation, the net loss for the year 1956 was S15,379.26, as compared with $60,816.02 for the previous year. The net loss for the year was added to the surplus deficit from the operations,
making a surplus deficit from operations at the end of the year of $909vt85.13. Net book value for Capital Stock and Surplus at the beginning of the year wes $3,077,254.61 from which has been subtracted the loss from operations for the year of $15,379.26, leaving a net Capital Stock and Surplus at the end of the year of S3,061,875.35.
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RUULTS 9F ONRATION
At the beginning of the year, an assessment of $15.00 per share was levied on all stock of the Company, which was allocated as follows:
ater Assessment S 6.00 $ 60,000.00 Maintenance and Operation 7.25 72,500.00
New Equipment .50 5,000.00 Building Fund .25 2,500.00 Miscellaneous .25 2,500.00 Enlariemant of System .50 5,000.00 Tollage --- - 2.500.00
$15.00
$
150
.000,00
1958 Assessment, 150 Fossil Creek Preferred Rights 6 $4.00 per
Share S 600.00
1958 Assessment, Old Right - - - 25.00
During the year, the Company purchased Horsetooth Water for $60,000.00. The assessments in the amount of S150,625.00 is included in the Revenue
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and the Expenditures Statement. Leases and miscellaneous income for the year amounted to $2,809.16, transfer fees $45.00, water sold 5180.00, and refunds on labor expense S1,0E7.98, makir a total operating income of 5154,747.14, as compared with S102,096.10 for the previous year.
Operating, Maintenance, and eneral expense for the year amounted to S142,69E1.84, as compared with $136,269.07 for the previous year.
Interest received and commissary income amounted to $408.12, resulting In a net gain before depreciation of $12,536.42, as calpared with a loss of $33,658.11 for the previous year. Tha annual depreciation charnes for
the year 1958 amounted to $27,915.68, resulting in a net less charged to Operating Surplus for the year of :15,379.26.
In conclusion, we wish to express our appreciation to the Secr2tary and Officers of the Company for their kind consideration and cooperation given us during the course of this audit.
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NORTH POUORE IRRIGATION COMPANY BALANCE SHEET DECEMBER 31, 1956 ASSETS Current: Cash In Bank Petty Cash Assessments Receivable, 1957 Assessments Receivable, 1958 Commissary Supplies
Investments - Stock In ether Companies Prepaid Insurance S 12,060.94 10.00 S 12,070.94 66.00 11,263.00 g5.94 $ 23,447.88 1,146.29 815.21 Fixed: Real Estate $ 2,250.83
kight of pray, Munroe Gravity Canal 16,314.76 Ditches and Reservoirs $ 3,312,361.84
LOSS8 Depreciation Reserve 814400.00 2,495,761.84 Buildings and Improvements 9,111.37
Less: Depreciation Reserve 1 4,019.39 6,092.07
Cffice Equipment 1,032.40
Less: Depreciation Reserve 41 1a.14 C19.06 Transportation Equipment 6,059.56
Less: Derreciation Reserve 2-1,12,22 3,927.34 Machinery and Equipment 31,729.34
Less: Depreciation Reserve 8,91§,63 22,812.71 Miscellaneous Equipment 240.60
Less: Depreciation Reserve 18.84 221.76
Total Fixed Assets 2,552,000.37
IntangalvAgo:
Priorities and Water iAghts Total Assets
54,,,V0-99
s 3,14kAN9.75
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NORTH POUDRE IRRIGATION COMPANY BALANCE SHEET
DECEMBER 31, 1956
LIABILITIES Cwr,gra:
Accounts Payable, Water Purchased S 60,000.00 Accrued Social Security Taxes 312.66
Accrued County Taxes
,3262.4
Total Current Liabilities S 60,634.40
Capital Stqck pnd Syrbluit Capital Stock, 10,000 Shares
$50.00 par value $ 500,000.00
Premium on Capit3! Stock 3,450.00
Capital Surplus 2,676,017.01
Surplus From Assessments 7?1.993.47 $3,971,460.48 Surplus Deficit, 1/1/58
Add: Net Loss, Year Ended 12/31/58 Surplus Deficit, 12/31/58 894,205.87 lt.129.2t 909.5115.11
Net Capital Stock and Surplus 3-041-t7".31
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NORTH PCUDRE IRRIGATION COMPANY REVENUE AND EXPENDITURES
JANUARY I TO DECEMEER
ILICW1221
STATEMENT 31, 1958
Assessments, Regular $ 150,000.00
Assessments, Preferred Rights 600.00
Assessments, :Id Right 25.00
Water Sold 180.00
Leases and Rents 2,809.16
Stock Transfer Fees 45.00
Labor 1.087.98
Total Operating Revenue $ 154,747.14
Optratimpse:
Ditch Riders S 7,647.26
Gate Tenders and Watchmen 5,860.34 Wster Purchased, Assessments and
Tollage 62_.862,L7
Total Operating Expense S 76,370.35
katnttn4Pce .xiDerlkt:
Labor e, 26,548.15
P4aterials, and Equipment Work 14,024.42
Machinery and Equipment 5-7121A22
Total Maintenance Expense 46,324.86
ifutagraLlasaggs
Salaries and Auditing $ 10,747.93
Directors' Per Diem 881.60
General Expense 1,255.54
Legal 1,150.00
Telephone and Telegraph 992.10
Taxes and Insurance 1,985.85
Rent and Lights 1,730.55
Social Security Taxes 1,057.06
Engineering _203.90
Total General Expense
Total Operating, Maintenance and General Expense
.20-00-3
[4.98 84
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NORTH POUDRE IRRIGATION COMPANY REVENUE AND EXPENDITURES STATEMENT
JANUARY I TO DECEMBER 31, 1956
Net Operating Income, Forward 1cI0PqrAt inq qevenue:
Interest Received Commissary Net Income
Total Nonoperating Revenue het income, Exclusive of Depreciation oepreclation Charged For the Year
Net Loss For Year Ended December 31, 1956
S 436.35 51)77 S 12,046.30
4sa.12
S 12,536.42 27.9(5.6q S 15.379.26S
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NORTH POUDRE IRRIGATION COMPANY CASH STATEMENT
JANUARY 1 TO DECEMBER 31,
Recebots:
Opening Cash Balance, January 1, 1958
1958 $ 7,815.32 Assessments, 1956 41.25 Assessments, 1957 10,306.75 Assessments, 1958 138,111.00 Fossil Creek 604.00 Old Right 25.00 Transfer Fees 45.00 Interest 436.35 Leases 825.00 Office Rent 760.00 Miscellaneous Rents 720.00 Water 180.00 Refunds, Labor 1,087.98 Refunds, Materials 175.07
Refunds, General Expense 19.58
Refunds, Telephone 36.91
Refund, Grasshopper Program 398
Total Cash Received
Total Cash To Be Accounted Disbursomento:
For
153.427Z7 $ 161,243.19
Uitches and Reservoirs:
Maintenance $ 39,217.14
Maintenance, Equipment 5,759.14
Operation 13,507.60
Dragline and Truck Hire 1,290.50
Weer Purchases 62,532.75
Engineering A91,00 122,510.13
Salaries and Auditor 10,747.93
General Expense 1,255.54
Legal 1,150.00
Telephone 1,210.07
Rent and Lights 1,854.13
Social Security Taxes 1,942.15
Directore Per Diem 881.60
County Taxes 300.56
New Equipment 7,131.13
Insurance 1,777.43
Commissary 59.51
Waverly Grasshopper Program
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NORTH PCUDRE IRRIGATION COMPANY CASH STATEMENT
JANUARY 1 TO DECEMER 31, 1958
Total, forward $ 151,060.18
Less: Social Security, Commissary, Rents, and Miscellaneous
Credits 688Z.93
Total Cash Disbursements $ 149_,I7.25
ANNUAL AUDIT REPORT
NORTH POUDRE IRRIGATION COMPANY DECEMBER 31, 1957
ROGERS AND McCLUSKEY Certified Public Accountants
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January 4, 1958 AUDITOR'S REPORT
THE NORTH POUDRE IRRIGATION CCMPANY DECEMBER 31, 1957
To The Board of 'irectors
The North Pcudre Irrigation Company Fort Collins, Colorado
Gent lemens
We have examined the Balance Sheet cf the North Poudre Irrigation Company as of December 31, 1957, and the Statements of evenue and Expenditures for the calendar year then ended; have reviewed the system of internal control, and the accounting procedures of the Company; and, without making a detailed audit of the transactions, have examined or tested accounting records of the Company, and other supportinl evidence, by methods and to the extent we deemed appropriate. Our examination was made in accoradnce with generally accepted auditing standards applicable
In the circumstances, and included all procedures which we considered necessary.
Cash in bank was reconciled with the amount confirmed to us by direct communication with the depositary; cash on hand was counted. Investments
irostock of ditch companies, as shown by Company records, were examined by us and found to be r order. The records pertaininr to capital stock issued and Fossil Creek preferred right were examined by us and found to be in order.
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Disbursements for the year have been test...checked by examination of cancelled checks, journal vouchers, and receipted expense hills. All recorded receipts have been traced as depcsits in the bank account, We have satisfied ourselves that all income from assessments, water rents, preferred rights, royalties, and leases has been properly accounted for.
The scope of cur audit did not include the confirmation of assessments receivable.
In our opinion, subject to the above comments, the accompanying ealanse Sheet and related Statements of Revenue and Expenditures present
fairly the position of the North Poudre irrigation Company as of December 31, 1957, and the r'sults of Its operations for the calendar year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Yours very truly,
H. W, ROGER
SALA!CE SHEET
Cash. $7815.32:
Cash or hand at the end of the year consisted of balance in the First atIonel sank, $7,805.32, and Petty Cash, $10.00. Total receipts for the year amounted to $116,460.41, as compared with 1166,334.00 for the previous y ar, Cash disbursements for the year were $111,005.62, as compared with $179,318.62 for the previous year. The openino cash balance on January 1,
1957 was $2,560.53.
Afisessiricnts nc114N94ke-
It9.440.00
At the close of the year there were unpaid assessments for the year 1956 of $41.25, unpaid assessments for the year 1957 of $10074.75, and 1957 assessments on Preferred Pights of $4.00. These assessments are now due and we expect no loss from these accounts, as no water is turned on until the total assessments are paid.
Stpcks. SI‘146.21:
The Company owns stock in the %orthern Colorado Water Users Associetirn In the amount of $60,,00, in the Poudre Valley Airal Electrical Association in the amount of 559.00, and twenty—two shares of the Company's own stock, which Is included in this account at a cost of $810.00. Durino the year, the
Company was credited with $48.95 of Class "C" Stock in the Wichita Bank for cooporatives, as interest income on the opening balance of stock owned. It is cur understanding that this Class "C" Stock will have to be held some time before it will be redeemed.
PrUAR InsuraqQA,- gUACA:
The amount of unexpired insurance premitvs at the end of the year wss S695.61. Frame building in the Sec. 10 16 P6F is insured for $2,000.00; the President and Secretary are properly bonded for $10,000.00 each in the
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Personal Liability, and 15l000.0C Property Damaf3e„ In addition to comprehensive Insurance on the 1953 Dodge pickup. The Michigan Ditch Camp buildings are Insured for 21,700.CC:, al4d flvo other huiltinfA, including the Wellington Once, aril illsured for S7,900.00. The Company has a liability policy in the anount SIOG,DOC.00 for Personal Liability, and Si0.3,600.(A Property Darwe • This polizy covers the entire irrigation system.
FCeA
tko$
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Dur1n9 the current year the major changes in these accounts wr,re the purchase of two new tractors ard Equipment at a cost of $16,301.64; end imprr,vements tr, the Posner Shool Building at a cost of S4,201.64.
Current Liabilititn. $60.197._5Z:
The Company owes $60,000.00 for Big Thompson Water purchased in 1957. This amount will be due In the spring of ID:56. Accrued Social Security tax
for the last quarter of 1957 amounts to $137.25; and accrued County taxes for 1957 were estimated at $294.2e. 105C Assessments paid in advance amount
to $276.00,
Canjtal !7,tc..5* a9d5uujus._ $3,077ft2,441t
After deducting depreciation, the net loss for the year 1957 was S60,01602, as compared with $35,438.09 for thc* previous yea:-. The net
iCS3 or the year was added to the surplus filficit from the ov.rations„ making
a surplus deficit from operations at thl end of the year If!„?.C5.57. Net book value for Capital Stock and Surplus at the beginning of the ylar tom $3,136,070.63 from volhich has been salt-acted the loss from operations for the year of S5L,316.07, leaving a net Capital Stock trd S.urplua at thn crl(-1 of the y(1;ar of 330077,254.61.
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rmers
OF OPERATIONAt the beginning of the year, an assessment of $9.00 per share was levied cn all stock of the Company, wilich was allocated as follows:
Maintenance and Operation - - $6.50 $ 65,000.00 new Equipment - - - - - 1.50 15,000.00
Buildinc Fund .75 7,500.00
Miscellaneous -- - - -
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...a:
2,54moro
AR
-,9°,%°°94cf)
1957 Assessment, 150 Fossil Creek PrOerred Rights Cb $4,00 per
Share - - - - . ... S 600.00 1956 Assessment, Old Right 25.00
During the year, the Company purchased Worsetooth Water for $60,000.G0 for %filch no assessment was levied.
The assessments in the smnunt of $000,625.00 is included in the Revenue and the Expenditures Statement. leases and miscellaneous income for the year amounted to $1,010.00, transfer fees $38.00, water rentals $257.00, and North Poudre Oil and Gas floyalties, 39,366.10, making a total operating income of $102,096.10, as compared with $130,952.46 for the previous year.
Operating, Maintenance, and general expense for the year amounted to $136,269.07, as compared with $140,281.11 for the previous year.
Intert7st received and commissary income amounted to $630.96. Interest expense amounted to $116.10, resulting in a net loss before depreciatir.n elf $33,658.11„ as compared with a less of $9,427.27 for the previous year. The
annual depreciation charges for the year 1957 amounted to $27,157.91, resultinc In a net Iclis chareed to Operating Surplus for the year cf S-S0,618.02.
In conclusion, we wish to express our appreciation to the Secretary and Officers of th:, Company for their kind consideration and cooperation given us durIne the course cf this audit.
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t1Or°144 Pr. r'; r FtIVXEcT DECVirE !957 Currentt Cash in Bank $ 7,M%32Pctty Cael
(Q.A0V
Aatoesw..rts, 1956 AssersmPrItt, 17
Aasessm,nts„ Preferred Pinhts Tots; 0.wrent Assets
Invcatmentv - Stock in Other Companies Prepaid Insurance
LUMP
'17ArY7,eir.32
41.25
10 374.75 f ba 16,23%32 1,116.29 695.61 ;- eal Estate $ 2,250.83Richt of Way, Munroe Gravity Coral 1P,314.76
fAtct,9s an P.eservoirs S3,312,5e1.::/4
Least C:rprtciation keserve ygI..2(?.).00 2,519,161.P4
641114invs And improvemeints $ 9,111.37
Less: Depreciation Reserve 8,547.63
Office Equipment $ 1,103.40
1(=4 '..,apreciation reserve 71t.7n
Transprrtation rqv;rmert S 4,223.74
Less: Depreciation Reservv 2,169.23
1O01$ and Machinery 77672.2C
Lesst Gepreciation Peterve 21,1te.sr
Miscellaneous Equipment 20.00
1.,..45s: Depreciation Reserve Tetal Fixed Assets
filtarri..130e4;
Priorities and Water Rights Total Assett,
Pn
2,572,7r..!4.92
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CTh KADRE ‘..MPA14Y 7ALANCE SHEET N=T,IER 31, 1957 L.A4,;,11,11"KS Ciirrppttkz..counts Payable, Water Purchased A,crued Social Secialty Tax
Accruo4 County Taxes
Dalanop, Assrammerits ReLelvable Total Current Llehllitles
LAILIALAL2i4.-AUA.IMERIall Zap:tal :itocit„ICOI Shores
$ F0,000.00
137.25 294.2n MOO
6C,707.53
4 $50.00 par value 5u0,000,00
Prtmium onii1 Stock 3,450.00
Capital Surplus 2,676,017.01
!*,urplus rrul Assessments
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S3,971,460.4:3
Surpl'A D3f1zit, 1/1/57 S F,3.5,369,85
Ad: Loss for y?ar ,anclod 12/31/37
Surpti f1cIt, 12/31,57
Net C.ap!tal Stock und Surplus Total Liab3l3ties .40 $.1.: 16. ....121,29,10113 11, I, _ • _ • . •
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NOrTH PCUYI IrIGATION COOP/4W ,EVEt.I.E AND EXPEND1TUPES STATEPUT
JAttlARY 1 TO DECEMDER 31, 1957 Revenqu:
Assessments, f:evualr S 90,000.00
Assessments, Preferred 'Ights 60.00
Assessments, Old right 25.00
Sale of Water 257.00
Leases, Rents and ;‘iscellaneous 1,810.00 North Poudre Oil and Gas Poyaltles 9,366.10
Transfer Fees 10.00
Total Operating !Zevenue 5102,096.10
Coeratinc Entrnse:
Ditch Riders 6,131.31
Gate Tenders and Watchmen 5,014.17 Water Purchased, Assessments &
Tollage
Total Operating Expense $ 76,741.23 Paintenance Exper7x:
Labor S 20,019.21
!;aterlals and Equipment Work 9,910.74 :'achinery and Equipment 4.t52.0
Total Maintenance Expense qxaqnsc:
$ 42,162.58
Salaries and Auditing $ 9,139.00
Directors' Per Diem 1,277.10
General Expense 823.02
Legal 900.00
Telephone and Telegraph 880.39
Taxes and Insurance 1,520.24
Ient and Light 1,573,S6
Social Security Taxes 1,114.15
Engineerin5 1,210
Total General Expense 17%365.26
Total Operatinv, Paintenance I yaii2r.:
and General Expense Net Operatinv Loss LoNWritirlak9ranY0
Interest Qecelved Commissary Net Income
Total Nonoperating r'evenue
545.35
8W)
34,172.97
_1144
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PUUDRE 1:1R1G;,71Cr CVAT,t,N REVEME AND EXPE;401T1'-7S STATEAENT
A.41AF(Y 1 TC DECEIVER 3i, 1157 4,t9amsx.e.Lmjasimatimut
Intorast japia
1.063, Exclusive of Depreciation S 33,656.11
Depreciation Charged For Year 37.15Z.91
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'.ORTH MUNE IkkIGATION COMPANY CASH STATEmENT
JANUAPY 1 TO DECEMBER 31, 1957
$ 2,360.53
oponIng Cash Balance, January I, 1957Assessments, 195e $ 12,934.49 Assessments, 1957 79,725.25 AGsssments, 1958 ressil Creek 276.00 Old Right 25.00 iNst‘-ir 257.00 Leases 425.00 Rent On Iota 550.00 Office Pent 720.00 Miscellaneous Rent ,15.00 Transfer Fees 38.00 Interest 496.40
Refund, General Expense 44.00
Refund, latcr 617.36
Refund, gaterial 344.79
North Poudru Oil ane Cas Dividpnds 9,36f. 1V
Mote, First National Bonk 10..000.0Q
Total Cash Received
Total Cash Tc Pe Accounted For Disburoupsntil
Ditches and Reservoirs:
Maintenance S 37,246.12
1§-100.41
$118,820.94 Maintenance, Equipment 4,152.63 Operation it045.4r Dragline 1,726.00 Water Purchased 1,720.25 Ensineering 1;1.50 5C,111.9PSocial Security Taxes 2,07.C:
Legal 90e.00
GenerAl Expense 923.02
Ti 1,029.3E
Salaries and Audilt:r 9,139.00
ent and lights 1,,C5r.1 7.
Insurance 1 0 178.03
.E.A. Stock 24.00
Buildings anci Improvements 6,761.64
Directersi
Per
Diem 1,277.10County Taxes 285.68
how Equipment 16,t9q.60
id line 3,875.50
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NORTH FOuDRE 1ICATIOH COMPANY CASH STATEIAVIT
JANUARY I TO DECEMBER 31 1 1957
Intertst S 1 l6,10
Refund, tiverpaymnt of Assebsoeilt 100.00 COmmiessry
....r-4-1141:42 z)112,c)su.Y; Less: Social Sctcurity, Commissary
and ,%Aiscellaneous Creditt
g4
7CTotal Cash Jisbursaments
slit.9(15.cg
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AUDITOR'S REPORT
THE NORTH POUDRE IRRIGATION COMPANY FISCAL YEAR ENDING
DECEMBER 31, 1956
ROGERS AND McCLUSKEY Certified Public Accountants
Member A.I.A.
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Wintield Noyeti
1:dII PUBLIC ACCOUNTANT
Suite 210 Alpert Building Telephone 613 PORT COLLINS, COLORADO
January 4, 1957
AUDITOR'S REPORT
THE NORTH POUDRE IRRUATION MAPANY DECEMBER 31, 1956
To The Board of Directors
The North Poudre Irrigation Company
Fort
Collins, ColoradoGentlemen:
vie have exap:ined the Balance Sheet of the tiorth Poudre Irrigation Company as of December 31, 1956, and the Statements of Revenue and Expenditures for the calendar year then ended; have reviewed the system of Internal control, and the accounting procedures of the Company; and, without making a detailed audit of the transactions, have examineJ or tested accounting records of the Company, and other supporting evidence, by methods and to the extent we deemed appropriate, Cur examination was made in accordance with 9enerally accepted auditing standards applicable In the circumstances, and included all procedures wnich we considerea necessary.
Cash in bank was reconciled with the amount confirmed to us by direct communication with the depositary; cash on hand was counted. I nvestrients
In stock of ditch companies, as shown by Company records, were exarAned by us and found to be in order, The records pertaining to capital stock issued and Fossil Creek preferred rights were examined by us and found to be in order.
F
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Dieberhomen
. th f*tr tit* VW* her* been test...esamod by ourristhotlers of
conceited checks, joWeal vouchers owl reeelpted exporem bills, All
recorded recolpte hoot been traced is deposits in Ho batik occourst•
Iv
e satisfied aureoles* ?hot ill Immo* from asaaaamooto# eater note,
proferrod right** royeltlosav omit lealeOe No* been iiroperly aohnoto4 &W.
thy *sops of ow
*Mit did not Inch.* the conf
irmation of oanosamonia
rocoivablee
In ow
opt0100# ombioct to the *ow*
comments# the scoorfportylhe
Wane.
Sheet end relotod Stetomente of **verso* and txponditerie prow*
fifty the poltion of the North Poo.* irrigation Ovapany ia of bestinim,
31# 1956# one the risolate of Its operot
two for the eieslendor yr
this
warn. In conforesIty with generally scampi** ecoommt lag principles
applied on
•
beets elosteitimt 4th mit of the presedieg ye4r•
Yore very truly,
•
•
%NSA
a
la
Cash aft Mod 41
,
tits ONO oit the Viler consisted
of balance In the
lest
Notional eash, 14,,X*13, $4ea
Potty Cash, $104014 Total receipts for the
yew' ofieented
to sfee,e334•00, ars
comporoe with
Sai5•243.6 ter the provisos
year. Cash dileareamosta for the year ware $179,31e.620 se crowed with
4494043.34 for the premieue year* The opening cash balance on Jeriwary 1,
PMii
SIN3411•16*
A00410MMOMPIAMOMINWIlid2Zblit
At the clam Of Pio year there gore ovoid areolooste ter the year 1996
of $12.975•74* Theo
esseetimete are we
doe
we
1 e
•
expect fie Sees tree these
eccourite. on
e.
Water is toned on tint II the tet0i eseoesisots we paid.
AtaSkiirultalalit
The OwArperay ems
stock In the fiertlierh Colorado
.firater owe
neseclation
In the
anoint of town.
In the Nor.
Voi
ley fess* Electrical Associat ion in
the anotant of :?';36•00, end
twistritue *here. of the Comeirsite == stocks
Ic
tocludoo In this
ietstOfst$000. Oorleg the veer, the
Company
was credited ittlti 1166•34 of Claes no
Steck In the mitt/tits flank
for osoperatlyes, as Interest Immo
on the opening balance el stock owned*
It Is our understanding that this Claes 000 Sleek
have to be held saws
time before It Wit he redeemed*
itimiLlausik.11itistO
The ineunt of
Wien) Ins"Isieredee prelebells st the end of the yew wee
$7113•114. fisrame building In the Sec* 10 ill tlie Is Insured for $2060.0048
the Proitaiot
end
Searettary are prowly beaded for 610.00640 tech In the
•et
lanai forety COmporty• The
troth*
(Wry
MOON.
and $100,000•00
Personal Liability, and 1n#00040 Property Notege, In addition to cousrehemetee
All/
Insarwnce, The Achtaen Ditch Cop
bulldint aro insured for $1.70040# and
five- other buildinla* IncludIng the volitrvatoel office, are immured for $54000*00*
The -r.:10mpany has a liability poticy in the amount of S50.00040 and $100,C0040
for Persehisi Liability, end 1640004.00 to =540:0400 Property- *4W** Thie
policy Camera the entire irri.541tIon
Plailliall
"
"
4
11663L
""
htgal
During the currant year tho izakjer chenles le thee* eiteemets writ the
prolhose of a
nentruck in the anuot of S3101Z•ZS
sed *wow Wool Stullatos
in the amount of $43/44.40,
iso..sel,aujjaunsagew,i
tecourvt•ted eimoste dee the eleckholdsrs of Scurvin Ditch hoz hew,
treneferred to Surplus* Accrued Social 5acurity taw for the lest imarter of
ermumta to fritS*4J1 amd accresd Cokinty taxes foe 0.36 eerie eettestet at
f.le5.m. Theft ow
•
below due of 12,56040 on the vumhaore of the Ammer
lei
frkto the *NIS
ft forte
•
?urf,r: tNcv year 050 the nomfany paid off the
duo on Its ion term
imrteJtmdtwim, This la the fire*
thmo in 4lraat
MOW yaws tho 42/000fty hosboo
free of any "mil
mil illileetedriess*
ALWILATVUOLSAWASAJIMAgniggs
Dories the Oorreett year surplus from
SOMMMOMPft moolacrampee by 4540000D
ay
MO
mos
asesammeets* After deducting deorecietion, the net lee* for the year
t95C fel MANIA%
el
lempereaflaith 74n#921•14 for the prOVIOMS years The net
lea* for the year ow
sdded to the sorrlus deficit fimpim the operations,
,laklal
T1211
I
c
ficit from operoffeng of the end of the year of t833,3094,* get
$414040210,070 to iihiett km been stilled the $$1,!40•00 assessment for retirement
•
of Indelimtedness end trarafor of the cal4 Actiour.ts fitiable "curs+, Ditch in the
enount of wt417-$
from vihich WWI befla aubtracted the WIN fres OPIrethme for
the year of i16,438.064 leaving *
net Qapitet
SW**
tilt time sod et
the year of i411400704,-04,
•
•
•
•
/WV
Cr
ArnitION
At the bsolnoisp of they year, em isemPlimont of MAO
per Oar,
vas
levied on all stock of the esignapa shiett mos elloceted as follows
NM**
as
principal fortgego
*11° 4" t` 3. 1 9 $ 31 000100)interest
41
iota"
PoIntonence ead °wet
ion -
%In
57~0
Other -
4•
410, 10 4.111. allP COM OP' *4* 001 AU
feessameat. int Fossil crook
Preferred Might** $4.00 per
N
OM OW 4110 Oil 40 wia 40 mok. 1.11*4106
ikseessaarita Old Riot
.
25•CO
,uring the roar *special 04010ement of $60,00, or 140,000,0* tea levied
te parateo* marsataathumfer•
A.
noted above, the Des
of $11005•00 has boos emitted di/yeti)
, to
surplus es
being capitol rather then en opersting surplus !tote The remolnimg
portion of the asseeasents is the eolootkt of Nee100•00 is instufte in the
4ovsnoe
endthe Enponditurae Statement*
UMW
and etheltii.O040 MOM,*
for
She Yoe' waraftli
Slipe2se46
.
treeOfer foes $4164)3. emd *Ow
rentils
$315640,
!taking a total speratinl Immo
of SISPAISAda as eempered with
S152.5C045 for the prevIves you.
Elparatingi seintorance, end general ogees for the yoar oroonted to
61441111•11, as compered, with $197,15246/ for the previous year.
Interest received and amalesory
wamated to S2•4124, Interest
419000, Movatod to
$00C*64* reeettlag In a
net MOO
Ooferep doprtMlation of
1101042747* se compered with
•
aola of 14,40041016 for the previous veer* 'rho
ono*
depreeletion charge* for the ymer 1906 amounted to ige.0104/0 reopmftloc
In a met tees chdrood to Operating Seri**,
tor the
year of $3504%•00,
10 COSCIUSkOlit la
wish to Emma*
our appreciation I.
the Secretary and
°Moors
of the Campsay for their kind consideration end cooperatIon given us
•
•
•
Wats
Cob Is took
Potty Cob
*witimiersts. 191116
Totoi current kosets
do do el .0
AID Oft
Mb 1111/ Ob
Inwastmnts Steal In other Celtspliss
Propold ~saw
ago
iteas Estee
Right 04 vier. sores
:,roviity Cool
Ditches sal assorosirs si
-Woo Deprecistion Nowerve
00 00 go 04. 00 .
WO OP OP 01 010101 01
tholldisso 11041 laprovesists
USW Deprositit
asserms
Cities igoiroont
-LAW DOPproclot
ten *mom
Tr•rtsportetion Equips*
-
-Woos Deproslettos giostarve
Toots and Agehinory
4- 44
Low Daiwer4stion Reserve
ofeceitallOws 114pligiont
Lams Deenolletleik asserve
TOO
thief
AMOS01 01
bgettlet
sod *Oar flighte
Total Assets
ctThpf.:4,7.
NIN
awe*
aikailet OMIT
Dccia0MR 31, 199.
0101Mt
do Al 200.01 PP ow 4.0 AO OP WO dO AO ao .10 01 01 *lb MP IMP$
2,S10•33
--17A9Pan
AO MO ow ow 46 doa, 011 do do do OP OW MO 01 4* AA SP WO ow oo 410, 4* AO AO AO AR 404* 01 $3,312,361.34
...
0101
$
40.1473
-
4* ..."....aUla
-
- ; i
•
so,14,4)
-
"
4 ...alita
014* 11
44$111•114
-
4* ...211611
0101 I 17,11202
..
"s ....,Agisillha
... $
ale
0101 ...na
AO AO AO AO2.190,63
3
0.142.5614.
Ow 01 wo OW 4* WO AO AO OP 004.41116111
%WAS
0.934443
7•01)
WO AO AO OP 4* OP$ 1413041
1•
073•311
74,44
ligadMati
•
•
•
WM.
001.11 14111.ases avow
WWI
MST
DiefAitrt Ms, me
.101110141
:0
es. isteilingten School District
4Seirtilt4 SocioS
Secority Tot
Aedreed County tipies
4- 4.Tstsi Curront
01.0 101, 1.11. SF IMP MOP *.a,
24440,000
4111. eliP176443
„Mit&
;;Mailit AV*
WO
WSW
Zap' tel StOdt. 800000 10010.1110 fit
saw*
;or yid Now $ oopiptxxisoo
Friction es Capitol Ste*
Capitol Sorliblue a
,
""
2.676.017•01
Surplus from isseefiesental
Surplus Dot
!tit. IMMO
Loess Adif Acct.* Pey•
sourvin Oltols
I Wit 1010 10 110 10 10 101k • MI IN SP 1101, I* NO 011 a, • AO NO 10 40 MI Oft 4111,Adds Uses OW yew esdod
tuna*
411. 1111. 411. 10 Ilat 10 110, AV 1010 %Oa *MP fb• 400 0/It */*AVeit340•01
10 a.....011111staista
Surplus Deficit
Darasser 11
•
$1145
*et costo stook god
lkirP11011
$3,71
1.41111till
vac,
..411411
•
.•
•
•
•
totWIt POORE rtittfAt
ICH
mew
WOVE
AND fattleifiVAU StalallitY
.1101UMT. IV =ma
31, HUN
*
Moto
aoseuler
9.
AeNIMPlant$: Spool&
-aireforved Rights
4066.111101$14 et 01.1**
Set* of voter
40,
Utmost Afestte end PAlsoeileneous
Tram*
Prow
0. 0. 0. 0. 0.
TOW Operatin ;lever*.
9. 90 9. 90 9. 90 O. or Or Or 9. 90 OS OI 9. Or Or 9. 9.90 Or Or Or Oa Or. 9. 90 Or Or ‘rO Or Or Or rif. Or OP AO Or 0. Orr so Or 9. 90 Or or Or OR 9. 90 9.90 90 90 9. 90 OP OS Op Op ar. OW or Or Or Or Or Or Or Or Or 9. Or 9. 90 Or oo ro or or
Gett TemOrs end aiWassee
.ar
ilowdteeed. Avilemilmottssok Tolley* jfiallkil
TOW OPirlit IRO 11,010
.
Or or Or Or 00 Ow 00 w
ow ow or Or Or 00 00 010 010 OP Or
Oistortele old Elpapiritt Mirk
-11101fterv sod 401.010
Tetei leintereMi* Ewen*
litNierlet
.
graeotit
leo
Streekirel Par Dios
4~01
o•fk*
9.9.9. I.•• 9,16 Or Or Or err rrr Or Or Or 40 1.214 00 00 4M 00 00, 40 40 40 40 40 40 opT epospo .0
.
..
.0
.
..
.0 9. 9.
.
.
Tame ond irmurence --9.
.
fieo* end th 1
iglt
9.90
Sat& Security Twee
eirtmorifil -
-
..., -
-Wei
Getter& Lwow
Tiktel °ParotilW 40111**Nemee
in.
fmeral Lepage
9. 9. 9.
Net operistift. We*
"figell"
miat tvol
rats
Csanieeery. Not theme
votei NenameperStise aliveme
9. 9. 9. .1. 9. 9.90 9. 9. 9* 40 010 • Or 9.
4424
1:0.051
e.
$ soildh"
Mita*
MIN
I
ollisfa
91411400
%MI
I
.341
.4
I
76240
9 .109.9.109090 9.9000 .0 S 6
Main
9.9055000111
179.241.73
0,07735
'1.0W
9.90$ 6e7•44
9. 00 9. 4* 9. 40. .-warroorrala613149,q.4e,
AfeaXisit
s 9,31114415
$
.0.11.413
- w
•
.•
•
•
ISM
MIN
MININOWIt NNW
aramut AND
EXWIDITUALS
IMMO
jimmy To oiCIAM 340 00,
4ve. OW 410 11, *46 /1* • •10, 1.0.22244.
war *VP .0* 'OW • ma al• fts 4,11* 40
mot Loos, ExclioWhmoi4 3oprociot1en
beipreclotion cheroot for 141,
het Line
for Yew Endedelleibir 34, ION
9.441747
AMP442
O G.
60
•
•
NONfil RUM
igitteAriell MAW
CAIN STAMM'
MOWN•
IV weliffilS4 34 WAS
SI=
eal
lon.0
January 1
ism
Amistamots.
I9f
4.1 ANOSIOOrtt ROOSpocisal
Asieboomtio.
***.totemte, 1.4
mite014
aro*
*td
LOON
04
-Trowiter Coes -
ow ea op Illefit 440* 00 00 40 ** 0. 40 40 40 00effice Not "" 40 ""` "
.
40
00 Ow 40intorget
4° 4* 'Vlb*Awl
Seeerel Evens*
*Wm.
fialetenence *000
Reikand *rotten
Iallogremee
1/410.
004.110rif
-TOW Cs*
itkinefese
*Wel
.ca. to be Atoessittoe r•or
400 40 ow 0001 00 *0 410 MO 40 40 00
$40,41.4
OPP 40. IMP .01 400 *040 4. 40 000 A0 AM A* *04* *0 01 *0 44040 00 00 40 Aft0
1.0401riotrom
1104.04101.0
-sof/thaw*
an Equipment
Noteittlee
andOmit?*
Astor Paetlised
aceifoiri
Kt 4..
atirtfilt
Seelei Security times
Wiry sod Nidittr
OstoNei440 .4
oenerei 6.14pensii
retiopmee
-Rows
am. tplohte00*04001OSUMI TOM 01 4* 40
'
awry
"
...N...
goo itipipmert •
.
a*itireeters f
or
Primo P-'ortwii4
eciortioury
Miser furniture
*0 404040end Seproviments
Tot&
tem Mead
low*
crodIts
Wel
Cask Dtsbereilleets
Cab Won%
asessoir $1, tan
*001 0140 00 10 40.0 00 40 40 00 40 4* VW 00, OP 00 01 40 400 0. 00 OP oo OP 440 40 00 OW 40 40 40 00 40 00 00 00 410 MO OW Ow 00 ow 00 00 40 40 00 mo so oo so os ow 40 *0 440 44 40 ow 00 04 00 40 40 001 00 40. ar 400 00 m• am MP MO AO 4040 OP VO Ow 4414 *0 mw 4. 40 40 40 40 0. 40 40 M. 4* 00 4* MO *0 4* 40 00 40 01 40 00 40 Om Am 00 00 40 ow AO 00 00 4W OP 00 A0 Ow 00 401 *0 *0 ow 00 40 ow 00 aw a* 44* 40 00 00 m0 40 mo Om 01 40 440 0* 40 40 oo oo oo 40 00 40 m0 46 00 AO 00 dO 40 VW 4* 40 Wm 40 40 404 00 Of es on op ns op do 40 40 444 oo eo os os oo sr oo ss go oo Or P110 01 OP 41. 410 MO 400 ** 00 •44 40 00 04 oft 406. 00 40 01.40 ea 000 40, 40
15075•35
40344,00
t7.4111•31
0•41640
OMB
$1,406
31.610O
MAO
01 4041141)
4.MAO
MAC
5194.10
111047!%
1111SZY
41114A4
ilea*
• 40 40 04SIM/ ASS. III 40 40 00 1.14101110.10 00 00 ow OS 40 A* *0 ow 4040 40 40 4100 00 *a 00 Oo 00 410 40 010 44. PPIP 40
.0 e6042•45
7„j
• 410 40abia sizsie:tin.tr5
40 00 4040 00‘ 00414404010000.4000404 40 00 OW 40 00 A* 4001 40 Op 40 40 pp ow *440 40 op 40 00 01 40 so AP mo 0* 40 06 OP 40 AP 00 op 40 Am 40 4001 00 00 40 40 00 Om 40 4. am so so o. g.40 g* se se es es es es OP AO 00 1414 40 .. 40 ... 44 40 40 40 OW OD oo spe oo ow OP 00 410 OP OW *0 Om do NO 40 40 00 AP *0 00 04 *0 40 00 AP 40 00 00 ow 40 04 .0 00 00 Am 00 AW 00 00 M. 00 00 40 40 OW 00 40 40 00 40 or 40 40 40 ow 444 40 440 444 40 ow 40 no 00 oo so oo eo 01 so eo oo 00 00 40 Am 40 Op 0140 ow 00 MO 00 00 00 40 40 40 00 OW 00 .0 00 40 40 00 eis oo oo ss et so slo oo oo es 00 00 op pp ao 40 00 Oa *40 40 01. 40 4* O. 00 00 00 40 Om OM 40 OR OW 0140 om 00 so so Mo so so 0* 40 go 40 40 OP ow ow 04 .0 00 0101 40 00 MR OP 00 00 00 400 00 ata 40 40. OM Ow OP 4040 IOW Ow 40 40 0. Om Os 4040 OW 40 40 00 4M 00 00 40 WO OW 40 0. 40 Oa154,345.44P
Z
rAll
10111‘11
Vi111‘10
1401•110
70.79
071.42
tovN4I
21774,
1~
VINOM
1100•10
31~
0619
MOB
...11111mill
mokraM3
•1
ANNUAL AUDIT RFPORT
NORTH POUDRE IRRIGATION CO.
DECEMBFR 31 1 195'2
SERVING KANSAS OKLAHOMA COLORADO NEW MEXICO
WICHITA BANK FOR COOPERATIVES
FARM CREDIT DISTRICT OF WICHITA
WICHITA 2, KANSAS
January 26, 1956
North Poudre Irrigation Co. Fort Collins, Colorado Gentlemen:
In order to relieve our files we are returning herewith copy of your December 31, 1952 audit.
Very truly yours,
H. C. Stephens
Member A.!.A.
•
Ili Win Pea RaptiCERTIFIED PUBLIC ACCOUNTANT
Suite 210 Alpert Building Telephone 613 FORT COLLINS, COLORADO
January 5, 1952
AUDITOP'S REPORT
THr
NORTH POUDRF IRRIGATION COMPANY
DECFM:BrR 31, 1952
To The Board of Directors
The North Poudre Irrigation Company
Fort Collins, Colorado
Gentlemen:
We have examined the Balance Sheet of the North Poudre Irrigation
Company as of December 31, 1952, and the Statements of Revenue and
Expenditures for the calendar year then ended; have reviewed the
system of internal control, and the accounting procedures of the
Company; and, without making a detailed audit of the transactions,
have examined or tested accounting records of the Company, and other
supporting evidence, by methods and to the extent we deemed
appro-priate. Our examination was made in accordance with generally
accepted auditing standards applicable in the circumstances, and
included all procedures which we considered necessary.
Cash in bank was reconciled with the amount confirmed to us by
direct communication with the depositary; cash on hand was counted.
Investments in stock and ditch companies, as Shown by Company
records, were examined by us and found to be in order.
The records pertaining to capital stock issued and Fossil Creek
preferred Rights were examined by us and found to be in order.
Disbursements for the year have been test checked by examination
of cancelled checks, journal vouchers, and receipted expense bills.
•
•
ftli recorded receipts have been traced as deposits in the bank account.
e have satisfied ourselves that all income from assessments,
water rents, preferred rights, royalties, and leIses has been properly
accounted for.
In our opinion, the accompanyins Balance fibeet and related
atatements of Levenue and Expenditures present fairly the position
of the North Poudre Irrigation Company as of December 31, 1952, and
the results of its operations for the calendar year than ended, in
conformity with generally accepted accounting principles applied on
a basis consistent wiLh that of the preceding year.
Very truly yours,
H.
NsPoor's,
S
BALAKF.Fi
f22,901,01
Cash on hand at the end of the year consisted of balance in the
First National Bank, £22,837.70, Cash in Till, $113.93, and Petty
Cush, E10.00. Total receipts for tha year amounted
to f132,773.761
as compared with $126,025.00 for the previous
year.
Cash disbursements
for the year were 0125,154.98, as compared with *119,887.35 for the
previous year. The opening cash balance on January 1,
1952, was
*15,342.85.
•
•
At the close of the year there were unpaid regular assessments
for the year 1952 of t15,724.90. :hese assessments are now due and
we expect no loss from these accounts as no water is turned on until
the total assessments are paid.
aCalaiLltra-1112.11
,4
13
This inventory amount represents the purchases for the Michigan
Ditch Camp after the camp was closed and was not verified by us.
During the year the net reduction in this stock was $1,900.00,
which as applied as payments on the long term indebtedness notes,
9ther stocks, 000,PQ:
In addition to the stock in the Wichita Bank, the Company awns
stock in the lorthern Colorado Water Users Association in the amount
of S60.00, in the ?oudre Valley Furs' Electrical Association in the
amount of 00.U0, and twenty-two shares of the Company's own stock,
which is included in this account at a cost of
telo.00.
S
No change has occured in this account during the current year.
ertm4d InWAPetts t49(1,30"
The amount of unexpired insurance premiums at the end of the year
was $400.30. Frame building in the Sec. 10 T6 1,68 is insured for
$21000.00; the President and secretary are properly bonded for
$10,000.00 each in the our. Indemnity Company of New York. The trucks
carry t10,000.00 and 120,000.00 Personal Liability, and c5,000.00
Property renege, in addition to comprehensive insurance. The Michigan
Ditch Camp buildings are insured for $2,300.00, and five other
build-ings, includir.c the Wellington office, are insured for 4.b00.00 each.
During the year the Company took on a Liability policy in the amount
of f10,000.00 and 220,000.00 for Personal Liability, and $5,000.00 to
t25,000.00 Property Damage. This policy covers the entire irrigation
system.
Fixed kssets4 t2,4066,,i17.121
During the current year the major changes in these accounts, were
the net additional costs of the Right-Of-ay for the Gravity Canal, in
the amount of $1,463.51 and purchase of equipment in the amount of
t739.22.
Qat,
naLlutakiliaus....
The accumulated amounts due the stockholders of licurvin Ditch
remains at
097.75. .ccured
assessments due the Cache LaPoudre -4ter
Users Association was f720.00, which represents an additional
assess-ment for 1952 of t10.00 a share. Accrued Social 3ecurity tax for the
last quarter of 1952 amounts to 't296.83, accrued interest on the long
term mortgage amounted to 1209.02, and accrued County taxes for 1952
were estimated at t272.41, making the total current liabilities as of
December 31, 1952, t1,896.01.
S
/AVE-Jerk hidtbtfiglitiA1t-S116•30Qail
During the current year Long Tern Indebtedness was reduced by
$37,900.00, leaving a net balance unpaid at the end of the year of
$136,300.00.
•
During the current year surplus from assessments wns increased
by 236,000.00 by the 1952 assessments. After deducting depreciation,
the net loss for the year 1952 was f17,473.58, as compared with
$798.95
for the previous year. The net loss for the year was added to
the surplus deposited from tile operations, mal,.ing a surplus deficit
from operation at the end of the year of $719,182.75. Pet book value
for Capitol stock and Surplus at the beginning of the year was
3,104,351.31, to which has been added the t3t,000,00 assessment for
retirement of indebtedness And from which has been subtracted the
operation results for the year $17,473448, laming la net Capital
Stock and Surplus at the end of the year $3,122,877.73.
S
A:ZULU
cr opativagii
At the beginning of the year an assessment of t12.00 per share was
levied on all stock of the Company, which was allocated as follows:
Payment on principal mortgage
$3.60
Interest-
---
----Maintenance and qperatiou
Other -
-- Oft 40 00 04 40 40 40 40 00 2 i2136,000.00
5400.00
58,50040
-26.QQQAM
Total
1,112AQ iliq490.49
1952 Assessment, 150 Fossil Creek
Preferred tights
$4.00 per
Share-
---1952 kasesement, )1d right
t600.00
25,00
As noted above, the item of $36,000.00 has been croditea directly
to surplus as being capital rather than an operating surplus item.
The remaining portion of the assesaments in the amount of 4S4025.00
Is included in the levanue and the 1.xpenditures Statement. Leases
and miscellaneous income for the year amounted to 41,519.65, transfer
fees $36,00, and voter rentals $3,637.10, making a total operating
income of $89,617.95, as compared with 08,897.85 for the previous year.
Operating, maintenance, and general expense for the year amounted
to t30,468.56, as compared with t60,404.99 for the previous year, and
!9+7,463.05 for the year 1950.
k
major portion of this increase was
due to increase in maintenance operations, most of which represents
machine work done by outside contractors. Also, there is an increase
in tollage which was paid.
Interest received and oil and gas rentals amounted to $4,240.97.
Non-operating expenditures, including the loss on the commissary and
interest experre, amounted to t5,242.35, resulting in a net operating
profit before depreciation of $6,346.01, as compared with ,24,94t.5t
for the previous years The annual depreciation charges for the year
411
1952 amounted to $25,321.59, resulting in a net loss chargee, to
%.,peratin
urplus for the year of $17,473.5d,
In conclusion)
we with to exprecr our appreciation to the
Zecretary and Officers of the Company for their lind consideration
and cooperation in making this, eildit.
•
•
•
•
•
Cash on hand
Petty Cash
NORTH ?DUMB IRRIGATION COMPANY
BALANCT SHEET
mcimerR 31,
1952
A54174
OP OD OP OWCash In Bank
OP OW oDTotal Cash
Assess. Receivable -
1952
Cow.issary Inventory
Total Current Assets
Impitments:
Stock in Wichita bank
for Cooperatives
Niscellaneous Stocks
-Total Investments
Prepaid Insurance
Llama:
Real Estate-
1111. .rla OD ..113.93
10.00
22017.70
Right of Way, Gravity Canal
buildings & Impr.
Less: Dept'. Reserve
Ditches & Reservoirs
Least Depr. Reserve
Office Equipment
Loss: Depr. Reserve
Transportation Equip.
Loess Depr. Reserve
Tools & Machinery
Less: Depr. Reserve
. IP MP OW .... .... es
1,000.00
4,25.00
$3,112,361.84
17744g094.019
256.00
171.80
Misc. EquipmeLt
Less: Nor.
reserve
Total Fixed Assets
3,657.24
2,2407._9Q
t
14,668.65
10
6202
Priorities - Water Rights
20.00
5.Qp
t
22,961.63
15,724.90
249,59
$
6,900.00
CP0-99
t
2,150.83
17,675.18
575.00
2,6361161.84
84.20
1,449.34
10,705.93
-15.190
• 36,956.12
7,800.00
400.30
f2
,66d 1617.32
545,100.00 ,
11,261,a11•74
•
•
NOPTH
IBPIOATION COMPANY
BALANCT WEFT
DECEMBER 31, 1952
LIand1241
Accounts Payable, Scurvin Ditch
Accounts Payable Other
-Accrued Social Security Tax
Accrued Interest-
.
Accrued County
Taxes-Total Current Liabilities
OW OW 4. VW .01 OW ... MO 00 OW OW OW OW 00 OW
ZAAND
Note & Mortgage - Wichita Bank
for Cooperatives, dated 11/1/36
due Serially, Int.
-gawaistassaras. Jana
, jar
Capital Stock, 10,000 Uteri's
50.00 Par value
-Premium on Capital
Stock-Capital surplus
Ora MO
Surplus from assessment
00 OW .. oW 0.1. OW 00
397.7
720.00.
Oo ow296.83
SO MD209.02
011 OW . OW ...6urp1uE Deficit 1/1/524 701,709.17
Add: Loss for Year
ended 12/31/52- -
147,411.58
Surplus Deficit 12/31/52
Net Capital Stock & Zurplus
500,000.00 i
3,450.00
2,676,017.01
66k,
'ä'13).7
P3,842,060.46
7Z9,1U,
Z5
$
1,896.01
136,300.00
3.122,877,71
11-1424147.3a4
•
•
•
N3LTH POODRI IRR/OATION COMPANY
RFVFNUY AND EXPAINDITURF8 KATEMENT
JANUARY 1 TO DECEMBFR 31, 1952
Lamm.*
Assessments -
Regular-Assessments -
Preferred Rights
Assessments - Old Rights
Leases it Miscellaneous
Transfer Fees
Water Rental
411. MO +411 414 . 0. im me MO OM AP W. 41* 410 OM IM OM 4.41. 401, MP 410 go 0ii 4.7, 421.Total Operating Revenue
Zialiglac_Eusaim
Ditch Riders -
411. ,M. 0Gate Tenders &
Watchmen-Water Pure tAssess. & Tollage
Total Operating Expense
144-Wiliance iNn9nPO:
Labor-
...
Materials, &
Squipment
Work-Buildings
Machinery &
Squipment-Total Maintenance
gArigral
ixoaxisas
8alaries
ar OMSxpense
.. .. OM. MO 4M. 01.Lirectorso ker Lies.
General Office Expense
Legal
Rent, Light, Janitor
Taxes a
Insurance-Social security
Taxes-Telephone 4
Telegraph-Total General Fxpalist
MO 4118. 4/1 MO IRO Ole WI 44
7,849.72
3109841+
7
:
855,6\
t22056.31
23,397.79
7067
;
4719,1+9
.
t 31319,00
. 294.94
. 471.66
9.81.25
. 518.46
.
1,Q39.25
. ix5.26
- 451.79
Total Operating Lxpense
Net Operatinc Income
t8L+
,000.00
0W.00
25.00
1,519.65
36.00
1037.10
$18,803.69
46,7,31.26
124363.61
t89,817.95
30,408410
f 9,349.39
NORTE PCUDRF IRRIOATICV COMPANY
REVTRUF ARV EXPZED/TUBE8 STATIPMENT
pon-Onoraitink
Formkw
Cdl & Gas Dividends
Interest Peceived
40 40 4/4 OP NO sr OP 40 40 $
3,746.44
4c4.5A
Total Non-Operating Revenue
#.4.-4 rstinirxpqadlt1rins
Commissary dales- -
----loaning Tnventory
t
278.79
r
350.68
:urchases
565.Qg
t
6434.81
Less: Closing Inventory -
_wiz&
Cost of Commissary 6ales
571tin
Net Loss - Commissary
----223.54
/
4 '249497
t13,590.36
Interest
Expousa.
.
.
- - - ---
„iscil %CA .
Total Non-Oporating Expenditures
5'11242.15
list Income, Lxclusive of Lepreciation
S 81348,01
Lepreciation Charged for Year
35021059 /
4
•
•
NOME POUR!
IRRIGATION COWANY
CASE
summ
AMOY
1 TO DECLABYR 31, 1952
tassiatat
Opening Balance Jan 1,
Assessments -
1951
Assessments -
1952
-
-Assessments -
rossil Crook
Assessmen
ad Rights
-Income,
;tiMcelaneous-
---
-
-Interest
Leases
-Lots--
-Rert
.
Office-refund - Insurance
1952
op OP OP SO 401 011 00 W 010 ... wo or ... .... ... OPrefund - Telephone
PefuLd - Gravity Crnal
Transfer Fees-
001. OPWatts. Pent./
-Oil and Oss
Dividends-Total Cash Received
00 W 40 OP OP 40 40 440 OP 00 40 40 00 40 OS 00 OP OD 10 011 00 OP OP 4111
Orr 40 40 Or 00 SW 40 40 40
Total Cash to be Accounted for
Directors' Pa.
Diem
Ditches
(
3k Beservoirs;
Maintenance
Parshail Flume
-4hovel
worx-Aaint. Equipment
Michigan Ditch
Operation
Assessments-
Tollage-
Equipment-CeneraI
ixpense-Interest
Legal
-
Miscellaneous-1;ent, Light, Janitor
Salaries
-
-lazes,
Coaaty-Taxes, Social Security
Insuralice-
Telephone-Not
Payable Mortgage.
-Righ
es
t ef Way -
Gravity Ditch
Total
Misc. Credits
Total tisbqrsements
40 4110 410 40 4111 00 Op 4111 Os 00 010 or sip mor 00C 22,862.64
2,046.93
11,219.00
2,719.49
4,20.0
10,59146
1
'
232.75
5443•0
teas:
OP 00 SO 40 WO 40 100 40 OP 40 00 Ow ▪ ... ofo at 00 ea 00 0011 40 OD OW ... 40 OP 40 00 OP OP ow 40 00 40 40 40 10 00 440 40 011 40 . OP 40 00 40 410 40 OW 40P 410 .Cash Balance, December
00 ow o 00 o 40 40 01 40 OD Or 40 0111 OP 00 o 01 40 40 OP 40 40 00
31,
1952
$ 16,360.95
104,275.10
600.00
S.
b22.00
494.53
e25.00
5I IS
832.54
50.00
6.10
1,009.00
36.00
3)
371.10
1,74fia.
565.02
329.94
f 15,342.85
132a71,7§
f148,116.61
;251154,98
f 22,961.41
ANNUAL AUDIT REPORT
ruUDRE i_titiGATION CC.
DEL;LILLiat 31, 1948
A. S. ROGERS H. WINFIELD ROGERS
REGISTERED ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANT
A. S. ROGERS AND SON
AUDITING, ACCOUNTING, INCOME TAX
Suite 210 Alpert Building Telephone 613 FORT COLLINS, COLORADO
4LT nnieirtrY 3, 1949
