A NUAL REPORTS
NORTH POUDRE IRRIGATION
COMPANY
DIRECTORS Harlan Seaworth • • AI bert Ackerman. . Stephen Goodwin Ernest Nelson • Phillip Schnorr OFFICERS Harlan Seaworth • • Stephen Goodwin Freda Cox • • • • Kathleen Robinson • Lawrence F • Cox ORDER OF BUSINESS
According to the By-Laws
• . • Wellington, Colorado • Wellington, Colorado Colorado a.-~r, Colorado Fort Collins, Colorado
President • Vice President • Secretary . • • Secretary • • Secretary-Manager
The order of business at the stockholders meeting shall be as follows: 1. Meeting called to order by the chairman at 10:00 A.M. 2. Appointments of three stockholders of the company as a
credentials committee.
3. Registration of proxies with credentials committee. 4. Report of credentials committee.
5. Annua: report.
6. Nomination of directors.
7. Opening of polls for election of directors. 8. Old business.
9. New business.
Report of the President
The North Poudre. I rri gati on CompanyWATER SUPPLY
The spring of 1966 was very critical for the farmers of this area. There had been no appriable moisture since the fall of 1965, no snow pack on the water shed and no surface mois-ture to start crops. Everyone hoped for spring rains, but none came. On Apri I 11, 1966, we made irrigation water available as farmers needed to start their crops. We started with a dividend of 4.0 acre feet per share, as this was all we had at the time. In June the Conservancy Dis-trict added to the appropriation from Horsetooth. We added to the dividend as fast as we could get the water across the river, ending with a total 5.0 acre feet per share for the season. This could have been larger if we had more storage on the north end as we had a corry over of 10,277 acre feet all below the Munroe Canal. With a long hot season, conservative use of irrigation water and lots of hard work; most North Poudre farms produced a good harvest. We ended the irrigation season September 24, 1966.
For the second time in many years there was no penalties this year. We had plenty of empty storage and saw no need for penalties this year.
Progress report on Park Creek Dam to date. It has been passed by Congress. On De-cember 20 the North Poudre Irrigation Company Board of Directors and the Bureau of Reclamation agreed on a repayment contract, which the Board recommends to the stockholders. Copies of this contract ore in the company office for stockholders inspection. If this contract is accepted in Washington, D.C., it will be voted on by the stockholders at the annual meeting.
If the area under the North Poudre Irrigation System is to continue to develop, then we must conserve our last remaining source of water by building more storage to make available the flood waters that pass down our streams in wet seasons, for time of need. If in the yearof1965 we could have had Park Creek Reservoir, we could have finished the season with it full, this could mean additional dividends that year or carry over at the top of the system for the follow-ing year. The second thfollow-ing that would be a great help to this area, would be the buildfollow-ing of the proposed S .C .S. Boxelder Concervation dams to control the runoff and damage of the Box-elder and it's tributaries. It is staggering to contemplate the benefits to the area, if these two projects could be completed. During a year like 1965, many thousand acre feet of water could be put to useful purposes, much erosion controlled and many thousands of dollars saved in re-pairing damage to structures and removal of sediment from the irrigation systems.
SOURCE OF WATER
Storage Decrees avai I able for 1966 (A) To January 1 1 1966 (B) To Apri I 1 1 1966 (C) After Apri I 1 1 1966 Total Storage
Received from direct flow Received from Horse tooth Total Water
DISTRIBUTION
Water delivered to North Poudre Stockholders Water delivered to Fossil Creek stock
Avai I able carryover October 1 1 1966
Loss in storage and distribution
The carryover was stored on October 1 1966 as follows:
Total No. 15 Reservoir Indian Creek No. 2 Reservoir No. 3 Reservoir Mise. Reservoirs DIVIDENDS Total Apri I 1 , 1966 July 61 1966 August 31 1966
Acre Feet Per Share 4.0 .7
.3
5.0 3 Acre Feet 321934 281212 41722 none 321934 4,762 401000 771696 491972 3,472 101277 131975 771696 41276 11369 11195 11364 2.073 101277 Percentage 42.4 6.2 51.4 100.0 64.3 4.5 13.4 17.8 100.0WORK ACCOMPLISHED
The year's work contained no major construction jobs, but rather a lot of small jobs to correct erosion, to control seepage or other loss in delivery, to meet and match with changes caused by Hiway 125. During the year approximately 10 miles of new ditch band road were built so a better job of operation and maintenance could be done. 5,968 lineal feet of concrete ditch lining of variot•!' size was poured. Two segments of this was co-sponsored, one in Mr. Victor Korby's farm, and one in Mr. Bill Frank's farm. Also there was some lining done in addition to this by the State Hiway. A new spillway was built at Joe Wright's, a few cattle gates of various design were built. We spent $8,136.15 in trying to meet the demands of the weed program. Approximately 4,000 yard of riprap were placed to control erosion and 700 yards of gravel was spread on company roads. A great many trees were cut and removed from ditch banks. Most of the ditches were burned and cleaned this fall. A 1/2 mile of ditch that had a shattered shale bottom was treated with a coat of drillers mud to try and stop loss.
FINANCIAL
The old equipment trailer was traded for a new larger trailer for a difference of $3,500, a 944 Traxcavator was purchased for $14,000 and two penvanes water meters for $1,277.
RECOMMENDED BUDGET
Budget recommended by the Board of Directors for the year 1967. $ 6. 25 per share for water assessment
8 .00 per share for operation and maintenance 1 .00 per share for noxious weed control
.75 per share for new equipment
1 .00 per share for ditch lining $17.00 per share total
$12.00 per share due Apri I 1, 1967 5.00 per share due Oct. 1, 1967
The item of ditch lining is new and it is the stockholders option if they favor this type of improvement to the system. During the past year the company has expanded $9,7 42.07 to contractors, plus many hours of work by the company crew and equipment on concrete lining.
MONTHLY PRECIPATION RECORD FOR 1966 IN INCHES
Fort 70 Yr.
Collin• Block Normol
Month Foctory Wellington Buckeye Giddin(l' Hollow Timnoth c.s.u. Fort Collin•
Jan. • 06 .10 Tr • .07 .02 .05 . 12 .35 Feb. .59 .79 .41 .66 .37 .55 .62 .56 Mar, .03 .99 April 1.16 1.46 .71 1.28 .73 1.28 1.39 2.01 May .21 . 18 .03 . 12 .06 .30 .27 2.81 June 1.49 2.19 2.35 1.44 1.31 2.19 1.53 1.66 July .29 .37 1.55 .09 . 12 .28 .35 1.53 Aug. 1.45 .91 1.09 1.58 .33 .70 1.43 1.45 Sept. 1.11 .84 1.30 2.19 1.30 2.76 1.12 1.25 Oct. . 12 .28 . 10 . 11 • 15 .30 .31 1.10 Nov. .52 .89 .46 .72 .24 .63 .57 .50 Dec. .08 .20 • 10 . 19 • 11 . 14 .06 .41
- -
- -
-Totals 7.08 8.21 8.10 8.45 4.74 9.21 7.77 14.62
ANNUAL PRECIPITATION IN INCHES MEASURED AT 6 STATIONS
Fort Block
Collin• Wellington Buckeye Gidding• Hollow Timnoth 1936 11 .79 7.93 1937 12.49 11 .63 10.63 1938 19.75 16.38 12.10 1939 6.51 7.20 6.21 6.13 1940 13.63 13.00 11 .38 11.93 1941 16.91 19.77 18.58 16.10 1942 18.44 20.45 16.79 14.09 1943 11 .81 10.73 Incomplete 7.24 1944 12.52 11 .49 8.21 8.88 1945 15.95 16.97 15.07 13.93 1946 12.72 16.29 12.98 8.94 1947 16.50 17.18 14.46 13.80 1948 9.40 8.61 7.81 7.06 1949 16.64 15.85 14.78 13.23 1950 10.96 13.89 9.39 8.08 1951 22.07 21 .59 15.02 15.83 1952 12.45 11 .87 8.82 14.01 1953 11 .86 12.10 13.11 8.05 7.79 1954 8.01 8.30 7.90 5.72 7.01 1955 12.97 12.84 10.20 9.82 13.48 1956 12.19 15.84 13.41 13.98 9.44 1957 19.56 19.48 16.67 16.86 12.90 1958 16.90 17.99 14.21 17.69 15.70 1959 14.67 14.58 12.61 15.55 12.61 13.16 1960 9.98 8.84 7.67 9.10 9.61 10.42 1961 28.23 24.95 18.51 22.09 19.38 23.84 1962 12.84 13.90 13. 18 11 .23 9.76 10.89 1963 11 . 71 12.10 11 .84 11 .57 9.70 16.10 1964 7.81 5.64 5.21 7.26 4.51 7.98 1965 16.09 16.50 15.46 15.21 11 .55 20.28 1966 7.08 8.21 8.10 8.45 4.74 9.21 5
Data from The Great Western Sugar Company Annual Report of the North Poudre Irrigation Company
Acreage and Yields of Sugar Beet Crops Grown Under North Poudre System
Year Acres Total Ton Tons Per Acre
1930 7,098 107,547 15.15 1931 7,307 84,053 11 .50 1932 3,974 37,351 9.40 1933 4,344 47,912 11 .03 1934 4,039 35,553 8.80 1935 2,706 32,364 11.90 1936 3,059 28,765 9.40 1937 2,406 23,695 9 .. 84. 1938 2,819 40,464 14.35 1939 2,942 25,898 8.80 1940 830 9,705 11 .69 1941 2,432 32,476 13.35 1942 3,542 29,678 8.41 1943 2,119 23,832 11 .25 1944 2,027 20,312 10.02 1945 2,901 25,510 8.79 1946 2,198 21 ,075 9.59 1947 1,799 261636 14.81 1948 11505 17,077 11 .35 1949 11937 30,771 15.89 1950 2,368 31,150 13.15 1951 11796 23,111 12.87 1952 11940 26,749 13.79
WITH HORSETOOTH WATER
1953 11979 28,579 14.44 1954 2,266 29,899 13.20 1955 2,066 30,683 14.85 1956 2,425 34,159 14.09 1957 3,052 50,515 16.55 1958 3,027 47,079 15.55 1959 31 111 511818 16.65 1960 31273 54,293 16.59 1961 4,014 50,386 12.55 1962 31575 551774 15.60 1963 3,562 63,788 17.90 1964 3,982 58,592 14.71 1965 2,728 40,306 14.77 1966 21686 45,605 16.98
Acres, Tonnage, Average and Highest Yield At Each Beet Dump
North Poudre Irrigation Company
1966 SUGAR BEET CROP
Total Acres and Average Yield Tons Acres Tons Average
Per Harv. Per Sugar
Station Acres Tonnage Acre Grower Acre Content
Dixon 405 6,430 15.21 Richard Seaworth 23.6 21.74 17.9
Wellington 1,163 19,565 17.08 Francis Bee 32.0 21.29 17.7
Giddings 352 6,150 17.47 Pineda & Sons, Inc. 69.2 21.50 16.8
Kluver 160 3,037 18.98 Kenneth Winick 20.4 23.72 16.0
Black Hollow 153 2,579 16.86 Gene & Dennis Drake 53.6 17.16 17.0
Buckeye 453 7,844 15.44 Albert, Darrell 54.8 20.55 16.4
and Eldon Ackerman
TOTALS 2,686 45,605 16.98 7 Lbs. Sugar Per Acre 7804 7528 7211 7607 5830 6727
Growth Under North Poudre System i
·
n 1966 High Ten List
Grower Landowner Station Acres Tons Average Lbs. Sugar
Harv. Per Sugar Per Acre
Acre Content
Richard Seaworth J. B. Foster Dixon 23.6 21 .74 17.9 7804
Lorraine L. Foster
Harlan Seaworth Harlan Seaworth Dixon 54.8 22.12 16.9 7466
Virginia Seaworth
Francis A. Bee Francis A. Bee Wellington 32.0 21 .29 17.7 7528
Sylvia E. Bee
Earl Hoff Earl Hoff Wellington 44.6 22.07 16.8 7431
Dorothy Hoff
Kenneth Winick Kenneth Winnick Kluver 20.4 23.72 16.0 7607
Mary Winnick
HIGH SUGAR PRODUCER
Pineda & Sons, Inc. Acklind Feeders, Inc. Giddings 92.1 20.71 16.8
797,894 Total lbs.
BALANCE SHEET
Cash: $4,332.43
Cash on hand at the end of the year consisted of balance in the First National Bank, $4,322.43, and Petty Cash $10.00. Total receipts for the year amounted to $228,822.72, as compared with $187,411.57 for the previous year. Cash disbursements for the year were $228,302.89, as compared with $189,841.65 for the previous year. The opening cash balance on January 1, 1966, was $3,812.60.
Assessments Receivable: $11,621 .81
At the close of the year there were unpaid assessments for the year 1966 of $11,583.81, and a balance of $38 .00 due from the 1965 assessment. 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. Stocks·. $2 796 29 I •
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 at $59.00, and twenty-two shares of the Company's own stock, which is included in this account at a cost of $810.00, class "C" stock in Wichita Bank for Cooperatives in the amount of $217.29, one pre-ferred Right of Fossil Creek for $1,500.00, and one water tap which cost $150.00.
Prepaid Insurance: $1,462.07
The amount of unexpired insurance premiums at the end of the year was $ 1 , 46 2. 0 7. Framebuilding in Sec. 10, T 6, R 68 is insured for $6,000.00. The President and Secretary are properly bonded for $10,000.00 each. The Michigan Ditch Camp buildings are insured for $1,000.00. The two family dwelling in Sec. 18, T 9, R 68 is insured for $8,000.00; and five other buildings including the Wellington office, are insured for $10,000.00. The garage building at Wellington is insured for $11,000.00 against fire loss. The company has a liability policy in the amount of $300,000.00 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.
Fixed Assets·. $2 380 067 42 I I •
During the Current year the rna jor changes in these accounts were the purchase of the used Caterpiller for $14,000.00, the purchase of a new trailer for $3,500.00, the purchase of 2 Pendvane Flowmeters for $1,277 .50, and the sale of Fort Collins lots for $23,000.00.
Intangibles: $563,474.32
Priorities and water rights owned by the Company amount to $545,100.00, and expendi-tures to date on engineering studies and surveys for a new reservoir are $18,374.32.
Current Liabilities: $60,996.40
The Company owes $60,000.00 for Big Thompson Water purchases in 1966. This amount wi II be due in the spring of 1967. Accrued County Taxes for 1966 were estimated at $450.00. Accrued payroll taxes are $534 .40; and there are prepaid Fossil Creek Assessments of $12.00. Capital Stock and Surplus: $2,902, 757.94
After deducting depreciation, the net loss for the year 1966 was $12,269.90, as com-pared with $21 ,887.53 for the previous year. The net loss for the year was added to the sur-plus deficit from the operations, making a sursur-plus deficit from operations at the end of the year of $1,068,702 .54. Net book value for Capital Stock and Surplus at the beginning of the year was $2,915,027.84 from which has been subtracted the loss from operations for the year of $12,269.901 leaving a net Capital Stock and Surplus at the end of the year of $21902,757.94.
RESULTS OF OPERATION
At the beginning of the year, an assessment of $16.50 per share was levied on all stock of the Company 1 which was allocated as follows:
Water Assessments ••••••••••••••••••• Maintenance and Operation ••••••••••• New Equipment ••••••••••••••••••••• Weed Control •••••••••••••••••••••••
1966 Assessment 1 149 Fossi I Creek
$ 6.25 $621500.00 8.00 801000.00 1.25 121500.00 1.00 10,000.00 $16.50 $165,000.00
Preferred Rights 1 $4.00 per share • • • • • • • • • • • $ 596.00 1966 Assessment, 01 d Right • • • • • • • • • • • • • • • • $ 25.00 During the year 1 the Company purchases Horse tooth Water for $601000.00.
The assessments in the amount of $165 1621 .00 are included in the Revenue and the Ex-penditures Statement. Leases and rents for the year amounted to $31 190.001 stock transfer fees $61.001 refunds on labor expense and miscellaneous $41109.171 sale of water $1 1352.001 mak-ing a total operatmak-ing income of $1741333.17 as compared with $1691124.05 for the previous year.
Interest received amounted to $185.51 1 oi I royalties received were $141049. 15, and gain on sale of Fort Collins lots was $20,745.371 interest paid was $172.51, resulting in a net gain before depreciation of $121269.90, as compared with a gain of $8,857.75 for the previous year. The annual depreciation charges for the year 1966 amounted to $32,219.541 resulting in a net loss charged to Operating Surplus for the year of $121269.90.
In conclusion, we wish to express our appreciation and cooperation given us during the course of this audit.
Current Assets: BALANCE SHEET December 31, 1966 ASSETS $ 4,322.43 Cash in Bank Petty Cash 10.00 $ 4,322.43 38.00 1965 Assessments Receivable 1966 Assessments Receivable Investments:
Stock in Other Companies and Treasurery Stock Prepaid Insurance
Fixed Assets: Real Estate
Right of Way, Munroe Gravity Canal Ditches and Reservoirs
Less: Depreciation Reserve Bui I dings and Improvements Less: Depreciation Reserve Radio and Office Equipment Less: Depreciation Reserve Transportation Equipment Less: Depreciation Reserve Machinery and Equipment
Less: Depreciation Reserve Intangibles:
Priorities and Water Rights
31 3121361 o 84 110031800.00 21,603.99 71693.30 5,490.92 3,727.52 6,398.61 41798.95 347.10 316.97
Engineering and Survey for New Reservoir TOTAL ASSETS 11 11 1583.81 $ 15,954.24 400.00 18,314.76 2,308,561 .84 131910.69 13,910.69 11599.66 2,796.29 1,462.07 30.13 2,3801067.42
-5451100.00 181374.32 5631474.32 $219631754.34
BALANCE SHEET December 31 1 1966
Current Liabilities:
Accounts Payable 1 Water Purchased Accrued Payroll Taxes
Accrued County Taxes
Prepaid Fossi I Creek Assessment
Capital Stock and Surplus:
LIABILITIES
Capital Stock 1 10 1000 Shares @ $50.00 Par Premium on Capital Stock
Capital Surplus
Surplus From Assessments
Earned Surplus Deficit 1 1/1/66 Add: Net Loss for 1966 Surplus Deficit 12/31/66
Net Capital and Surplus
$110561432.64 12,269.90 12 $ 60,000.00 534.40 450.00 12.00 $ 601996.40
-5001000.00 31450.00 2,6761017.01 791,993.47 3,9711460.48 1 10681702.54 21902,757.94 $21963,754.34
REVENUE AND EXPENDITURES STATEMENT January 1, 1966 to December 31, 1966
Revenues:
Assessments, Regular $ 165,000.00
Assessments, Preferred Rights 596.00
Assessment, Old Right 25.00
Sale of Water 1,352.00
Leases and Rents 3,190.00
Stock Transfer Fees 61.00
Labor & Miscellaneous 4, 109.17
T ota I Operating Revenue
Operation Expense:
Ditch Riders $ 14,067.18
Gate Tenders and Watchmen 1 ,425.00
Water Purchased and Assessments 65,790.75
Total Operating Expense 81,282.93
Maintenance Expense:
Labor 28,337.19
Materials and Equipment Work 42,250.99
Maintenance Machinery and Equipment 11 ,661 .53
Total Maintenance Expense 82,249.71
Genera I Expense:
Salaries and Auditing 15,187.50
Directors' Per Diam 967.70
General Expense 1 ,249.14
Legal 1,802.30
Telephone and Telegraph 1,510.16
Taxes and Insurance 1 ,694.49
Rent and Lights 1 ,026.74
Lunches at Annual Meeting 197. 11
Social Security Taxes 2,023.27
Total General Expense 25,658.41
Total Operating, Maintenance & General
Net Operating Loss
Other Income and Expense:
Oi I Royalties 14,049.15
Gain on Sale of Lots 20,745.37
Interest Received 185.51
Interest Paid ( 172.51)
Net Income Exclusive of Depreciation Depreciation Charged Off for the Year
Net Loss for Year Ended December 31, 1966
13 $ 174,333.17 189,191.05 14,857.88 34,807.52 19,949.64 32,219.54 $ 12,269.90
CASH STATEMENT
January 1 to December 31, 1966 Cash Balance, January 1, 1966
Cash Receipts:
Assessments, 1964 Assessments, 1965 Assessments, 1966 Fossi I Creek Assessments Old Right Assessment Transfer Fees
Interest
Miscellaneous Rents and Lease Labor Refunds
Parts and Materials Refunds Insurance Refunds
Other Expense Refunds Notes Payable, Bank
Oil and Gas Royalty Dividend Water Rent
Sa I e of Fort Co IIi ns Lots Total Cash Received
T ota I Cash to be Accounted For Cash Disbursements:
Ditches and Reservoirs: Maintenance
Maintenance of Equipment Operation
Water Purchased and Assessments Salaries and Auditor
Directors Per Di am Genera I Expense Legal
Telephone Rent and Lights Engineering Commissary Insurance Notes Payable Interest County Taxes
Social Security Taxes New Equipment
$
70,802.01 11 ,661 .53 16,394.66Less: Social Security, Rent, and Misc. Credits Total Cash Disbursements
Cash Balance December 31, 1966
14 $ 5.00 10,537.57 153,053.19 596.00 25.00 61 .00 185.51 3,000.00 4,878.17 149.33 314.90 32.49 18,000.00 14,049.15 1,352.00 22,583.41 98,858.20 65,427.75 15,187.50 974.70 1,265.14 1,802.30 1,519.65 1,026.74 413.31 197. 11 2,384.10 18,000.00 172.51 438.44 4,659.21 18,777.50 2311104.16 2,801.27 $ 3,812.60 228,822.72 232,635.32 228,302.89
$
4,332.43I
NORTH POUDRE 01 L AND GAS ROYALTY UNITS
Current Assets: Cash in Bank
Total Assets
Accrued Dividends Payable Surplus:
Surplus Balance, 1/1/66 Deficit Add: Net Income for 1966
Less: Dividend Declared
BALANCE SHEET December 31, 1966
ASSETS
LIABILITIES
Surplus Balance 12/31/66
Total Liabilities and Surplus
15 $ (237 .40) 17,654.65 $ 17,417.25 15,000.00 $ $ $ $ $ 3,469.69 3,469.69 1,052.44 2,417.25 3,469.69
NORTH POUDRE OIL AND GAS ROYALTY UNITS Income: Oil Royalties Oil leases STATEMENT OF INCOME January 1 to December 31 , 1966 $ Sale of ~ Interest, Oil and Gas Rights, No. 3
Total Income
Expense:
Taxes $
Audit
Survey No. 3 Reservoir Postage and Supplies
Bank Service and Collection Charges Total Expense
Net Income to Surplus
3,008.27 2,352.80 12,525.00 89.42 50.00 73.75 16.00 2.25 $ 17,886.07 $ 231 .42 $ 17,654.65
NORTH POUDRE OIL AND GAS ROYALTY UNITS
CASH STATEMENT
January 1 to December 31, 1966
Cash Balance, January 1, 1966 $ 510.59
Cash Receipts:
Oil Royalties $ 3,133.52
Oil Leases 2,350.80
Sale of ~ Interest, Oil and Gas Rights, No. 3 12,525.00
Refund on Survey No. 3 Expense 221 .25
Total Cash Received 18,230.57
Total Cash to be Accounted For $ 18,741.16
Cash Disbursements:
Ad Valorum Taxes $ 89.42
Audit 50.00
Office Supplies and Postage 16.00
Survey Reservoir No. 3 295.00
Bank Service Charge .25
Refund of Oi I Roya I ties to Purchase of No. 3 Rights 125.25
Dividends Paid 14,695.55
Total Cash Disbursements $ 15,271.47
Cash Balance, December 31 , 1966 $ 3,469.69
17
5 Yr. Av. Cost 5 Yr.
Assmt. Ac. Ft. Ac. Ft. Cost Per Av. Per
Year per share per share per share Ac. Rt. Ac. Ft. Interest
1909 $ 5.00 $ 22,029.05 1910 5.00 26,533.46 1911 4.00 21,351.13 1912 5.00 3.09 1.61 21 '137 .50 1913 6.00 2.87 2.09 26,683.07 1914 7.00 3.44 2.03 35,698.51 1915 7.00 3.09 2.26 39,715.38 1916 7.00 2.29 2.95 3.05 2.21 37,843.74 1917 7.00 3.15 2.22 33,341.79 1918 7.00 2.41 2.90 39,510.20 1919 8.00 1.14 7.01 38,383.15 1920 11.00 2.98 3.69 37,483.88
\
1921 8.00 3.74 2.68 2.13 .359 36,672.49 1922 6.50 1.83 3.55 37,269.08 1923 6.50 4.31 1.50 38,713.11 1924 9.50 4.59 2.07 42,899.56 1925 12.00 2.52 4.76 42,232.10 1926 5.00 4.63 3.57 1.08 2.59 40,525.92 1927 8.00 3.92 2.04 41,175.17 1928 8.50 4.59 1.85 37,054.95 1929 8.25 4.43 1.86 33,242.45 1930 8.25 3.09 2.66 31,879.06 1931 7.50 2.60 3.72 2.88 2.26 30,510.11 1932 7.00 1.37 5.10 29,314.38 1933 4.50 2.87 1.56 28,702.10 1934 5.00 1.37 3.64 28,773.75 1935 4.25 3.16 1.34 28,716.25 1936 6.00 2.07 2.17 2.89 2.90 28,863.61 1937 5.75 1.22 4.77 23,692.80 1938 6.75 3.21 2.10 23,626.89 1939 7.75 2.61 2.98 25,655.98 1940 7.25 .75 9.60 21,808.42 1941 4.00 2.00 1.95 2.00 4.30 19,102.96 1942 6.25 3.90 1.60 18,030.56 1943 8.00 4.19 1.90 17 ,;423. 15 1944 7.25 3.07 2.35 16,208.69 1945 7.25 2.10 3.45 14,149.96 1946 7.25 2.00 3.05 3.64 2.58 12,668.32 1947 9.00 3.30 2.72 11,266.32 1948 13.00 2.16 6.10 11,420.83 1949 12.00 3.00 4.00 8,956.62 1950 12.00 1.80 6.66 8,735.28 1951 12.00 2.62 2.57 4.58 4.79 6,457.13 1952 12.00 3.20 3.75 5,077.05 1953 14.40 4.51 3.21 4,366.54 1954 18.60 3.40 5.47 2,860.71 1955 18.00 3.20 3.54 5.62 4.55 1,950.61 1956 16.00 3.40 4.71 1,564.16 1957 9.00 6.50 1.39 116.10 1958 15.00 6.00 2.50 1959 14.50 5.80 2.50 1960 14.50 5.30 2.73 2.77 1961 14.50 6.00 2.42 1962 14.50 7.00 2.07 1963 14.50 5.50 2.64 1964 15.00 5.30 2.83 1965 16.00 5.00 3.20 2.63 96.66 1966 16.50 5.00 3.30 172.51Total Interest Paid $1,189,712.27 Principal Indebtedness 1936 - $610,000.00
Total principal indebtedness paid off December 6, 1956 18
Salaries • Maintenance . Michigan Ditch.
Maintenance on Equipment. Ditch Riders •
Dragline and Carryall . Truck Hire •
Taxes, County • Taxes, S. S. Telephone •
Attorney's Fees & Court Costs • General Expenses •
Insurance
Directors Per Diam Ditch Assessment • Interest Water Tollage Equipment • Engineering Weed Control Rent and Lights. Building •
Lunch at Annual Meeting
TOTALS • Assessments per share
Recapitulation of ExpendituresAssessments and Water Appropriations for the Year 1957 to 1966 Inclusive
1957 1958 1959 1960 1961 1962 1963 1964 $ 9' 139.00 $ 10,747.93 $ 10,960.93 $ 10,859.00 $ 10,959.00 $ 11,258.00 $ 11,439.00 $ 11,774.00 33,179.52 39,217.14 37,738.93 32,509.51 31,210.00 34,647.60 46,216.75 43,514.77 4,066.60 1,496.00 1,090.62 1 '120.80 987.20 610.40 298.80 666.00 4,152.63 5,759.14 11 ,435.63 8,875.25 11,028.02 6,456.62 8.547.02 6,857.63 11 '145.48 13,507.60 10,166.65 11 '957 .60 12,114.32 12,569.31 14,575.10 13,401 .41 1,726.00 1 ,290.50 3,131.50 2,561 .00 2,437.50 3,806.00 590.00 1,879.00 2,296.00 285.68 300.56 313.16 324.46 648.84 738.42 787.64 1,160.64 2,197.61 1,942.15 2,056.07 2,204.90 3,164.96 2,966.08 3,133.05 4,496.08 1,029.38 1,210.07 1 ,049.85 993.63 1,124.83 1,051.20 1,042.47 1,050.89 908.00 1,150.00 3,738.70 900.00 900.00 900.00 900.00 1,058.18 814.09 1 ,255.54 798.07 953.42 872.95 922.24 1,257.17 962.78 1 '178.03 1,777.43 1 '182.42 836.10 2,425.65 871.65 1,730.19 1 ,558.77 1,277.10 881.60 926.67 800.12 736.56 744.60 869.00 1,272.75 1,720.25 62,532.75 63,104.75 61,358.00 62,117.00 61,715.00 61,425.00 61,835.25 116.10 3,875.50 1 ,500.00 16,899.60 7,131.13 10,894.06 6,517.81 6,374.35 11,739.84 5,316.86 1 '166.;32 389.02 248.05 5,384.59 6,562.15 2,395.24 2,241.77 584.95 7 ,454. 97 1,874.14 5,337.65
.
.
166.09 216.78 190.83 184.47 $127,590.57 $151,060.18 $160,884.01 $150,984.84 $149,623.86 $152,572.47 $158,780.06 $170,290.40 9.00 15.00 14.50 14.50 14.50 14.50 14.50 15.00 Water Appro. per share - Ac. Ft • 6.5 6. 5.8 5.3 6.0 7.0 5.5 5.319 1965 1966 $ 12,080.00 $ 15,187.50 41,481.92 64,646.51 839.55 2,290.15 15,280.20 11,661 .53 13,336.10 14,969.66 4,607.00 6,155.50 1,075.92 1,135.56 3,047.88 4,659.21 1,244.75 1,519.65 1,399. 95 1 ,802.30 1,210.42 1,265.14 1,787.50 2,500.63 1,164.40 974.70 61,747.75 62,802.75 96.66 172.51 2,988.00 1,034.05 18,777.50 12,576.42 5,897.90 7,268.52 8,136.15 1,336.32 1,026.74 221.07 197.11 $189,841.65 $228,302.89 16.00 16.50 5.0 5.0
22 WAYS TO KIL A COMPANY
(With opal ogi es to ori gino I unknown author) 1 • Don't come to any of the meetings.
2. If you do come, come late.
3. If it is a dinner or luncheon meeting, come very late. You will then disturb and delay everybody.
4. If the weather doesn't suit you, don't think of coming.
5. If you received a notice of the meeting, forget the date at once . . . .
don't try to remember it.
6. If the secretory sent you a return card for your dinner reservation, throw it in the waste basket.
7. If you attend a meeting, find fault with the officers and other members.
8. Never accept on office .•. it is easier to criticize than to do things. Claim you
are too busy to give it any time.
9. Nevertheless, get sore if you ore not appointed on a committee, but if you are
appointed, do not attend the meetings.
10. If you are asked by the chairman to give your opin1on regarding some important matter, tell him you have nothing to say. After the meeting tell everyone how thing ought to be done.
11. Do nothing more than is absolutely necessary, but when other members roll up t eir sleeves and willingly and unselfishly wor to help matters along, howl that the board is run by a clique.
12. o a bock your dues as long as possible, or don't pay at all. Claim forget-fulness or that you didn't receive a statement.
13. When a banquet is given, tell everyone the board is wasting money on blow-outs which make a big noise and accomplish nothing.
14. When they don't give banquets, tell everyone the board is dead and needs a
can tied to it.
15. If the cigars are passed, take three or four or more; you may not have another
chance. If they are not your spec1al brand, ask why they didn't get good ones.
16. Don't tell the board how it can help you; but if it doesn't help you, yell.
17. When you attend a meeting, vote to do something, and then go home and do the
opposite.
18. Agree to everything said at the meeting and disagree with all of it outside the meeting.
19. Ge+ all the association can give you, but don't give it anything.
20. When asked for information don't give it. •. then blame the officers for the
in-completeness of their information.
21. When you receive letters and information circulars from the secretory don't read them. If you do read'em, forget all about it.
•! .<:·
:~
.:.:
ORTHPOUD E
DIRECTORS Harlan Seaworth • AI bert Ackerman • • Stephen Goodwin Ernest Nelson • Phillip Schnorr OFFICERS Harlan Seaworth • Stephen Goodwin Larry L. Cox • • • Lawrence F • Cox • ORDER OF BUSINESS
According to the By-Laws
• Wellington, Colorado .Wellington, Colorado • • • Wellington, Colorado • • Fort Collins, Colorado Fort Collins, Colorado
President • Vice President • • Book Keeper • Secretary - Manager
The order of business at the stockholders meeting shall be as follows: 1. Meeting called to order by the chairman at 10:00 A.M. 2. Appointments of three stockholders of the company as a
credentials committee.
3. Registration of proxies with credentials committee. 4. Report of credentials committee.
5. Annual report.
6. Nomination of director •
7. Opening of polls for election of director • 8. Old business.
9. New business.
WATER SUPPLY
Report of the President
The North Poudre Irrigation CompanyThe old adage, you never know what the weather will be tomorrow in Colorado was certainly true in the year of 1967. April arrived after a record dry winter and it looked like the farmers would have to irrigate crops up. On April 5, the Board of Directors issued a dividend of 3.0 acre feet of water per share and no penalties, this being all of the water the company had at this time, with water available to any part of the system as soon as we had enough orders to make it feasable to run. Before farmers could irrigate very much it started to rain. The weather stayed cool and damp, with rain through the middle of July. On July 5th the Board added another 1.0 acre foot to the dividend though only three tenths of a foot had been used and all company reservoirs were full. Again on August 21 the Boa-rd added 0.5 acre feet as it looked like some farmers would need a little more water to fin-ish their crops. This made a total dividend of 4.5 acre feet per share and the water season was ended September 30, 1967.
PROGRESS REPORT ON PARK CREEK DAM:
Core drilling of the Dam area has been done, soil samples have been token and right of way is being acquired. We are proceeding step by step as fast as we can.
If we would have had Park Creek Dam finished this would have been one of those years it could have been full of water that we had to turn down the river because of a lack of storage.
If the area under North Poudre Irrigation system is to continue to develop and pro-sper, then we must continue to improve the system. Agriculture in Colorado has genera II y looked upon water as free, while surrounding states were realizing that it is not free but a commodity and must be treated as such. This has cost the state millions of acre feet of wat-er, both through the courts and by just letting it go down the river because of a I a c k of storage, and this will continue to increase until we realize the situation and take decisive action to prevent the loss of further water and to use what we have to its fullest advantage. This at the moment means more storage and modernization such as cement ditches and pipe lines to prevent the loss of what water we still have. This applies to the individual farmers as well as the Company system. We cannot expect understanding and he I p from the c i t y voters when they constantly see waste water in county and state highway barrow pits.
2
SOURCE OF WATER
Storage decrees available for 1967 A. To January 1, 1967 B • To Apri I 1, 1967 C. After April 1, 1967 Total Storage
Received from Direct Flow Received from Mountain System Received from Horsetooth Total Water
DISTRIBUTION
Water delivered to North Poudre Stockholders Water delivered to Fossil Creek Stockholders Available carryover October 31, 1967 Transferred to Larimer and Weld Loss in storage and Distribution
Carryover was stored on October 31, 1967 as follows: No • 2 Reservoir No • 3 Reservoir No. 5 Reservoir No. 6 Reservoir No. 15 Reservoir Indian Creek Mise. Reservoirs Total Acre Feet
Dividends: April 5, 1967 July 5, 1967 August 21, 1967 Total Acre Feet 17,728 9,607 12,540 39,875 8,518 116 28,000 76,509 36,930 3,472 32,889 1' 136 2,082 76,509 3,179 2,356 6,623 7,011 5,300 1,887 6,533 32,889 Percentage 52.2 11.1 • 1 36.6 100.0 48.3 4.5 43.0 1.5 2.7 100.0
Acre Feet Per Share 3.0
1.0 0.5 4.5
Loss in Storage and Distribution is not a correct figure this year because of considerable flood water diverted into our reservoirs that could not be measured and accounted for.
3
---WORK ACCOMPLISHED:
The Year •s work I ike the weather covered a vari ty of iobs to improve the s y s t e m , stop errosion and make deliverys when needed, The ditch riders house at the head of the ditch livermore was enlarged and modernized. 4,000 yards of dirt was hauled and placed on lat~~ral's No. 2 and No. 3 through section 32-8-69 to bring them to grade and make a maintenance road along the side. 3,270 yards of gravel were placed on company roads. 16 new headgates were installed to replace worn out gates, 142 yards of concrete were used to make repairs, a new flume 98 feet long was installed at the end of o. 2 lateral to carry water across the Larimer county canal. 520 feet of steel culvert pipe of various sizes were used, 5 parshal weirs were replaced and 12 penvane structures built. $11,285.51 were spent to meet the demands of the weed program. At the request of the Forest Service the dead and down timber from Cameron Pass down Joe Wright Creek, and around the premeter of Joe
Wright Reservoir, was piled in August, after the first snow this was all burned. 344 large trees also have been removed from Company ditches in the valley. 3,420 yards of rock and concrete were placed as riprap to stop errosion on our full reservoirs. Several miles of Co-mpany ditches were rebui It and brought to grade.
IN REMEMBRANCE:
We regret to report the passing of a longtime friend, and employ of the companyfor ha f a century, Gustave W. Wi ch.
RECOMMENDED BUDGET:
Budget recommended by the Board of Directors for the year 1968
$6 .75 per share for water assessments.
$9.50 per share for operation and maintenance. $1.00 per share for noxious weed control •
• 75 per share for new equipment
$2.00 per share for land acquisition for Park Creek $20.00 per share Total
$15.00 per share due April 1, 1968
MONTHLY PRECIPATION RECORD FOR 1967 IN INCHES 70 Year
Month Wellington Buckeye Ft. Collins Norman Ft. Collins
Jan. .52 .36 .61 .35 Feb. .50 .34 .35 .55 t.ltar. .97 .58 .61 .98 April 3.09 2.66 3.02 2.02 May 4.44 3.50 4.79 2.84 June 4.78 2.62 3.62 1.68 July 3.13 2.88 3.10 1.55 Aug. 1.00 2.26 1.82 1.46 Sept. 1.21 1.28 .93 1.25 Oct. .44 .53 .61 1.09 Nov. 1.34 .82 1.36 .51 Dec. 1.06 .45 1.01 .42 TOTAL 22.52 18.28 21.83 14.70
ANNUAL PRECIPITATION IN INCHES MEASURED AT 6 STATIONS
Fort aloc:k
Colli• Wellington luc:keye Giddlng~ Holl- n ... tt.
1936 11.79 7.93 1937 12.49 11.63 10.63 1938 19.75 16.38 12.10 1939 6.51 7.20 6.21 6.13 1940 13.63 13.00 11.38 11.93 1941 16.91 19.77 18.58 16.10 1942 18.44 20.45 16.79 14.09 1943 11 .81 10.73 Incomplete 7.24 1944 12.52 11.49 8.21 8.88 1945 15.95 16.97 15.07 13.93 1946 12.72 16.29 12.98 8.94 1947 16.50 17.18 14.46 13.80 1948
9.40
8.61 7.81 7.06 1949 16.64 15.85 14.78 13.23 1950 10.96 13.89 9.39 8.08 1951 22.07 21.59 15.02 15.83 1952 12.45 11.87 8.82 14.01 1953 11.86 12.10 13.11 8.05 7.79 1954 8.01 8.30 7.90 5.72 7.01 1955 12.97 12.84 10.20 9.82 13.48 1956 12.19 15.84 13.41 13.98 9.44 1957 19.56 19.48 16.67 16.86 12.90 1958 16.90 17.99 14.21 17.69 15.70 1959 14.67 14.58 12.61 15.55 12.61 13.16 1960 9.98 8.84 7.67 9.10 9.61 10.42 1961 28.23 24.95 18.51 22.09 19.38 23.84 1962 12.84 13.90 13.18 11.23 9.76 10.89 1963 11 .71 12.10 11.84 11.57 9.70 16.10 1964 7.81 5.64 5.21 7.26 4.51 7.98 1965 16.09 16.50 15.46 15.21 11.55 20.28 1966 7.08 8.21 8.10 8.45 4.74 9.21 1967 21.83 22.52 18.28 5•
~----~---·---Data from The Great Western Sugar Company Annual Report of the North Poudre Irrigation Company
Acreage and Yields of Sugar Beet Crops Grown Under North Poudre System
Year Acres Total Ton Tons Per Acre
1930 7,098 107,547 15.15 1931 7,307 84,053 11.50 1932 3,974 37,351 9.40 1933 4,344 47,912 11.03 1934 4,039 35,553 8.80 1935 2,706 32,364 11.90 1936 3,059 28,765 9.40 1937 2,406 23,695 9.84 1938 2,819 40,464 14.35 1939 2,942 25,898 8.80 1940 830 9,705 11.69 1941 2,432 32,476 13.35 1942 3,542 29,678 8.41 1943 2,119 23,832 11.25 1944 2,027 20,312 10.02 1945 2,901 25,510 8.79 1946 2,198 21,075 9.59 1947 1,799 26,636 14.81 1948 1,505 17,077 11.35 1949 1,937 30,771 15.89 1950 2,368 31,150 13.15 1951 1,796 23,111 12.87 1952 1,940 26,749 13.79
WITH HORSETOOTH WATER
1953 1,979 28,579 14.44 1954 2,266 29,899 13.20 1955 2,066 30,683 14.85 1956 2,425 34,159 14.09 1957 3,052 50,515 16.55 1958 3,027 47,079 15.55 1959 3,111 51,818 16.65 1960 3,273 54,293 16.59 1961 4,014 50,386 12.55 1962 3,575 55,774 15.60 1963 3,562 63,788 17.90 1964 3,982 58,592 14.71 1965 2,728 40,306 14.77 1966 2,686 45,605 16.98 1967 2,703 45,930 16.09
Acres, Tonnage, Average and Highest Yield At Each Beet Dump
North Poudre Irrigation Company
1967
SUGAR BEET CROPTotal Acres and Average Yield Tons Acres Tons Average
Per Harv. Per Sugar
Station Acres Tonnage Acre Grower Acre Content
Dixon
522
81099
15.53
Pineda & Sons1
Inc.30.0
20.35
17.5
Wellington
11048
171206
16.43
Earl Hoff41.1
22.08
17 .I
Giddings186
21934
15.n
Philip & Roland720
21.06
16.6
Schnorr
Kluver
252
31822
15.22
Richard Schild36.2
19.30
15.0
Black Hollow
181
21838
15.67
Wilbur Miller162.0
15.94
17 .I
Buckeye
514
81328
16.19
Matsuda Bros.116 .o
19.94
15.6
Growers Under W. P. System in
1967
High Ten ListGrower Landowner Station Acres Tons Average
Harvested Per Sugar
Earl Hoff Earl Hoff Wellington Acre Content
41.1
Pineda & Sons
1
Inc. Dorothy Hoff Dixon22.08
17 .I
30.0
Antonio Pineda20.35
17.5
7
Lbs. Sugar Per Acre71116
71559
61997
51n6
51458
61205
Lbs. sugar Per Acre71559
7,116
December 31 , 1967
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, 1967, and the Statement of Revenue and Expenditures for the calendar year then ended; have reviewed the accounting procedures of the Company; and without making a detailed audit of the transactions, have examined or tested accounting records of the com-pany, and other supporting evidence, by methods and to the extent we deemed appropriate • Our examination was made in accordance with generally accepted auditing standards applica-ble in the circumstances, and included all procedures which we considered necessary. The system of internal control did not provide for automatic checks except where the Board of Directors acted in this capacity.
Cash in bank was reconciled with the amount confirmed to us by direct communication with the depository; 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.
Disbursements for the year have been test-checked by examination of cancelled checks, iournal 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, subiec:t to the above comments, the accompanying Balance Sheet and related Statement of Revenue and Expenditures present fairly the position of the North Poudre Irrigation Company as of December 31, 1967, 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,
ROGERS AND McCLUSKEY
BALANCE SHEET
CASH, $1,836.79:
Cash on hand at the end of the year consisted of balance in the First National Bank,
$1,826.79, and Petty Cash, $10.00. Total receipts for the year amounted to $191,627.5 ,
as compared with $228,822.72 for the previous year. Cash disbursements for the year we s
$194,123.23, as compared with $228,302.89 for the previous year. The opening cash ba once on January I , 1967 was $4,332.43.
ASSESSMENTS RECEIVABLE, $12,870.96:
At the close of the year there were unpaid assessments for the yearl967 of $12,571.20, and a balance of $299.76 due from the l966 assessment. These assessments are now due and we expect no loss from these accounts, as no water is turned on unti I the total assessments are paid.
STOCKS, $2,579.00:
The Company owns stock in the Northern Colorado Water Users Association in the amount of $60.00, in the Poudre Valley Rural Electrical ksociation in the amount of $59.00, and twenty-two shares of the Company's own stock, which is included in this account at a cost of
$810.00, one preferred Right of Fossil Creek for $1,500.00, and one water tap which cost $150.00. The Class C stock in The Wichita Bank for Cooperatives in the amount of $217.29, w a s r e t i r e d b y t h e B a n k i n I 9 6 7 , a n d t h e Co m p a n y r e c e i v e d cash for it. PREPAID INSURANCE, $1,506.08:
The amount of unexpired insurance premiums at the end of the year was $1 ,506.08. Framebuilding in Sec. 10, T 6, R 68 is insured for $6,000.00. The President and Secretar-y are properlSecretar-y bended for $10,000.00 each. The Michigan Ditch Camp buildings are insured for $1,000.00. The two family dwellings in Sec. 18, T9, R68 is insured for $8,000.00; and five other buildings including the Wellington office, are insured for $10,000.00 against fire loss. The company has a liability policy in the amount of $900,000.00 for Personal Liability and $300,000.00 Property Damage. This policy covers the entire irrigation system and the autos, trucks, and equipment owned by the Company.
FIXED ASSETS I $2,347,709.16:
During t e current year no new equipment was purchased by the Company. The only ad-dition to the fixed asset accounts was an amount of $500.00 paid for part of the right of way for the new Park Creek Reservoir.
INTANGIBLES, $566,377.82:
Priorities and water rights owned by the Company amount to $545,100.00, and expendi -tures to date on engineering studies, surveys, and legal for a new reservoir are $21,277.82.
CURRENT LIABILITIES, $61,634.66:
The Company owes $60,000.00 for Big Thompson Water purchases in 1967. This amount
will be due in the spring of 1968. Accrued County Taxes for 1967 were estimated at $450.00. Accrued payroll taxes are $1, 176.66; and there are prepaid Fossil Creek ksessments of $8.00.•
CAPITAL STOCK AND SURPLUS, $2,871,245.15:
After deducting depreciation, the net loss for the year 1967 was $31 ,512.79, as com-pared with $12,269.90 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 $1, 100,215.33.; Net book value for Capital Stock and Surplus at the beginning of the year was $2,902,757.94 from which has been subtracted the loss from operations for the
year of $31,512.79, leaving a net Capital Stock and Surplus at the end of the year of
$2,871,245.15. .
RESULTS OF OPERATION
At the beginning of the year, as assessment of $17.00 per share was levied on all stock of the Company, which was allocated as follows:
Water Assessments •••••••••••••••••••••••••••• $ 6 • 25 Maintenc:mce and Operation • • • • • • • • • • • • • • • • • • • 9.00
New Equipment • . . • . . . • . . . . • . . . • • • • . . . • • • . • . . .75 Weed Control • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 1 .00 $17.00
1967 ksessment, 149 Fossi I Creek
Preferred Rights' $4.00 per share ••••••••••••••••••• 1967 ksessment, Old Right •••••••••••••••••••••••••
$
62,500.00 90.000.00 7,500.00 10,000.00 $170,000.00 $ 596.00 25.00 During the year, the Company purchased Horse tooth Water for $60,000.00.The assessments in the amount of $170,621.00 ore included in the Revenue and Expen-ditures Statement • leases and rents for the year amounted to $3,365 • 00, stock . transfer fees $47 .00~ refunds on labor expense and miscellaneous $941.48, sale of water $173.50, making a total operating income of $175,147.98 as compared with $174,333.17 for the previous year. Interest received amounted to $382.65, oil royalties received were $7,024.57, and gain.
on redemption of class C stock in the Wichita Bank for Cooperatives was $28.72. Interest paid was $216.81, resulting in a net gain b~fore depreciation of $1,345.47, as compared with a gain of $12,269.90 for the previous year. The annual depreciation charges for th~ year 1967 amounted to $32,858.26, resulting in a net loss charged to Operating Surplus for the year of $31,512.79.
In conclusion, we wish to express our appreciation and cooperation given us during the course of this audit.
THE NORTH POUDRE IRRIGATION COMPANY CURRENT ASSETS: Cash in Bank Petty Cash 1966 Assessments Receivable 1967 Assessments Receivable INVESTMENTS: BALANCE SHEET December 31 1 1967 $ ASSETS 11826.79 10.00
Stock In Other Companies and Treasury Stock DEFERRED CHARGES:
Pre~id Insurance
FIXED ASSETS:
Real Estate
Right of Way 1 Munroe Gravity Canal Right of Way 1 Park Creek Reservoir Ditches and Reservoirs
less: Depreciation ~eserve
Bui I dings and Improvements less: Depree i ati on Reserve Radio and Office fi:tuipment
less: Depreciation Reserve
lT,qnsportation Equipment less: Depreciation Reserve
Machinery and Equipment Less: Depreciation Reserve INTANGIBLES:
Priorities and Water Rights
$313121361.84 110271200.00 $ 211603.99 81773.49 $ 51490.92 4,276.61 $ 6,398.61 51598.78 $ 551873.04 27,393.19 .
Engineering, Survey, & legal For New Reservoir TOTAL ASSETS 11 $ 11836.79 299.76 121571.20 $ 141707.75 $ 400 .• 00 181314.76 500.00 21285, 161.84 121830.50 11214.31 799.83 $ 8.07 $545~ 100.00 21,277.82 21579.00 11506.08 '. 2,347,709.16 566,377.82. $2,932,879.81
THE NORTH POUDRE IRRIGATION COMPANY
CURRENT LIABILITIES:
Account Payable, Water Purchased Accrued Payroll Taxes
Accrued County Taxes
Prepaid Fossil Creek Assessment CAPITAL STOCK AND SURPLUS:
BALANCE SHEET December 31, 1967
LIABILITIES
Capital Stock, 10,000 Shares @$50.00 Par Premium On Capital Stock
Capital Surplus
Surplus From Assessments
Earned Surplus, Deficit 1/1/67 Add: Net Loss For 1967
Earned Surplus Deficit 12/31/67 Net Capital and Su.rplus
$1,068,702.,54 31,512.79 12 $ 60,000.00 1,176.66 450.00 8.00 $ 61,634.66
-$ 500,000.00 . 3,450.00 2,676,017.01 791,993.47 $3,971,460.48 1,100,215.33 2,871,245.15 $2,932,879.81
I
REVENUE AND EXPENDITURES STATEMENT January 1 , 1967 to December 31 , 1967
REVENUES:
Assessments, Regular
Assessments, Preferred Rights Assessment, Old Right Sale of Water
Leases and Rents Stock Transfer Fees Labor and Miscellaneous
TOTAL OPERATING REVENUE OPERATION EXPENSE:
Operation Expense, Main Canal Operation Expense, Laterals Other Operation Expense Water Purchased and Assessments
TOTAL OPERATING EXPENSE MAINTENANCE EXPENSE:
LabOr
Materials and Supplies Maintenance fquipment
Dragline and Carryall
TOTAL MAINTENANCE EXPENSE GENERAL EXPENSE: $7,199.86 5,692.00 1,500.00 66,642.75 $30,685.96 2h,959.34 10,967.25 2,42h.OO
Salaries and Auditing $15,351.61 Directors • Per Di am 1 , 12h. 78 General Office Expense 1,198.36
Legal 1,518.48
Telephone & Telegraph 2,666.48
Taxes and Insurance 22,846.45
Rent and Lights 998. 14
Social Security Taxes 2, 960.62 Lunches at Annual Meeting 281.56
$170,000.00 596.00 25.00 173.00 3,365.00 47.00 941.48 $ 81,034.61 71,038.55
TOTAL GENERAL EXPENSE 28,948.48
TOTAL OPERATING, MAINTENANCE & GENERAL NET OPERATING LOSS
NET OPERATING LOSS CARRIED FORWARD
OTHER INCOME AND EXPENSE: Oil Royalty Dividend
Interest Received
Gain on Redemption Wichita Bank Stock Less: Interest Paid
NET OTHER INCOME
NET INCOME EXCLUSIVE OF DEPRECIATION DEPRECIATION CHARGED OFF FOR THE YEAR NET LOSS FOR YEAR ENDED DECEMBER 31, 1967
13 $ 7,024.57 382.65 28.72 $7,435.94 216.81 $175,147.98 $181,021.64 $ 5,873.66 $ 5,873.66 $7,219.13 $ 1,345.47 $32,858.2h $31,512.79
CASH STATEMENT January 1 , to December 31 , 1967 CASH BALANCE CASH RECEIPTS: Assessments, 1965 Assessments, 1966 Assessments, 1967 Fossi I Creek Assessments Old Right Assessments Transfer Fees
Interest
Miscellaneous Rents and Leases Labor Refunds
Parts and Materials Refunds Other Expense Refunds Notes Payable Bank
Oil and Gas Royalty Dividend Water Rent
Stock Retirement, Wichita Bank for Cooperatives TOTAL CASH RECEIVED
TOTAL CASH TO BE ACCOUNTED FOR
CASH DISBURSEMENTS: Ditches and Reservoirs
Maintenance and Dragline Maintenance of fqui pment Operation
Water Purchased and Assessments Salaries and Auditor
Directors • Per Diem General Expense Legal
Telephone Rents and Lights
$60,071.30 11,477.85 15,052.86
Engineering and Park Creek Reservoir Acquisition Commissary
Insurance Notes Payable Interest
County Taxes
Social Security Taxes
Less: Social Security , Rent, & Mise. Credits TOTAL CASH DISBURSEMENTS
CASH BALANCE, DECEMBER 31, 1967 Cash Balance December 31, 1966
14 $ 38.00 11,284.05 157,054.80 592.00 25.00 47.00 382.65 3,145.00 1,602.48 2.53 10.00 10,000.00 7,024.57 173.50 246.01 $ 86,602.01 66,268.75 15,351.61 1,126.78 1,208.36 1,518.48 2,732.62 998.14 3,403.50 281.56 2,449.00 10,000.00 216.81 441.46 4,896.38 $197 .495.46 3,372.23 $ 4,332.43 $191.627.59 $195,960.02 $194,123.23 $ 1,836.79
NORTH POUDRE OIL AND GAS ROYALTY UNITS
CURRENT ASSETS: Cosh in Bonk
TOTAL ASSETS
ACCURED DIVIDENDS PAYABLE SURPLUS:
Surplus Balance 1/1/67 Add: Net Income for 1967 Less: Dividends Declared
BALANCE SHEET December 31 , 1967
ASSETS
LIABILITIES
SURPLUS BALANCE 12/31/67 TOTAL LIABILITIES AND SURPLUS
15 $2,417.25 7,291.84 $9,709.09 7,500.00 $3,417.77 $3,417.77 $1,208.68 $2,209.09 $3,417.77
NORTH POUDRE OIL AND GAS ROYALTY UNITS
STATEMENT OF INCOME January 1 , to December 31 , 1967
INCOME:
Oil Royalties:
Amerada Petroleum Corporation Fowler Petroleum Corporation
leases:
EXPENSE:
Taxes Audit
Occridental Petroleum Corp. Chris Christi anson
Trico
TOTAL INCOME
Postage and Supplies
TOTAl EXPENSE NET INCOME TO SURPLUS
16 $5,001.66 1,264.22 $ 613.50 500.00 119.50 $ 147.04 50.00 10.00 $6,265.88 $1,233.00 $7,498.88 $ 207.04 $7,291.84 ~-~-~--~--~~- ~---~1
NORTH POUDRE Oil AND GAS ROYALTY UNITS
CASH STATEMENT January 1 to December 31 , 1967
CASH BALANCE, JANUARY 1, 1967 CASH RECEIPTS:
Oil Royalities Oil leases
TOTAl CASH RECEIVED
TOTAl CASH TO BE ACCOUNTED FOR CASH DISBURSEMENTS:
Ad Valorum Taxes Audit
Postage and Supplies Dividends Paid
TOTAl CASH DISBURSEMENTS CASH BALANCE, DECEMBER 31, 1967
17 $6,265.88 1,233.00 147.04 50.00 10.00 $7,343.76 $3,469.69 $7,498.88 $10,968.57 $7,550.80 $3,417.77
I
5 Yr. Av. Cost 5 Yr.
Assmt. Ac. Ft. Ac. Ft. Cost Per Av. Per
Year per share per share per share Ac. Rt. Ac. Ft. Interest
1909 $ 5.00 $ 22,029.05 1910 5.00 26,533.46 1911 4.00 21,351.13 1912 5.00 3.09 1.61 21,137.50 1913 6.00 2.87 2.09 26,683.07 1914 7.00 3.44 2.03 35,698.51 1915 7.00 3.09 2.26 39,715.38 1916 7.00 2.29 2.95 3.05 2.21 37,843.74 1917 7.00 3.15 2.22 33,341.79 1918 7.00 2.41 2.90 39,510.20 1919 8.00 1.14 7.01 38,383.15 1920 11.00 2.98 3.69 37,483.88 1921 8.00 3.74 2.68 2.13 .359 36,672.49 1922 6.50 1.83 3.55 37,269.08 1923 6.50 4.31 1.50 38,713.11 1924 9.50 4.59 2.07 42,899.56 1925 12.00 2.52 4.76 42,232.10 1926 5.00 4.63 3.57 1.08 2.59 40,525.92 1927 8.00 3.92 2.04 41,175.17 1928 8.50 4.59 1.85 37,054.95 1929 8.25 4.43 1.86 33,242.45 1930 8.25 3.09 2.66 31,879.06 1931 7.50 2.60 3.72 2.88 2.26 30,510.11 1932 7.00 1.37 5.10 29,314.38 1933 4.50 2.87 1.56 28,702.10 1934 5.00 1.37 3.64 28,773.75 1935 4.25 3.16 1.34 28,716.25 1936 6.00 2.07 2.17 2.89 2.90 28,863.61 1937 5.75 1.22 4.77 23,692.80 1938 6.75 3.21 2.10 23,626.89 1939 7.75 2.61 2.98 25,655.98 1940 7.25 .75 9.60 21,808.42 1941 4.00 2.00 1.95 2.00 4.30 19,102.96 1942 6.25 3.90 1.60 18,030.56 1943 8.00 4.19 1.90 17,423.15 1944 7.25 3.07 2.35 16,208.69 1945 7.25 2.10 3.45 14,149.96 1946 7.25 2.00 3.05 3.64 2.58 12,668.32 1947 9.00 3.30 2.72 11,266.32 1948 13.00 2.16 6.10 11,420.83 1949 12.00 3.00 4.00 8,956.62 1950 12.00 1.80 6.66 8,735.28 1951 12.00 2.62 2.57 4.58 4.79 6,457.13 1952 12.00 3.20 3.75 5,077.05 1953 14.40 4.51 3.21 4,366.54 1954 18.60 3..40 5.47 2,860.71 1955 18.00 3.20 3.54 5.62 4.55 1,950.61 1956 16.00 3.«> 4.71 1,564.16 1957 9.00 6.50 1.39 116.10 1958 15.00 6.00 2.50 1959 14.50 5.80 2.50 1960 14.50 5.30 5.40 2.73 2.77 1961 14.50 6.00 2.42 1962 14.50 7.00 2.07 1963 14.50 5.50 2.64 1964 15.00 5.30 2.83 1965 16.00 5.00 5.76 3.20 2.63 96.66 1966 16.50 5.00 3.30 172.51 1967 17.00 4.50 3.50 216.81
Total Interest Paid $1,189.929.08 Principal Indebtedness 1936 - $610,000.00
Recapitulation of ExpendituresAssessments and Water Appropriations for the Year 1958 to 1967 Inclusive
1958 1959 1960 1961 1962 1963 1964 1965 Salaries • • • • • • $ 10,747.93 $ 10,960.93 $ 10,859.00 $ 10,959.00 $ 11,258.00 $ 11,439.00 $ 11,774.00 $ 12,080.00 Maintenance ••
.
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39,217.14 37,738.93 32,509.51 31,210.00 34,647.60 46,216.75 43,514.77 41,481.92 Michigan Ditch ••.
. ..
1,496.00 1,090.62 11120,80 987.20 610.40 298.80 666.00 839.55 Maintenance on Equipment. 5,759.14 11,435.63 8,875.25 11,028.02 6,456.62 8.547.02 6,857.63 15,280.20 Ditch Riders •...
13,507.60 10,166.65 111957,60 12,114.32 12,569.31 14,575.10 13,401.41 13,336.10 Dragline and Carryall • 1,290.50 3,131.50 2,561.00 2,437.50 3,806.00 590.00 1,879.00 4,607.00 Truck Hire •.
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2,296.00.
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Taxes, County •
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300.56 313.16 324.46 648.84 738.42 787.64 11160,64 1,075.92 Taxes, S. S...
1,942.15 2,056.07 2,204.90 3,164.96 2,966.08 3,133.05 4,496.08 3,047.88 Telephone & Radio •• 1,210.07 1,049.85 993.63 1,124.83 1,051.20 1,042.47 1,050.89 1,244.75 Attorney's Fees & Court Costs • • • 1,150.00 3,738.70 900.00 900.00 900.00 900.00 1,058.18 1,399.95 General Expenses • 1,255.54 798.07 953.42 872.95 922.24 1,257.17 962.78 1,210.42 Insurance..
. .
1,777.43 1,182.42 836.10 2,425.65 871.65 1,730.19 1,558.77 1,787.50 Directors Per Diam • • • 881.60 926.67 800.12 736.56 744.60 869.00 1,272.75 11164,40 Ditch Assessment • 62,532.75 63,104.75 61,358.00 62,117.00 61,715.00 61,425.00 ~1 ,835.25 61,747.75 Interest. .
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...
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96.66 Water Tollage.
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1,500.00. .
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Equipment • • • • 7,131.13 10,894.06 6,517.81 6,374.35 11,739.84 5,316.86 1,166.32 1,034.05 Engineering.
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389.02 248.05..
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5,384.59 12,576.42 Weed Control....
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6,562.15 7,268.52Rent and Lights.
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2,395.24 2,241.77 584.95 1,336.32 Building • • • • 7,454.97.
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1 ,874.14 5,337.65Lunch at Annual Meeting •
...
166.09 216.78 190.83 184.47 221.07 TOTALS •..
$151,060.18 $160,884.01 $1501984.84 $149,623.86 $152,572.47 $158,780.06 $170,290.40 $189,841.65 Assessments per shore •..
15.00 14.50 14.50 14.50 14.50 14.50 15.00 16.00 Water Appro. per share - Ac. Ft • 6. 5.8 5.3 6.0 7.0 5.5 5.3 5.019
-1966 1967 $ 15,187.50 $15,351.61 64,646.51 55,766.50 2,290.15 1,878.80 11,661 .53 11,477.85 14,969.66 15,052.86 6,155.50 2,426.00.
.
. ...
1,135.56 441.46 4,659.21 4,896.38 1,519.65 2,732.62 1,802.30 1,921.98 1,265.14 1,260.86 2,500.63 2,449.00 974.70 11126.78 62,802.75 62,539.75 172.51 216.81 2,988.00 3,729.00 18,777.50 5,897.90 2,500.00 8,136.15 11,288.51 1 ,026.74 998.14 197.11 281.56 $228,302.89 $194,175.73 16.50 17.00 5.0 4.522 WAYS TO Kill A COMPANY
(With apologies to original unknown author}
1 • Don't come to any of the meetings •
2. If you do come, come late.
3. If it is a dinner or luncheon meeting, come very lote. You will then disturb
and delay everybody.
4. If the weather doesn't suit you, don't think of coming.
5.
6.
If you received a notice of the meeting, forget the date at once don't try to remember it.
If the secretory sent you a return card for your dinner reservation, the waste basket •
throw it in
7. If you attend a meeting, find fault with the officers and other members.
8. Never accept an office ••• it is easier to criticize than to do things. Claim you
are too busy to give it any time.
9. Nevertheless, get sore if you are not appointed on a committee, but if you are
appointed, do not attend the meetings.
10. If you are asked by the chairman to give your opinion regarding some important
matter, tell him you have nothing to say. After the meeting tell everyone how things ought to be done.
11. Do nothing more than is absolutely necessary, but when other members roll up
their sleeves and willingly and unselfishly work to help matters along, howl that the board is run by a clique.
12. Hold back your dues as long as possible, or don't pay at all.
fulness or that you didn't receive a statement.
Claim
forget-13. When a banquet is given, tell everyone the board is wasting money on blow-outs
which make a big noise and acco~lish nothing.
14. When they don't give banquets, tell everyone the board is dead and needs a
can tied to it.
15. If the cigars are passed, take three or four or more; you may not have another
chance. If they are not your special brond, ask why they didn't get good ones.
16. Don't tell the board how it con help you; but if it doesn't help you, yell.
17. When you attend a meeting, vote to do something, and then go home and do the
opposite.
18. Agree to everything said at the meeting and disagree with all of it outside the
meeting.
19. Get all the association can give you, but don't give it anything.
20. When asked for information don't give it ••• then blame the officers for the in-completeness of their information.
21. When you receive letters and information circulars from the secretary don't read
them. If you do read'em, forget all about it.
