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VADNAIS LAKE AREA WATER <br />MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2003 <br />Note 7 RISK MANAGEMENT <br />The Organization is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets; <br />errors and omissions; injuries to employees; and natural disasters. Property and casualty and worker's <br />compensation liabilities are insured. The Organisation retains risk for the deductible portions of the insurance. The <br />amounts of these deductibles are considered immaterial to the general purposed financial statements. <br />There were no significant reductions in insurance from the previous year or settlements in excess of insurance <br />coverage for any of the past three fiscal years. <br />Note 8 PRIOR YEAR RECLASSIFICATION <br />Certain reclassifications have been made to the 2002 fmancial statements to conform to the 2003 fmancial <br />statement presentation. The amount of these restatements is immaterial to the financial statements taken as a <br />whole. <br />18 <br />