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VADNAIS LAKE AREA WATER <br />MANAGEMENT ORGANIZATION <br />STATEMENT OF NET ASSETS <br />December 31, 2004 <br />Statement 1 <br />Assets: <br />Cash and investments <br />Total assets <br />Governmental <br />Activities <br />$234,677 <br />234,677 <br />Liabilities: <br />Accounts payable 327 <br />Escrow deposits payable 29,574 <br />Due to other governments 5,926 <br />Contracts payable 51,276 <br />Total liabilities 87,103 <br />Net assets: <br />Unrestricted <br />Total net assets <br />147,574 <br />$147,574 <br />The accompanying notes are an integral part of these financial statements. <br />12 <br />