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VADNAIS LAKE AREA WATER <br />MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2004 <br />Note 3 CAPITAL ASSETS <br />Capital asset activity for the year ended December 31, 2004 as previously reported was as follows: <br />Beginning <br />Beginning Balance, Ending <br />Balance Restated» as Restated Increases Decrease Balance <br />Governmental activities: <br />Capital assets, being depreciated: <br />Office equipment $5,740 ($5,740) $ <br />(1) Restated for change in capitalization threshold as of January 1, 2004. <br />During the year ended December 31, 2004, the Organization board changed the capital asset policy. This <br />policy increased the capitalization threshold to $5,000. This change has resulted in the Organization adjusting <br />their capital asset listing to only include assets that comply with the amended policy. <br />Note 4 RELATED PARTY TRANSACTIONS <br />REVENUE <br />The Organization assesses each member entity on a yearly basis to provide funds to operate the Organization's <br />business. Revenue from assessments to members in 2004 is as follows: <br />2004 <br />Revenue <br />City of North Oaks $16,990 <br />City of White Bear Lake 13,003 <br />St. Paul Regional Water Services 1,965 <br />City of Lino Lakes 1,751 <br />White Bear Township 6,600 <br />City of Vadnais Heights 15,834 <br />City of Gem Lake 1,647 <br />Total $57,790 <br />24 <br />