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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />VADNAIS HEIGHTS, MINNESOTA <br />STATEMENT OF NET ASSETS <br />DECEMBER 31, 2009 <br />Governmental <br />Activities <br />ASSETS <br />Cash and temporary investments $ 336,474 <br />Restricted cash 21,943 <br />Receivables <br />Accounts 750 <br />Special assessments 435,806 <br />Capital assets <br />Depreciable assets, net of accumulated depreciation 163,402 <br />TOTAL ASSETS 958,375 <br />LIABILITIES <br />Accounts payable 57,201 <br />Escrow deposits payable 21,943 <br />Due to other governments 28,395 <br />Unearned revenue 422,477 <br />Noncurrent liabilities <br />Due within one year <br />Compensated absences payable 6,404 <br />Due in more than one year <br />Compensated absences payable 3,794 <br />TOTAL LIABILITIES 540,214 <br />NET ASSETS <br />Invested in capital assets <br />Unrestricted <br />163,402 <br />254,759 <br />TOTAL NET ASSETS $ 418,161 <br />The notes to financial statements are integral part of this statement. <br />-22- <br />