VLAWMO Annual Financial Report 2013

Home Search

VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION VADNAIS HEIGHTS, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2013 Note 3: DETAILED NOTES ON ACCOUNTS - CONTINUED B. Restricted assets The Organization set aside the following cash balances for repayment of individual property owners: Mitigation Restricted Cash C. Capital assets Capital asset activity for the year ended December 31, 2013 was as follows: $ 16,893 Beginning Ending Balance Increases Decreases Balance Governmental activities Capital assets, being depreciated Infrastructure $ 181,219 $ Equipment 9,161 Total capital assets being depreciated $ 181,219 9,161 190,380 190,380 Less accumulated depreciation for Infrastructure (47,690) (9,538) (57,228) Equipment (4,580) (1,832) (6,412) Total accumulated depreciation (52,270) (11,370) (63,640) Total governmental activities $ 138.110 $ (11,370) $ $ 126,740 The full depreciation expense amount was charged to general and administrative. D. Operating lease The Organization entered into a lease agreement with the City of Vadnais Heights for office space. The lease agreement has an effective period of January 1, 2012 and will terminate on December 31, 2014. The lease agreement calls for monthly payments for office space, as well as amounts for the Organizations portion of normal operating expenses, such as: janitorial, secretarial, office supplies, postage, utilities, IT support and any other costs that arise. The Organization paid $13,800 and $13,500 for rent in 2013 and 2012, respectively. The Organization's rent for fiscal year 2014 is expected be $14,100 as outlined in the lease agreement. E. Unearned revenue Governmental funds report unearned revenue in connection with receivables for revenues that have been received, but not yet earned. At the end of the current fiscal year, the various components of unearned revenue reported were as follows: Special assessments receivable Grants receivable Unearned $ 454,100 35,812 Total $ 489,912 -40-