HomeMy WebLinkAbout1940_VILLAGE OF EDINA_AUDIT REPORTAUDIT REPORT
For-tba Ye&r Wiwi Doewbor 31,1940
COUNTRY CLUB I TRICT SIMVICE COMPANY
(A Carporatidn)
nne.,poli s, ftmosota
CourAtry Club District -Service company
k.AGE 1 110 8 --
bath of Transmittal &nd. t of nentB
PAGE 9 -
Certificate
OBIT A -
Balcuce R.'yet ?.a at Drug ber 31, 1! %b
i "
Awlysis of &ri ned .$'14TH lue, II.Or the year ended
Docam rar 31, I
MIBIT C. -
Profit and Loss wtctew -ent, for the yec r endeed
Decerber 31, 194-0
VC."HWUL C--1 -
Lpereting Coate a -id Expmeesp, for the year ended
December 31, 1940
SCHMN, A--3 --
Finea Aseests ttnd Depreciation, for ,t year enled
December 311, 1940
M- M A--? -
Votes ?aya le, aacadber.34 1940
AUSTIN & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
ROANOKE BUILDING
MINNEAPOLIS
• ALBERT B. AUSTIN, C.P.A.
Mr. Oscar Gaardent President
Country Club District Service Company
Minneapolis# Minnesota
Bear Sirs
April 5s 1941
We have made an au4i.t of the books and _ 're co s of the -COUNTRY CUTS
DJ C3 V9,VICZ GOMPANY9, a Nizinssota Corporatioup MINNEAPOLIS* XI '=, for the
year ended December 311111 19409' , and ure are ploaced to' s:ubait our ri a~ort in the fol-
lowing co=ents and in tha Exhibits and Schiedules"a a listed in the preceding. Table
� of Contents.
TORICAL
The Country Club District Eervite Camp-any vas Incorporated in Kinnesotra
on racy 16, 1923 by Thorpe Brother's, for the purpose of rendering water and sewer
sere to the Counter Club DUtrict in tha Village of and adjoining
property ,in the Village of Edina: that night �wnt mob service. Tre Corporation
-was o-riginally organized for ra period of thirty year& but ths-Charter was later
a ns -nded so as-to provide .for a perpetual Charter.
The original Capital Stack authorized was 500 shares of $100*00 par value
per share, v.11 Common, or a total value. of WpI0013- 07. ;:his capitalization was
later amended to provide for 3W atAres of Preferred -Stock of $100.00- ar . value
Per sharep having . dative dividends and preferrPA in liquidation to the ex-
tent of $100.00 per share aid unpaid dividends. a the vanes time, C.pawn Stock
yr a5 provided for in the amount of 200 shares of no par value. With minor ama nd-
me is later made with regard to the Preferred Stoc1c* tha above capitalization is
i the one that wrists todaye
TlAs Company was operated by Thorpe Brothers up to 1935 when Mr. Oscar
Gaarden bought one—half interest and took over they matagene nt. Be later purchased
THE PUBLICATION OF ANY CONDENSATION OR MODIFICATION OF STATEMENTS HEREIN CONTAINED OR THE USE OF OUR CERTIFICATE DETACHED
FROM ITS CONTE %T, OR THE USE OF OUR NAME IN CONNECTION WITH THE SALE OF SECURITIES OR OTHER PUBLICITY WILL NOT BE
SANCTIONED UNLESS FIRST SUBMITTED FOR OUR APPROVAL.
r
2.
._ nntiX Club Diotrrict ServiceCam 3r
+mil of the atock end is now the sole otmer of the Company.
T
The.present Ord of Directors are -
Oscar Gaar4esn ...
Clifton A. Olson
Lorraine M. Oaar den
They 4fficers are -
£is= Gaar4en - Presid -eut and Treamwe3r
Clifton A. Olson - Vice President
.orra:ftes M. Gaaardon Secretary
The Comp-my secured a twanty -rive year Franchise from the Village " cat' tea,
dated 'on October 16, 1923 which Fraateh- i8e is the b..:.sis o its operations. Under
this Franchise,, the Village of Edina has the option to purchase-#,-take aver, and
operate the property of the-Company at ar'ny time, and the Franchise sets forth the
procedure to be followed in acquiring the property.
The Corny renders threw typos of service in the territox7 which it
operates -
1 - water Services
2 -- Sunitexy Sever Service
3 Storm Sevier $ervice
As as part of the water service, it vpAntains hydrants for fire protection
end as they Compzny has been receiving no revenue for the fire protection service
which Includes surest flushing, etc., or the storm mazer service, it sterted snit
egeitaat the Villzge of Edina for the ;xurposs of extablishing charge a for these
services. The Villages of Bdinal. in answer to the suit, claims that the vaster mains
and storm ae -wers, that vre re3 installed prior to 1936, do not belong to the Compsny
but to the property c ars. The eases was tried somet ms ago but the Court has not
yet rendered a decision. Should the Court decides that the proparty in question
does not belong-to the Company# it would meau a subste;ntiaal adjustment of the figures
in the Bence Sheet as contained herein. The other quaction that the Court *ill
decide is) Wt at charges, .if w7,0 the Coma =y is antitl.ed to make for these ssrvi:c eb.
Up through 1940„ the Company had been zaintnining the sanitary sewers and
making quartorly obarges to 'rotidents for this service. Besgl=ing with 1941, the
VMW of 8dina,, by means of a. contract with the GoMpW, bas tnken over than
t
•
i
3+
Cmmtm Cltab. kistrict Service Comm am .
znintainzence of the sanitary sewers and the Company receives no ether revame
from this source.
FINANCIAL POSITION
We are subtitting Ps ftUbit A ond. nulyorting' SSthedules A-land A-20
the financial position of the Comyony in detail, as of Decenber 31, 1940• For your
convenlence, v% are submitting in sumarized form this Siaance € heet in co rison-
with the one for Veceambar 31, 1939, together with increeses and decreezes as
follows:
a
ASSETS
Fixed Assets
GoodiM
Current-Assets
Deferred Charges
TOTAL ASS=
LMILITIES IND NET LZ H
Fred Liabilities
Current Li 4iail.ities
Reserve for Unpaid Contributions
Net 11orth
TOTAL LIABILITIES kXD
iq ET PO8
DECD. 31,
t 1859380.35
5,981.00
73.70
28, f�.3.86
3:1.��r51.35
1191-435-05
IMEMER 31s
..
19-39-
5,766.86
6,ti93.99
� i93 b.75
2€S,13.8.89
10o795.07
3o948-07
x.974.72
T 193.83E�75
I8C88
3,4p,{�6.9,3y�5
5, 1 765.86
ll�z.�9
481.97
656.28
3,`3' G.07
M.12
2 C .
Tkgwe have been no asibstantul chenges in the BUance Sheet of the Company
during the curr6nt years except as brought about by the expansion of its services,
tend the writing off of the Goodwill or Moing Concern 7slueO w icb will be explained
in a later gwiraaph.
The Surplus Account totaling 4,1320682.S4 is classifi.ed.. as followes
Capital Surplus . t U7,494.77
Contributions in Aid of Construction 11,693.€ 0 .
Ehreed Surplus MOM,
Total 132. ix2
When Thorpe Brothers o,pertted the Coax Y, they maintained no accurate
records vs to the cast of the property uhieb the Camay operates. In asn attezpt a
4.
Co• . ib M4 strieot 5ervilce Core
to get et the east, the Company hired Albert Craaberp Civil Engineer„ laho had charge
of meking the original inatsUaati ins for the CompwW.9 to rake an appraisal of US
t properties as at Janwry 1, '1937. This appraisal has been set up on the booko of
the Company, and udaUtions wince that cute h. ve be$a included at cost.
The Cctpi " Zurplus shown represents the extent of -the v€:luations placard
on tho =perty €ewer the s-=iue of Capital Stock outstrandinso T1w 6riginel €count
carried in this aa4count wts, C,1'23,261.63. kt the time that Mr. timber made this
t w �,
a ppi*ise.l, he placed A "Goizag Concern Falu a'O o this property of $5,766.86, rhilch Vaal
a
azpitallzadv and with the consent of Sr. Cuaarden, we have charged this amount off
against the Capital Surplus, leaving c Capital Sur-plus at the. pradient time of
.17,494.77. We have vri'tten off this Ooodr;ill or "Going Concern Va.litO for. the
To
Li
reasar. tb� t it doea nct accurately portray tb4.s valuation at the pre -sent time, and
as as remit the Comte has elected not to._ carry such a valuation on the books_$ but
stwuld; it be nscea vrxy a a 1ater date to arrive at a uch au vLaluation, it would arrive
at the . MWM— t at the tike it Is squired, in the -light of eircumstences existing at
that time.
We have included Co ntri butions in Aid of Construction, in the amount of
til,6ta3.00, as a .part of the Surplus Aecot -.nt for the reason that tr`so property pur-
cb%sed by the Company pith theme contributions Is the geoperty of the Company, and
included in its plant values.
M
The Zarned Surplus, totaling AV#505.47, is cat fortis in daVA1 In Ziehibit B
which aPowa that it was lnareosed to the extent of 1,918 -.84 by earnings during 1940•
ORATIONS
The operations for the yenx ended December 31, 1940 are Phoun in detail
in. Exhibit 0 meal supporting Schedule C -1, and shows a Not Profit to Surplus of:
01,913.84, after provides for interest charges and Income Taxes on earnings. I8
arriving et them profits, depreciation to the extent of $4,623.4$' has been included.
Zm order that you may have a better understanding of than operations for -the yeaarq
we aubzit s condensed comparison for the current year and for the year ended,
5.
Cguu= Club Di strict Service Con
December 31, 1939, together with incresaes and deereasse, in both amounts and per -
couteges, as follows:
YM =ED YM BUDS
RE-Gas'ER 32,j 1940 DECEMBER 31. 1939
O % TO 1XCR8ASj= ffX ?,i+ E
AMBE 1 SALES AMEM T I'SALES PNOUNT
Ste . iz, 61.01 100.00- 15,jg&161 1,00.00 , 2-. x.96.40
'latex Purchased for
Resale 179..64 i.o2 64..52 .42' 115. .60
Power and Fmping 4,6U.47 26.13 4,083.70 26.42 527.77 429
Distribution Rypanse 40981.59 2a.22 3,625.53 23.46 11356.06 4.76
Accounting and
Collection 4901.14 10 -M 10987.22 12.86 864 2.09
Administrative and
General 22598-22': MI Z2 223131.31 14.89
TOTIM OPERAZING COSTS
AND MOSES 14,272.83 -!9486 �, 12..062. .0 ;1 2.210.55 2,_81
Ng1 MFIT 1 =5 1RZ INLROZZ
MD 1KQ rs . 3,378.18 19.14 3,392.33 21.95 14.15 24-1
IN TOM M 'PAID .1.129.55 6.40 11,2LO.Mi 6,60 109.41 ,1
2,248.63 12.74 21,372.39 15.35 123.56 2.61
PROVISIOR FO R i:�c� ' T1� IZ9 -9 i i�� &25.5 2. 75.71
NET PRo T TO SMLU8 9 1.918.13 s Z.96b. C,S
It is noted from the mbovs wmpar son that while there has been quite a
substantial gain in the operating a�veme during the year, that the operating expenses
have gone up at an even greater ratiop with the reault that the final eha -ving. lei not
quite as good as it was a year ago.
CONS ON BALANCE SHEET
VIM ASSEM
We are arming the Fixed Assets in summarized fore on the Balance Shest,
Er-tibit A, and in still further detail in Schedule A-1. New expenditures were male
during tbo .yssr to the extent of 489111.83, made up of -
Addition to the Water Distribution System S 81,007.83
Addition to Tools wand Fquipment 104.00
Total 8
Depreciation -to the extuant of $1,523..48 bas be= taken Into operating
0
0
6.
Country Club District Service ComPMZ
° , ,tLsd i z , a: evi us -peraZrvph2 the Goodwill or I'C,oing Concern Value'
of $51766.86 ba:s been vrxi.tten off'. Thew AsaoVi have been pledgee. to the St. Pfu1 Fire
8rd 'Marine Insurzince. ConperW for a~ loan in the original amuunt of $20'000.00, with a
present balance . of 017 ,000.CC, beaTlzg Ufterest at 5 %, Ire, "lleve nd5c explained In a.
previous p€xregraph tba zethod or valuing. these Assets, and also that there is e
questic.n -now beforo the Courts w ah may effect tbsse va2uatians.
Ar, the o rationz of this CozjAw are rapidly extending into neri developod
subdivi.zions, it is custom t > have the �oi'_ tease oubdivivic°,ne f =-i.eh 019
money for t,ho oxtend W of the water mmoius without L-ite: est. The CoirpaAy repriye.
geese advartea a by tumi.ng over to the cWtividerr, om -balf of the :rev=ues received
from the users on tease Mains upti.l 1.%id for but not to &xceed a period of ton gears.
The Cmpany now iu.r; advances for constr'=tfi,?n, Tap&v'abla out of revzzues as tt
Dec ber 31, &0 folloast
I'DVOIle-M BY THCRIVE WWT# ERS
Tloodd,Rll a Laction 42729.31
Hr'acowood Addition 41313.74
Arden !~venue 3xtonsion 497.64
50th and 11,465.eA
Hidden Valley i; ,5_ , 9,� 4 33-
Patel i.fit39.$6
Of these edv&ncez, the one mAde by Thar e Breathers for the ood&,la 8,3c.tion,
its the amount of t4,7 9.31, is repayable by diverting to Thorpe Brothere one-
half-of the rev=zs received from tiha Section, up to starch. 31, 19481, and the amt- at
that date rP.�airA4g unpaid becomes - ayable in fix:1. The other sdas.nces are payable
only by tae diversion of 50% of the revenues from thaave subdivisions for the first
ten yearss or until. they are fuUy paid u,.; any bclaricen remaining after ten yGar s
becoming a contribution. to the Cad any in aid of constructions.
In addition to the ar- - -uats above refor-red to, tbo CowZmny receives contri-
button~; in aid of construction for apeci fic =tensions which certain eustoxers vante.
These contribut ona are outright gi ,ts to the Coo ny in order to secure water servic®,
and we have tokens thm in at, a, part of the ourplAis.
t
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7.
Coxut�Club District Service Coma=
.The cash in bank to the amount of $124.87 is ui.th the NorthwasUrn National
Bank end Trust Comp ., and we have reconciled this -accimmt and verified the balance
by direct correspondence. 53 have also w -ade a detailed check of all .deposits and
withdrawals frora the bad, end found them to be prow y - recorded cad. . in order.
The Accounts Receitrable in the amount of 44,414.63 have been c2asoified on
the ]balance Sheet as to their nature. Re !hare made a detailed check of tbsee acc=wts
and have reviewed the methods used for handling these accounts and found them to be
In good order.
The Inventories of $1., 441.50 consist of motors valued at $941.90 cnd mis-
cellaneous items of 0499960* We were not present when the .inventories here taken
but we-have examined the records of the Company with regard to thane inventories,
and they appear to ba peae. T1e mote that certain of the meters tre secondhand but
these eecondhand meters are casrric d. at a, much reduced cost, co that the vial.uat►ibns
appoar to be conservative.
FIX FA) LIAR TTIM
The Compeany negotiated a fit € ortgage on its o;�eratin ,properties as of
Rovwber is 1937, with the St. Paul mire and Verine Insur-mce Companyr in the total
amount of $20,000.00, bee,riang interest at 5 %. which interest is Mable on May 1 and
Yoveeber I,. of each year. The principal ie payable $1,000.00 annually on Ms vetbar 1,
up to November 11, 1951 and the romaining 16.,000 *00 becomes due on November 1, 1952•
The present unpaid balance of this mortgage is $17,WJ.00 and of this amount we have
placed 1 #000.00 aging the Current liabilities- because it becomes due on lovember 1,
1941. he balance of wed Liabilities# totalling $12v60046, is roads up of advances
for construction which is repayable out of revenues over a period of years as -
pl Uned in v. previous paragraph.
CURRFAqT i.Ti if IU M t
Tho Accounts Payable are classified as follows:
Parade 679.12
s ef=d of Conn traction Advaar7cas 753.23
To Officer � 125�
Total 3,014.24
t
U
F-1
a.
Tha. tirade .&ccaunte are those usual in the regular course of business and
ere aid on a current basis. Th-2 refund: of construction advances are the eats
due out of revenues to subdividers as explained in s previous per�Zreph. The amt
of $10581.89 duet U officer is to Mr. Oscar Qaeerdan for engineering and other service
randerad, a large part of thi eb i e . due to new construction.
We ire s a list of acerued taxes, in the omount of '06,1y955.19, on the
Balence beet. The accrued interest po.gable is itemized on Schedule A -2 and the
notes- paysble to officer are also Itemized- cn Schedule A-2.,
NET VORTM.
The pa*rticulc-zs of . Net 'Worth &Te set forth m the Balunce Shee3ti kibit A,
and in Exhibit B. AU of they C p3tal Stock outstanding is held by Mr. Oscar Gaarden.
The Preferred Stock provideja for 6% anmml cu=letive dividends and these dividends
are3.t�wa years in arreara which fez a, total of per share, or 0i,- 440aoo in
all. Tha Surplus Aceo -mt has been classified into three itemo, totaling $132,682.81
at,d each of those is ex-p%ad in a previous paragraph.
Se found that the Company mates very accurate czd complete records co °that
full infor ti on on all -activiti. es were available.
Ve. wish to express our appreciation of they courtevies e t2.Id d: and the
coo ration ' afforded us during the course of this engagement.
ReqmctfuU7 submitted,
Carti,fied Public Accountants
41
C,
9.
AUSTIN & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
ROANOKE BUILDING
MINNEAPOLIS
ALBERT B.AUSTIN,C.P.A.
CIRTIFICATE
We have mr-de an e=ainati= of Mice Baia c g S%st of She COMM CLUB
DISTRICT 91MVICE COWAN,, MINNEAFOLI&, MUMMA# a.e at December 31p 19400 and
of the -St atemant of Income and Surplue for tho calendar year ended December, 311,
1940. In connection therewith, we ,have examinedor tested accounting records
df the Company m.d other support - evidence rad captained inforsation and m a-
nati.ons from officers of the :Opm but nei- idt' of make a detailed audit of the
transactions.
In our opinion, based .upou such exaanatAon and mab ject to the comments
contr-ined in this report, the acconpanyiaag Dance Sheet and related Statement of
Income and Su,rplue fairly gresett.y in aecordpn.ce' frith accepted principles of
acco.uuti: rg consistently mnintrined. by the COUNTRY C= DISTUCT SERVICE COVANY
during the calendar year under review, ita position at December Sit 191403, end -tbe
results of operations, for this pear.
April 5, 1941
- THE PUBLICATION OF ANY CONDENSATION OR MODIFICATION OF STATEMENTS HEREIN CONTAINED OR THE USE OF OUR CERTIFICATE DETACHED
FROM ITS CONTEXT. OR THE USE OF OUR NAME IN CONNECTION WITH THE SALE OF SECURITIES OR OTHER PUBLICITY WILL NOT BE
SANCTIONED UNLESS FIRST SUBMITTED FOR OUR APPROVAL.
Errs- a i A.
2806000-86
4b�r � •c`� Y
►a
11,451.35
151.382.84
IM .li3 .0
Col ntry Club District ' Service Comp
BAL AHC F 4 T13
Aa at December 31* 1940
` =S
LUBILITIM AND RU rORT H
FIX0 kSOSTSt Note A Schedule A -1
FIXED LIABIt,ITI S:
Land
3j'0w.00
5% First Morteage dated November' 1: 1937 to St.
Wells, 8uil.ellmg, Tank, Distribution .
Prul Fire end Marine Inzurance Comp, due
System, cnd Equ#amt � 2��,3�"�•9�
1$000.00 anuua iy on November 1 of ' c1i. gear
„Tool,s
Twat F.c= ated Depreciation 46.9?-2.55
182.380.35
to November i, 195-1f emd $61,000.00 on November
(Uclusing $290 173.1$ raccrued at
is 1952. Cecured by . l Oper4 tirg t', ojue wties:.
date of Apprai ael)
0rip_in &l Amount M,000.00, w)w, l�,)30.30
d. k TA"e, FIX= I� SETS
Less: Due � i ida one y our ✓hozn in
Current i,ieebil3ties 1,f3 3.
16, ; .
The above valuations were based on lade adent
Appreisal as of Jenuaryls, 1:937., plus subsequent
Advainces for Construction"-
additions at cost.
r syable from Revues -.
The above assets are pledged to secure e 5% First
Daze March 31, 1948 :, � 4972901
Mortgage prigIr�611 ,' '�t3.0 , nor: 17f'004.00.
Pbyebl only to eft 50% of!
Rave -quos during ten years '
cftcer construction 7.M.55
12,600.86
Cash in Bak
124.87
TOTI.L .FIXED LWIIITIES
Accounts receivable- -
ter # 342.4,13
CUEVU0$i LI BILI:TT .Ms
Bawer 375.36
Accounts Payable -
Ctinutructi:ora Contributions -,8694
Tr&de 6`19.12
Kiscelltneow (I"i - ludin; 1,0-59.. from
Refund of Construction Advenc' 753.2
Officers) 827-15-
4114-14-63 3
io Officar
3,0.4.24
Ina stories -
&ecrwas -
eter 941.90
Y es Local 1'2
V:EcellXsous 4 ocO
'
Taxes-Capital StoCk 50-00
�` Ct9 - SociFtl eci. i`:��:�' 7.9
TOTAL CUPRENT Av
5,.9 I.JC Uxes- ,Mete and Federal Income 329;'x"9
1.
Aocr ual:- Interest Payable Schedule A-2
#955.19
31.92
C?i1g8t
Rata: Payable-
Unexpired lnnur : ce
13.70 To Officer ucb ule A -2$ 5,250.00
Current ,ntwityr .First Mortgage
Due Rov.1,1940(See Above) 11000.00
6.250.00
NOTE A - The• 'Pillage of Wine in contesting. the Company's
;
title " the Ito= Severe.- I°eter Acins in
TOTAL CUP MT LIABILITIEX
Country Club Districts, inst& -Ued prior to 1936
in arnswer to a suit filed by tie Company. Should
NET KORTHt Al
the- decision b,,;.- adverse to the the
Capital Stock- AutrhorUad
v91m t ibns Off acted vould Mate to be renovad from
6% Cuwulativ(A.Froferred,
this statem-ent.
U00.00 P&r Vulus callable flit Par 30.000.00
co=on-140 Rrtr Value -byes
wn B - Acm- gUated divide -ads on Preferred Stock to the
OutsUnding-
extent of 1 12 *00 Per share or a total of $1#440.00
'salt
P�`e�err�t? -12E3 4��'9iT � 3.2,DC+`t.4Q
ems DacemI bear 31, 1940 ire unpaid.
_
Corwon -200 83aeres (8eae Hoto 8) 6.700.2g
18,700.00
Surplus-
Capital Surpl� e 117,494.77
Contrib�:ti3n° in tai of Cozantt::ction 11,683.00
Eame:d Surplus-- hibi t 8 3, C .0k
_ 32.642.84
TOIAL WS iiTH
11Jlp+id ASSETS
4a+ 123- 6� 0 TOT AI d.t�:XM1wib li. LJ i'b ai"A t "3 T11iY
avC2�^4
Errs- a i A.
2806000-86
4b�r � •c`� Y
►a
11,451.35
151.382.84
IM .li3 .0
s
Country Club Diatrict Service CompW
j.1j'ALYSIS OF EAr TjReLUS
For the leor ''Tuded Dace - ber - 31 t 1940
K fitP
JADD:
Adjuotments in Accrued Social ,security
Tsx —es' for 11939 cmd.. rIerr not re=gXizpd.
b7 .the C part' as a liability
AM
Let Profit for fear
AL RA E. SUP =a PUR EXMIT A.
a _
6
EXHIBIT S
1,528.16
1086-23
MIT C
:i Country Club Diat'rict Service Company
"OFIT MID. LUIS STAT .1211T
For the . ackr ' Ende6 Decozber 310 1940
4ze�y
3 (ER
�n�n,
p P�pd
a A}��g T
a
OPERPTI G RiMMUSSr
Sol" and Services U Cust mers
v l7s645.9tt6
� 22,32..52
4 15,324 -34
.�sci:�.�.e�.aoim i�±''$` -6nu z —Yet
2.1
5.1
GIZOSS SEAL
17,651.01
2,321.52
159329.49
OPMATING COSTS AD MMSZ& Schedule C-1
Water purchase for re 4ie
11790' 64
179.64
s
Power and .Puopiog
4!611.47
242.40
4,369.07
°
Distribution er-ats
4#981.5;
,9161.38
31,020 .21
XPMcounting cmd CcUectLon
301.55
1099.559
f?rAm nUtrative and General �
X199001.3..1,,
�.P��f ��lC�
a5.27 .
,+.• 2,10. 72
TCT14L CtFMA INU IOSTS ..kfirlr UFMSES
j 142272.0
FIRT E7.110r IT BEFORS I &S ,1NO LE TAXI
30378.1$
M-09
4,1357.26
PROVISION n7lfi 11.COMS TAUS:
Federal
292. 70
-^
21- 2..7 ,
k
State
-
37.22
^37.09
— w1.7....-M
-
r� 51049.39.
# yJ19.08
V 3m, f C [.4.(
IY3T &QT CHl"+M
- - -I,1 ,5 -5
--
1,129.55
t
BET PROFIT-011 ( Los;,
Provision for deer eiation included above
4p623.48
6 31, "22.05
2.,951.43
NOTE - No credits Is given to -the Xbter
Division or charge made
to the Caner Division :nor vmter
used in saver flushing.
r
3 1nI hTJ
92sr.11CM QRT sisc ONTWI T17—jo 77,103
T911 COT - T9' COT
54.5£ 9T'97 TZ°Tn
Q`t£ 37. LV*Mgy
gE'`LTT - Ltt�
08'90T - W 9GT
`T
I2 S
aeaT- uoT�nqTj4aTZI jo
4 Balm wa 3:11le ia (wIf V.SwIloi 111101
!&que,-TaR P.—= awfT Ons
« 5 IeM a'riv �axod
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076T `TC XOT1039a OPUTj' . O Wg -10A
Bauuwa3 azilAieg IiDp4sTi qu to c3
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ase
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-
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OMT
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55/� OUT
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"T
VW 4954
}�q q�p����gi.F�,
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001,06
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30'05
go-TA�mq Tepsrl
;�► 57, *6WT
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5M591T
tai . `P-;;7 gala rT
s' T
` eta I
TT - TWO T
3 `M 4 "NUM-1703. QNV
13ii`7 3
W51T .
0005y,
T- 4uuoo *V pay `- uTTTTZ
55'6Y9
65'9'[
17T`9atsT�r
004,051
-
00,061
2 -mod 4940a
T911 COT - T9' COT
54.5£ 9T'97 TZ°Tn
Q`t£ 37. LV*Mgy
gE'`LTT - Ltt�
08'90T - W 9GT
`T
I2 S
aeaT- uoT�nqTj4aTZI jo
4 Balm wa 3:11le ia (wIf V.SwIloi 111101
!&que,-TaR P.—= awfT Ons
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076T `TC XOT1039a OPUTj' . O Wg -10A
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SCFIFMLE A =1
Country Club District 8ery ce GompwW
MED . &SSF S AND DEPRECIATION
Year Ended Decexber 31,E 1940
NOTE: TM above assets mortgaged to the St.. Pool Fare and a r-ir-s- 1 -noure ee 'CompmW to secure c loan
bearing interests at 5 %. in as orle. cl rmmo=t of $20,00.300, n€w.017,000.40.
0
B. _ _ .. i
_
D� P n .` G I A
I i
i� R l hTED
BALM L
BAANCS
VALUE
I:I=jo
ADDITION
12
1 -1 -40
CuRF n
12-21=62
2 -U1 4Q
CATER DIVISaO d
eqye�; f
6 -
�y0
3, =.0
6 3tOW -00
2*088.35
2,089.35
A%
302.58
83.53
386.11
1,702.24
We?l,# I
2,578.27
-
2,578.27
1 2/3%
171.88
42.98
214.86
2063.41
VdI1 # w
1,950- -00 _
3.,950.E
b 2/3%
81.25
V. 50
-113.75
4836.25
Elevated Te.n.k and Piping
.10053.34
10YO53.34
4368.7
402.13
4,710.85
5,342.49 '
Pumping 'RquipmenL
.. 8,631.35
8,631.35,
5%
ltIO3.31
431-57
X;534-88.
7,096.47
Water Distribution Sy at
11�„Ei��.�d
8�f1t�'it8;
�91Gi�d .�d.
1 2,�
16.567.90.
11908..1:5
18. /a'7b.05 .
101,,,3,0.26.96
19 '�
MOTAL VA TER ER .T! I I ".:3.01,11
1��0��� �
140, L94.4-9,
'it �}��WC.arG
] / q 2.32
'�"T`f iJ�.'. ��
22. 525.64
wKe
'1 i. •
2.900 86
.K 436. 50
4 122,695.82
�"i� 95.8/2
P
SL m D_.Vla loo
% r. •per: r _ t
w 5.105r2�2,.7
51v52�.7!9�
Z1,773t.6y5
t�.,t0�r3€0.46
� 3�,.8CQ4.11
388,718x.68
` t3'?' �L 8 llI'iwl0
03,602 .b7'
6
2,. 642.4.
19,665.37
1.672.05.
.1 '. 2
�a2b5.Og.
ae
�d'tL a:i ii �..t •n ��t2�
.iscel.�.gan�.ve..ou� e sd. uiprnant
30�S -61
1.01.00
.. -4.10.61 -
10%
�- , 8'3.13
34-12
� 111.2(5q
�
�iTools
.3,° r cr t1 u e :A xd y 111pne t _
Office
� � aLL7..r�s �51i �
� �� s i7
.+i�J%
�5. ^..�
_ 6.45
/� =r.�. .a
^293.30'
11= IM-71'r IMM 8 ,
471.11
104.00
575
3 105-06
' 50.57.
6
419.48
'42.306.07
6
Z-03T 9 PER 7dfti+TalBIT Xi
NOTE: TM above assets mortgaged to the St.. Pool Fare and a r-ir-s- 1 -noure ee 'CompmW to secure c loan
bearing interests at 5 %. in as orle. cl rmmo=t of $20,00.300, n€w.017,000.40.
0
LI
.. i
SCH A-4
Country Club .District Service Gomm
N; OTXS .PAT],
Dec€ydbei' 3i, 1940
ICCRUED
DATE
ANDURT
IE T
1 -40
Oscar Gorden 6-3 0- 41
400.00
w'.00
3-2a-40
Do.
'5
5010. W.
12 -31—
Do. DID.
.5
1#875-00
5
12 -3l-40
Lorrain-a Virden 6-30-41
6 W-. o
..
-TOTALS P ' EXHIBIT A
g 2 �. �J
�
� 53.40
ADDI -TIV"' L ACCM D VhT T
On first Mortgage
141.67
On Open Accowl _ Oscar Onarden
?.2.
70TAL WKBIT. A
1.