HomeMy WebLinkAbout1942_VILLAGE OF EDINA_AUDIT REPORT0
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AUDI1 REPORT
For the Year. Raded Dacember 31, 1942
COUNTRY CLUB DISTRICT SERVICE COIPANY
(A Corporation)
Ifinneapolis, Minnesota
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Country Club District Service Company
TABLE OF CONTENTS
PAGES 1 TO 6 - Letter of Transmittal and Comments
PAGE 7 - Certificate
EXHIBIT A - Balance Sheet; tie at December 31, 1942
EXHIBIT B - Analysis of Earned Surpluo, for the year
ended December 31, 194?
EXHIBIT C - Profit and Loss Statement, for the year.
ended December 31, 1942
SCHEDULE C-1 - Operating Costs and Expenses, for the
year envied December 31, 1942
SCHEDULE A -1 - Fixed Assets and Depreciation, for the
year ended December 31, 191+2
SCHEDULE A -2 - Notes Payable and Accrued Interest Thereoh,
as at December 31, 1942
AUSTIN & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
ROANOKE BUILDING
MINNEAPOLIS
ALBERT B. AUSTIN, C.P.A.
r I May 22, 1945
Mr. Oscar Gaarden, President
Country Club District Service Company
ULnneapoli.s 10, Minnesota
Dear Sir:
We have made an examination of the books and records of the COUNTRY CLUB DIS-
TR1CT SERVICE: CONP0Y, a Minnesota Corporation,, MINNEAPOLIS, MINNESOTA, for the year
ended December 31, 1942, and we are pleased to submit our report in the following com-
ments and in the Exhibits and Schedules as listed in the preceding Table of Contents.
HISTORICAL
0 A complete history of the company was set forth.in our report for the year
ended December 31, 1940, and anyone interested may refer to that report. In continuation
of the history, the suit which the company had filed in the District Court of Hennepin
County against the Village of Edina "o service6 rendered in connection vi th the storm
sewer system and the fire hyd:.arts, was decided by Judge EA A. Montgomery in fa:var of
the company.
4 The village appealed the doci.sion to the &:preme Court of the State of Minne-
sota, and in a decision written by Professor Persig and handed down and filed on January
2, 1943, the Supreme Court reversed part of the decision of the lower court. The award
for fire protection service for the six years ending March 25, 1939, was reversed, and
it seems the intention of the court that a portion of the water mains and storm sewers
serving the lots in the Brown and Fairway sections of the Country 0,lub District were
the property of the Village of Edina for the benefit of the lot owners, although com-
pany and village do not seem to fully agree on the interpretation of this decision.
As a result, values as stated in this report do not necessarily represent the true values
of the properties of the company, and until such time as these values are definitely
.'' agreed upon and segregated, we have not disturbed the values as they appear on the
books of the company.
FINANCIAL POSITION
We are submitting as Exhibit A and supporting Schedules A-1 and A-2, the
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.
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FA
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Country Club District Service Company
financial position of the company in detail as of .December 31, 1942, subject
-however to the preceding comments under the caption "Historical.8 For your convenience,
we are submitting in summarized form this Balancse Sheet in comparison with the one for
December 3.1, 1941, together with increases and decreases as follows;
ASSETS
Fixed Assets
Investments
Current Assets
Deferred Charges
TOTAL ASSETS
LIABILITIES . AND NET ]FORTH
Fixed Liabilities
Current Liabilities
Net Worth
DECEMBER 31, DECEMBER 31, INCREASE
1 9 4 2 1 9 4 1 !GCAEABE
177, 411.40 $ 1829141.68 $ 4..730-28
256.24
8,790.15 12,210.55 3,420.40
18.00 51.06 33.06
$ 186.475. ?9 1 194.403,29 J 71,927-50
24,428.49 26,468.07 21039.5€
41.549.55 9,979.60 5,430.05
157,497.75 - 157.955.62 457.87
TOTAL LIABILITIES AND NET NORTH 1864&25 t 1942403129 I 7g9,2-17.22
Due to the conditions brought about., by the wee.• and the fact that construc-
tion of new residences has coaxed, the a are no substantial, changes in the Balance
Sheet of the company.
The Surplus account, totalling X8,797.75, is classified as follows&
Capital Surplus 1171,494.77
Contributions in Aid of Construction 14801.53
Earned Surplus 6.501.45
Total 138.797.75
For a full explanation'of the Capital Surplus, please refer to our report
of December 31, 1940•
Contributions- in Aid of Construction in the amount of $14001.53 represents
money contributed to the company for the extension of service facilities that become
the property of the company and therefore are included in its plant values.
The Earned Surplus totalling $6,501.45 is set forth in detail in Exhibit B,
which shows that it was decreased to the extent of $582.87, mostly as a result of
operating losses for the year.
OPERATIONS
The Operations for the year ended December 31, 1942, are shown in detail
-.
Country Club District Service P2M2 n9
in Exhibit C and supporting Schedule C-1, and shows a net loss of $599.11 after
` providing for interest charges. In arriving at these figures, depreciation in the
amount of $4,753.60 has been included. In order that you may have a better under -
standing of the Operations for the year, we submit a condensed comparison for the
current year and for the year ended December 34 19,41, together with increases
and
., decreasaV in both amounts
and percentages av
followst
YEAR ENTDED
YEAR ENDED
DECEMBER 31,
1942
MEMBER 31,
1941 •
INCHEI1SEZ=UW5E
TO
TO..
% TO
AMUNT
SALES
AMOUNT
S,. ALES
AMUNT
SALES
' SALES
x.18..239.71
100.00
20,805.71
100.00
2#567.o
OPERATING COSTS AND
EXPENSES:
Mater Purchased for
Resale
$ 360.48
1.98
$ 342.77
1.65.
17.71
.33
Poser and Pumping
51,239.40
28.73
5094.94
25.93
155.54
2.80
Distribution Expense
40707.25
25.81
41732.34
22.74
2549
3.07
Accounting and
Collection
3,555.34
19.49
2,8°'2°39
13.58
730.95
5.91
Administrative and
General
/ �0 ?3.12
22.06
1, 974.76
9.49
2,048436
12`57
TOTAL OPERATING COSTS
AND EXPENSES
$ 17,885.59
.0 7
152269.20
73.39
$ 2,616.39
26_68
# 353.12
1.93
# 5,536.51
26.61
$ 5,183.39
24.68
Other Income
-
-
40.69
.20
A0.69
.20
• NET PROFIT BEFORE INTST
AND INCOME TAXES
353.12
1.93
$ 5,577.20
26.$1
$ 5,224.08
24.88
INTEREST PAID
952.23.
5.22
1.077.80
5.18
125.57
.O6
$ 599•11
3.29
$ 4,499.40
21,63
6 5,098.51
24.92
PROVISION FOR INCOME TAXES - -
-
1,136.27
5_46
1,136.27
5.46
• NET PROFIT TO aURPLUS`*-
3.29
0 3.363.13
16.17
(''.
19
It will be noted from the foregoing comparison that there was a substantial
reduction in revenue during the year with an increase in operating costs before pro-
vision for interest. No provision for income taxes eras set up for the year ended
December 31, 1942• The net operating profit shows a decrease from the previous year
of $50224.08.
Country Club District Service Company
COWRNTS ON BALANCE SHEET
• FI-D ASSETS:
We are showing the Fixed Assets in summarized form on the Balance Sheet,
Exhibit A, and in still further detail in Schedule A- 1. The new expenditures during
the year amounted to only $23.32.
Depreciation to the extent of $4,753.60 has been taken into operating
expenses. The Fixed Assets of the company have been pledged to the St. Paul Fire and
Marine Insurance Company for a, loan in the -original amount of $20,000.00, with a present
balance of $15,000.00, bearing interest at 5%. This loan is payable at the rate of
$1,000.00 per year on November 1, with interest payable semi-annually up to November 1,
0 1951, and the balance of 46,000.00 is payable on November 1, 1952•
The company has extended service into newly developed subdivisions, and
agreements were reached with the promoters of these subdivisions.to furnish money for
the extending of the grater mains without Merest.. The company repays these advances
by returning to the subdividers one -half of the revenue received from the users of
these mains until peid for, but in no event are repayments made for a period to
exceed 10 years. The company now has advances for construction repayable out of
revenue as of December 31, 1942, as follows:
ADVANCED BY TH0BPF.B80S...INC:
" Wooddale Section
4,284.65
Brucewood Addition
3000.69
Arden Avenue Extension
320.53
Portion of East Sunnyslope
1,323.19
ADVANCED BY WHITE INVESTMENT COMPANY:
Hidden Valley
1,199-43
Total
a 10A49.49
Of these advances, the one made by Thorpe Bros. for the Wooddals section
with a present balance of $4,2$1+.65 is.repayable by diverting to Thorpe Bros. ones -half
of the revenue received from the section up to Larch 31,
1948, and the amount
remaining unpaid, if any, at that date becomes payable in full by the company to
Thorpe Bros. The other advances are payable only by the
diversion of 50% of the
revenues from these subdivisions for the first 10 years,
unless they are fully
-5..
--- try Club District Service Coppanp
paid up prior to that time, and any balances remaining at the end of 10 years becomes
• a contribution to the company in aid of construction.
In addition to the above amounts referred to, the company has received
contributions in aid of construction for specific extensions which certain customers
wanted. These contributions were outright gifts to the company in order to secure
water service, and we have taken then in as part of the surplus. The extensions
covered by these contributions become the property of the company and are included
in their fixed assets,
CURRENT ASSTS t
The cash in bank in the amount of $40765,27 is deposited with the North-
40 western national Bank of fldinneapolis, and we have reconciled this.account and verified
the balance by direct correspondence. We have also made a detailed check of all
deposits and withdrawals from the bank and found them to be properly recorded and in
order,
The Accounts Receivable In the amount of,$3,216.97 have been classified
on the Balance Sheet as to their nature. We have mate a detailed cheep of these
0 accounts and have reviewed the methodo used -to handle them and found them to be in
good order.
The Inventories amounting to $787.91 are classified on the Balance Sheet.
We were not present when the inventories were taken, but we have examined the records
of the company with regard to these inventories, and they appear to be proper. We
noted that certain of the meters, were secondhand, but these secondhand meters are
carried at a much reduced cost so that the values appeared to be conservative.
FI %SD UABILITIESs
The company negotiated a first mortgage loan on its operating properties
0 as of November 1, 1937, with the St. Paul mire and Marine Insurance Company in the
total amount of $20,000.00 bearing interest at 5 %, which interest is payable on May 1
and November 1 of each year. The principal is payable $1,000.00 annually up to
November 1, 1951, and the remaining *6,000.00 becomes due and payable on November 1,
1932• The present unpaid balance of this mortgage is x;15,000.00, and of this
Country Club District Service ppaRany
amount we have placed $1,000.00 among the current liabilities as it becomes due on
November 1, 1943• The balance of Fixed Liabilities totalling 610,428.49 is made up
i of advances for construction charges repayable out of revenues over a period of years
as explained in a previous paragraph.
CURMT LIABILITIESs
The Accounts Payable are classified as foltowsr
Refund of Construction Advances 1,039.58
To Officer 257.86
Total. Z 2 7.
There were no trade accounts unpaid as of the and of the year. The refund of
construction advances are the payments due out of revenues to subdividers for the
period ending December 31, 19420 as explained in a previous paragraph. We have made an
« analysis of this account and find it to be correct. The amount of $257.86 do to officer
is owing to fir. Oscar Gaarden for engineering and other services rendered.
'We are abowing a list of accrued taxes in the amount of $1,487.21. These
taxes are.el.l applicable to 1942, payable jn 19:3. The accrued interest payable is
itemized in Schedule A--2, and notes payable to officers are also itemized on Schedule A-2,
NET WORTH
The particulars of Net Worth are. set, forth on the Balance Sheet, Exhibit A,
• and the changes in earned surplus are set forth in Exhibit B. Net Worth is subject to
revision to give effect to the Supreme Court decision as discussed elsewhere in this
' report. All of the capital stock outstanding is held by Mr. Oscar Gaarden. The
r preferred stock provides for 6% annual cumulative dividends, and these dividends are
z four years in arrears, which makes a total of $24.00 per share or $2,880.00 in all. The
Surplus account has been classified on the Balance Sheet and totals $138,797.75. These
classifications are explained in a previous paragraph.
We found that the company keeps very accurate and complete records, so that
full information on all of the activities is readily available.
We wish to express our appreciation of the courtesies extended and the
cooperation afforded us during the course of this engagement.
Respectfully submitted,
.- t�
Certified Public Accountants
0 ALBERT B. AUSTIN, C. P.A.
IV
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AUSTIN & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
ROANOKE BUILDING
MINNEAPOLIS
CERTIFICATE
We have made an examination of the Balance Sheet of the COUNTRY CLUB
DISTRICT SERVICE COMPANY, MMEAPOLIS, MINNESOTA, as at December 31, 1942„ and
of the Statement of Income and Surplus for the calend4r year ended December 31,
1942. In connection therewith, we have examined or tested accounting records
of the company qnd other supporting evidence and obtained information and explan-
ations from officers of the company, but we did not make a detailed audit of the
transactions.
In our opinion, based upon such ox mination and subject to the comments
contained in this report, the accompWing Balance Sheet and related Statement of
Income and Surplus fairly present, in accordance with accepted principles of
accounting consistently maintained by the COUNTRY CLUB DISTRICT SERVICE COMPANY
during the calendar year under review, its position at December 31, 1942, and the
results of the operations for the year.
e
Respectfully submitted,
Certified Public Accountants
40 May 21+, 1945
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,
Country Club District Service. Company
BALANCE SHEET
As at December 31, 1942
RARMS
FIXED ASSETS: Note A Schedule A -1
Land 3000..00
Wells, Building, ,
Tank, Distribution -
System, Tools and Equipment $ 230,825.48 .
Less: Accumulated Depreciation 5608 - 174.411.40
(Including $29,1(8.19 accrued
at date of appraisal)
TOTAL FIXED ASSETS (NET)
.The above valuations were based on Independent
Appraisal as of January 1.9 1937, plus subse-
quent additions at cost.
The above assets are pledged to secure a 5% First
Mortgage originally $20,000.00, now $15,000.00
INVESTMENTS:
100.Shares Northern
States Poorer Common
CURRENT ASSETS:
Cash in Banff
. 4,785.27
Accounts Receivable
-
-
Water
�.,
$ `168.-19
Sewer
-
Construction Contributions ,- �`
1,93$.74{,
Miscellaneous
676.8 '
3, 216,97.
Inventories
-._.
Meters .
44"'
71
Miscellaneous
�� --
-_ � "�_� � � '198,20
- 787.91
TOTAL CURRENT ASSETS
DEFERRED'CHARGESa
Unexpired L Insurance
$ 177,411.40
Exhibit A
LIABILITIES AND NET WORTH
FIXED LIABILITIES:
3% First Mortgage dated November 12, 19370, to
St..,Paul Fire and Marine Insurance Company,
due $1,000.00 annually - ®n November 1 of each
year to November 1', 1951,,-and $6,000.00• on
November 1, 1952• Secured by all operating
Properties. Original amount $20-000.00, now.$ 15,000.00
Lqsa: Due within one year, shown in
Current Liabilities
1,000.00 $ 14,000.00
Advances for Construction -
Payable from Revenues --
Due March 1, 1948
Payable only to extent of 50%
of revenues during 10 years
after construction
256.24 TOTAL FIXED LIABILITIES
8,790.15
NOTE A - in a.nnesota Supreme Court decision handed down on January 2,
1943, ownership of the water mains and sewers serving the lots
sold prior to October 11 1935, in the Brown and Fairway.sections
of the Country Club District, were apparently found to.be the property
of the. Village of Edina `, :ibr the benefit of the. lot owners- and-not-of
the Company.. However, all additions and installations made since :the
present ownership of the company, and included in their Capital Accounts,
Are the property of .#he company. As a result of this.decision, the values
es stated in this report do not necessarily represent the true values of
the properties of the company, and until such time as these values -are
definitely determined and segregated, we have not disturbed the values
as they appear on the books of the company.. The decision did not make
itself clear as to the compensation for services rendered to the village
for fire protection service, and it may be possible that in the future
definite understandings may be reached as to this compensation.
TOTAL ASSETS
18.00
NOTE B - Accumulated dividends' on Preferred Stack to the extent of $24.00
per share or a total: of $2,880.00 as at December 31, 19,42 are unpaid.
cURRENT LIABILITIES:
Accounts-Payable
Refund of Construction Advances
To officer
Accounts Receivable Credit Balances
Abcruals -
Taxes - ,Local
- Capital Stock
- Social Security
Accrued Interest Payable- Schedule A -2
Notes Payable To Officer Schedule A -2
Current Maturity - First Mortgage
Due November 1, 1943 (See above)
TOTAL CURRENT LIABILITIES
NET WOR_fH: 4
Capital Stock - Authorized
6% Cumulative Preferred, $100.00
Par-Value, Callable at Par
C01mmon - No Par Value
Outstanding -
Preferred 'x.120 Shares (See Note B) 1,
-Common - 200 Shares
Surplus.:i
Capital Surplus
Contributions in Aid of Construction
Earned :Surplus -Exhibit B
TOTAL NET'RORTH
TOTAL LIABILITIES AND NET'FORTH
$ 4,284.65
6.143.84 10.428.49
1,039.58
6 $ 4297,44
9.90
$ 1, 383.61
56.25
42.35
$ 600.00
114$7,21
155.00
1.000.00 1.600:00:
30.000.00
S es
$ 1:2,000.00
6.700.00 $ 18,700.00
$ 117,494077
14,801,53.
01.45 138,797.75
$ 2/+1428-49
4,549.55
157.497.5
186.475�79 .
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40
Country Club District Service Company
ANALYSIS OF DMED SURPLUS
For the Year Ended December 31, 1942
BALANCs,J. Pte! AUDIT REPORT, DECEMBER 31, 1941
ADDITIONS:
Adjustment of Federal Income Tex Accrual
Exhibit B
# 7,084.32
18.46
$ 7,102.78
DEDUCTIONE4
Not Operating Loss for year 599.11
Adjustment of Sewer Accounts Receivable ' -2.22 601,33
TOTAL EARNED SURPLUS, DECMER 310 1942, PER EXiiIBIT A 16,01.4
Exhibit C
•
Country Club District Service Company
PROFIT AND LOSS STATEMENT
w For the Year Ended December 34 1942
r
OPERATING REVENUESs
• Sales and Services to Customers $. 18,211.79
Riscellaneous Revenues (Net) 26.92
GRASS REVENUE 180238.71
OPE€OiTING WENSES :
Water Purchased for Resale `6u.48
Power and Pumping 5,239,40
Distribution Expenee 4,707.25
Accounting and Collection 3,555.34
Administrative and Genera;, 4.023.12
R
TOTAL.OPERATING COSTS AND EXPENSES 17.885.59
dL NET PROFIT BEFORE INTEREST 353.12
INTEREST CHARGES 952.23
NET LOSS TO SURPLUS, Exhibit B .�
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Country Club District,Service.Company
OPERATING -COSTS AND EXPENSES
For the Year Ended December 31, 1942
Schedule.0 -1
360.48
5,239.40,.
4,707.25 -
3,555.34-
TOTAL ADMINISTRATIVE AND GENERAL 4.023.12
TOTAL OPEWING COSTS AND EXPENSES
WATER PURCHASED FOR R&SALB' ,
�
POTFR AND PUMPING:
Power Purchased
$ 2.." -000
Operating Labor
Depreciation
1,045.15
.Local Taxes
1,38$.61
Supplies 'and Expense
145.90
Maintenance
51.09.
TOTAL POWER. AND PUMPING
DISTRIBUTION EXPENSES:
Depreciation- , <" �"
3, 691. =63�
Akintenance of Was,
159.36, ',
Services on Consumers Premixes
- 610:75
Operation of Distribution Lines
245.50.. -
TOTAL DISTRIBUTION UPE0E...
ACCOUNTING..AND COLLECTIONS .
-Meter.Reading
225.00
Blling.and Accounting..
21470000
"�1i6cell8neous
_, 860.34
z
TOTAL'ACCOUNTING AND COLLECTION
ADMINISTRATIVE AND GENERALt
Salaries. and. Wagde
1,760.20
Miscellaneous
457010 ✓
Insurance
33.06
Expenses of General Officers
9408
Legal Services
Supplies and Expense
1,525.00
2.30
Federal,Capital Stock Tax
Ill". ?5
Payroll Taxes
23.31:
Depreciation on Office Equipment
16.82
Schedule.0 -1
360.48
5,239.40,.
4,707.25 -
3,555.34-
TOTAL ADMINISTRATIVE AND GENERAL 4.023.12
TOTAL OPEWING COSTS AND EXPENSES
i !
Schedule A-1
NOTE A - The above assets mortgaged to tho St, Paul Fire and urine Insurance Company to
secure a loan bearing interest at 5%, in an original amount of x$20,000.00, now #15,000.00.
NOTE B - The values as shown above are subject to amendments to give effect to the Supreme
Court decision as referred to elsewhere in this report.
Country Club
District Service Company
FIXED ASSETS AND DEPRECIATION
Year Ended December 31, 1942
ASSETS
DEPRECI A T 1 0 N
DEPRECIATED
BALANCE
BALANCE
BALANCE
BALANCE
VALUE
1,,-1-
ADDITIONS
DEDUCTIONS
12_31 -42
RATE
1-12
CURRENT DEDUCTIONS
12-31-42
12 -x-,42
WATER DIVISION:. .
Land
$ 3,000.00
- -
- -
3,000.00
- -
$ - - $ - -
- -
3,000.00
Buildings
20088.35
- -
- -
2,088.35
4%
469.64
83.53 - -
553.17
1035.18
well
2,578.27
- -
- -
2078.27
1 2/39
257.83
42.97 - -
300.80
2,277.47
Well #2
1,950.00
- -
- -
1050.00.
1 213%
146.25
32.50 - -
178.75
19,771.25
Elevated Tank and Piping
10,053.34
- -
- -
10,053.34
4%
5,112.98
402.13 - -
5035.11
4038.23
Pumping Equipment
82709.28
- -
- -
89709.28
5%
1,967.75
435.46 - -
2,403.21
6,306.07
Water Distribution System
121,170.34
12.32
- -
121.182.66
1 2/3%
20.480.67
2.019.58 -
22.500.25
98.682.41
TOTAL WATER DIVISION
349. 542, 8
S 12i.32-
-
1149.561.90
J 28.435212
A,2AO16.17 1 ,
6 31.451.29
1182110.61
SEAR DIVISION r
Sanitary Sewer System
51022.79
- -
- -
51022.79
2,% =
13,834.57
0 11,030.46 4 - -
14,865.03
36,657.76
Storm Sewer System
32.079.68
�
32.079.68
2%
9.174.90
641.59 = -
9.816.49
22,263.19
TOTAL SEM, DIVISION
S 83.602.
I 83.602.47
231k009.47
J 1 672.0 1 J
24,681.52
58.920.95
MISCELLANEOUS t
Miscellaneous Tools and Equipment
$ 485.61
485.61
10%
161.06
$ 48.56 $
209.62
275.99
Office Furniture and Equipment
164.50
11.00
- -
175.50
10%
54.83
16.82 -
71.65
103.85
TOTAL MISCELLANEOUS
650.11
215.89
65.38 _ -
� 282.27
� 379.84
TOTALS�23�3.s802.16
2 . 2
51, 660.48
A Ao752.60
TOTALS PER EXHIBIT A
5 233.825.48
56
177.411.40
NOTE A - The above assets mortgaged to tho St, Paul Fire and urine Insurance Company to
secure a loan bearing interest at 5%, in an original amount of x$20,000.00, now #15,000.00.
NOTE B - The values as shown above are subject to amendments to give effect to the Supreme
Court decision as referred to elsewhere in this report.
f
Schedule.A -2
•
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CountVy Club District Service Company
NOTES PAYABLE AND ACCRUED INTEREST THEREON
As at December 31, 19,42
w
• DATED PAYER DUE
FIXFJD LIABILITIES
3.1-1-37 St. Paul Fire and Marine
Insurance Company 1.1-1-52
Payable annually at
$1,000.00 on November 1,
$6,000.00 payable on.Novem-
ber 1, 1952
CURRENT LIABILITIES
12-31-41 Oscar Gaarden
Ak
i
b, TOTAL PER EXHIBIT A.-
Fixed Liabilities
Current Liabilities
U
INTEREST
ACCRUED TO
RATE MUNT 12- -3142
5% 15,000.00 125.00
12 -31 -42 5%
600.00 30.00
15.600.00
140 000. 00�
1x600.00 1 .00