R2008-69 AUTHORIZING AGREEMENT - Laserfiche WebLink

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- •. 2006 Cost Accumulated Book Depreciation Value District Assets $ 126,390 $65,519 $ 60,871 Foundation Assets 808,605 73,667 734,938 2007 Cost Accumulated Book Depreciation Value District Assets $ 110,865 $54,243 $ 56,622 Foundation Assets 808,605 94,552 714,053 During Fiscal Year 2007 The District disposed of$21,837 in fixed assets with accumulated de- preciation of$21,380 resulting in a $457 loss on the disposal. Asset acquisitions during Fiscal Year 2007 amounted to $6,312 and consisted primarily of equipment used in District programs. Note 2. Related Parties SFAS 94 and SOP 94-3, par.20 issued by the Financial Accounting Standards Board (FASB) re- quire entities with an economic interest and controlling financial interest to consolidate the state- ments of financial position and activities and cash flows. Macon County Soil and Water Conserva- tion District Foundation, Inc. is governed solely by the board of directors of Macon County Soil and Water Conservation District. Accordingly, the statement of financial position and activities and cash flows of Macon County Soil and Water Conservation District Foundation, Inc. are pre- sented with Macon County Soil and Water Conservation District. Note 3. Leqal Issues In any legal proceedings brought against it Macon County Soil and Water Conservation District Foundation, Inc. is represented by the Illinois Attorney General's office. At the balance sheet date there were no instances of legal action against The District. Subsequent to the balance sheet date but before this report was issued The District was ordered to appear before the labor rela- tions board to respond to allegations by a former employee of age and sex discrimination. In The DistricYs opinion the allegations are unfounded and there is no basis to estimate any potential damages resulting from these allegations. Accordingly, no provision for them has been made in the financial statements. 11