Statement of Net Assets
June 30, 2015
ASSETS:
Cash and cash equivalents $ 65,699
Restricted assets 565,453
Capital assets nondepreciable 261,817
Capital assets depreciable, net 8,238,903
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Total assets $ 9,131,872
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LIABILITIES:
Current liabilities:
Bonds payable – Current 220,000
Accrued revenue bond interest payable 149,978
Noncurrent liabilities:
Bonds payable 6,885,318
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Total Liabilities 7,255,296
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NET ASSETS:
Invested in capital assets, net of
related debt 1,245,424
Restricted for debt service 565,453
Unrestricted 65,699
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Total net assets 1,876,576
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Total liabilities and net assets $ 9,131,872
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Statement of Revenues, Expenses, and Changes in Fund Net Assets
For the Year Ended June 30, 2015
OPERATING EXPENSES:
Professional fees $ 5,626
Contracted services –
Office expense 448
Miscellaneous –
Amortization 8,357
Depreciation 326,492
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Total operating expenses 340,923
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Operating income (loss) (340,923)
NONOPERATING REVENUES/(EXPENSES):
Interest and fiscal charges (302,535)
Interest revenue on funds 46
Intergovernmental 535,975
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Total nonoperating revenues 233,486
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Change in net assets (107,437)
Net assets at beginning of year 1,984,013
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Net assets at end of year $ 1,876,576
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Statement of Cash Flows
For the Year Ended June 30, 2015
Cash flows from operating activities:
Operating expenses $ (6,074)
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Net cash used by operating activities (6,074)
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Cash flows from capital and related financing activities
Government contributions 535,975
Purchase of property and equipment –
Decrease in other assets (1,706)
Decrease in related debt (215,000)
Interest paid on related debt (305,115)
Interest earned 46
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Net cash (used) by capital and related
financing activities 14,200
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Net increase in cash and cash equivalents 8,126
Cash and cash equivalents, beginning 623,026
(including $522,283 in restricted amounts) ——————
Cash and cash equivalents, ending
(including $565,453 in restricted amounts) $ 631,152
——————
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Reconciliation of net income to net cash
provided by operating activities:
Operating income (loss) $ (340,923)
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Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation and Amortization expense 334,849
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Total adjustments 334,849
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Net cash used by operations $ (6,074)
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Statement of Expenses by Fund
June 30, 2015
GENERAL FUND
Hampshire Review 389.70
United Bank 565,739.03
United States Postal Service 58.00
William A. Lipps CPA, PLLC 3,126.33
WV State Auditor –
PROJECT FUND
Harbel, Inc –
Silling Associates 1,705.87
8-26-2c
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