; Bl:-UE RJf5GE'\. rllI= POW'EIt AGENCY "PROVIDING ELECTRIC ENERGY TO THE BLUE RIDGE' FINANCIAL STATEMENTS As of and for the Year Ended 30 June 201 7 -
; Bl:-UE RJf5GE'\. rllI= POW'EIt AGENCY "PROVIDING ELECTRIC ENERGY TO THE BLUE RIDGE'
FINANCIAL STATEMENTS
As of and for the Year Ended 30 June 201 7
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BLUE RIDGE POWER AGENCY
TABLE OF CONTENTS
Page(s)
INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS 1-2
FINANCIAL STATEMENTS
Statement of financial position 3
Statement of activities and changes in net assets 4
Statement of cash flows 5
Notes to fi nancial statements 6-10
SUPPLEMENTARY INFORMATION
Schedule of projects revenues and costs of projects revenues 11-12
Schedule of dues and support 13
Schedule of administrative and general expenses 14
Schedule of changes in net assets - Board designated members' future support 15
Schedule of changes in net assets - Board designated operations transition reserve 16
Schedule of changes in net assets - Board designated capital assets replacementlexpenditure 17
I I I I I
INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS
To the Board of Directors Blue Ridge Power Agency Salem, Virginia 24153
We have audited the accompanying financial statements of Blue Ridge Power Agency (the Agency), which comprise the statement of fmancial position as of 30 June 2017, and the related statements of activities and changes in net assets and cash flows for the year then ended, and the related notes to the financial statements.
Management's Responsibility for tbe Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these fmancial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting pol icies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
- basis for our audit opinion.
Opinion ... In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blue Ridge Power Agency as of 30 June 2017, and the changes in its
SNE:AQWILLl~&MAYHE:W,PLLC I3USIN[S~ ADVIc.;OR~ AND CERTIFIED PIiBLIC ACC'OllNTANTf'
net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Other Matter
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying Section One information and Supplementary Information as listed in the Table of Contents is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and related directly to the underlying accounting and other records used to prepare the financial statements.
The Supplementary Information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
The Section One infomlation has not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion nor provide any assurance on such information.
Report on Summarized Comparative Information
We have previously audited the Blue Ridge Power Agency 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated 01 December 2016. In our opinion, the summarized comparative information presented herein as of and for the year ended 30 June 2016, is consistent, in all material respects, with the audited financial statements from which it has been derived.
,
20 January 2018 Danville, Virginia
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BLUE RIDGE POWER AGENCY
STATEMENTS OF FINANCIAL POSITION 30 June 2017
(Comparative Totals for the Year Ended 30 June 2017)
ASSETS
Current Assets Cash and cash equivalents Accounts and members' receivables Deferred charges - APP A member dues
Deferred members' expense Prepaid expenses
Note(s)
2
3
$
2017
269,092 110,251
40,461
5,043
$
20 16
291,064
247,079 40,624
183 1,425
Total Current Assets 424,847 580,375
Capital Assets, Net of Accumulated Depreciation 4 7,064 3,275
Total Assets $ 431,911 $ 583,650
LIABILITIES AND NET ASSETS
Current Liabilities Accounts payable - projects
Accounts payable - other Accounts payable - APP A member dues Payroll taxes, benefits and other accruals Deferred members' support
$ 51,580
5,298 40,461
6,219 40,461
$ 167,149 21,129 40,624 28,232
40,624
Total Liabilities 144,019 297,758
Net Assets
U nrestri c ted General Board designated - members' future support Board designated - operations transition reserve
Board designated - capi tal assets replacement/expenditure
5
5 5
219,500 37,445
11,120 19,827
167,28 1 50,545 42,528
25,538
Total Net Assets 287,892 285,892
Total Liabilities and Net Assets $ 431,911 $ 583,650
The accompanying notes to financial statements are an integral part of this statement. - 3
BLUE RIDGE POWER AGENCY
STATEMENTS OF ACTIVITlES AND CHANGES IN NET ASSETS For the Year Ended 30 June 2017 (Com£arative Totals for the Year Ended 30 June 2017)
Unrestricted
Board Designated
General
Members'
Future Support
Capital Assets
Replacement! Ex~enditure
Operations
Transition Reserve
TOTALS 201 7 2016
Revenues, Gains, Losses and Other Support
Projects Revenues Dues and Support Interest Income Miscellaneous Income
$ 407,793 235 ,902
89 1,425
645,209
$ $ $ $ 407,793 235,902
89 1,425
645,209
$ 754,477 187,254
112
941 ,843
Net Assets Released from Designation 56,256 (50,545) (5 ,711)
Total Revenues, Gains, Losses and Other Support
Expenses Transition Expenses Administrative and General
701,465
204,008 204,008
(50,545) (5,711)
31,408
31 ,408
645,209
31,408 204,800 236,208
941 ,843
6,616 203,069 209,685
Projects Costs 407,793 611 ,801 31,408
407,793 644,001
754,477 964,162
-
-
Excess (Deficit) of Revenues, Gai ns, Losses and Other Support over Expenses
Other Changes in Net Assets Board Designation for
Members' Future Support Operations Transition Reserve
89,664
(37,445)
(50,545)
37,445
(5,711 ) (31,408) 2,000 (22 ,319)
-Changes in Net Assets
Net Assets - Beginning of Year
52,219
167,281
(13 ,100)
50,545
(5,7 11)
25 ,538
(31,408)
42,528
2,000
285,892
(22,319)
308,211
Net Assets - End of Year $ 219,500 $ 37,445 $ 19,827 $ 11,120 $ 287,892 $ 285 ,892
The accompanying notes to financial statements are an integral part of this statement. - 4
BLUE RIDGE POWER AGENCY
STATEMENTS OF CASH FLOWS FortheYear Ended 30 June 2017 (Comparative Totals for the Year Ended 30 June 2017)
2017 2016
Cash Flows (Uses) from Operating Activities: Changes in Net Assets
Adjustments to Reconcile (Decrease) Increase In Net Assets to Net Cash Provided by Operating Activities:
Depreciation - capital assets Net decrease in accounts and members'
receivables Net decrease (increase )in deferred members' expense Net (increase) in prepaid expenses and
deferred charges Net (decrease) increase in accounts payable and
accruals Net (increase) in deferred members'
support
$ 2,000
1,922
136,828 183
(3,455)
(153,575)
(163)
$ (22,319)
1,263
23,710 ( 154)
(40,632)
94,965
(47,425)
Net Cash (Used) Provided by Operating Activities (16,260) 9,408
Cash Flows (Uses) from Investing Activities: Acquisition of capital assets (5,7 11) (2,571)
Net Cash (Used) by Investing Activities (5,711) (2,571)
Net (Decrease) Increase in Cash and Cash Equivalents (21,971) 6,837
Cash and Cash Equivalents - Beginning of Year 291,063 284,226
Cash and Cash Equivalents - End of Year $ 269,092 $ 291,063
The accompanying notes to financial statements are an integral part of this statement. - 5
BLUE RIDGE POWER AGENCY
NOTES TO FINANCIAL STATEMENTS 30 June 2017
Note 1 - Summary of Significant Accounting Policies
The sununary of significant accounting policies of Blue Ridge Power Agency (the Agency) is presented to assist in understanding the Agency's financial statements.
Nature of the Organization - Blue Ridge Power Agency is a cooperative effort of five (5) municipalities (the Town of Bedford, the Cities of Martinsville, Radford, Salem, and the Town of Richlands) ; a state institution (Virginia Polytechnic Institute and State University); and one (l) electric cooperative (Central Virginia Electric Co-op). The Agency is engaged in projects and initiatives relating to the planning for and securing of wholesale electric power and transmission services and related advocacy activities within the utility industry as well as federal and state legislatures including applicable regulatory agencies of the federal and state governments. The Agency is a nonprofit organization exempt from federal income taxes under Section 501(c)(l2) of the Internal Revenue Code and has been classified as an organization that is not a private foundation under Section 509(a)(2) of the Internal Revenue Code. However, contributions are not deductible by donors under Section 170(c) (2) of the Code.
The financial statements of Blue Ridge Power Agency have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and substantially in confonnity with the Federal Energy Regulatory Conunission's Unifonn System of Accounts.
The fU1ancial statements are presented in accordance with the provisions of Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) 958 (Financial Stalements of Not-For-Profit Organizations) and the American institute of Certified Public Accountants' (AICPA) Audit and Accounting Guidefor Not-For-Profit Organizations (the Guide).
Under the provisions of F ASB ASC 958 and the Guide, net assets and revenues, expenses, and gains and losses are classified based on the existence or absence of the Agency's Board of Directors' restrictions. Accordingly, the net assets of the Agency and changes therein are classified and reported as follows:
The prior year's financial statements have been presented in sununarized for comparative purposes only and is not a complete presentation in conformity with accounting principles generally accepted in the United States of America.
Net Assets - Unrestricted Net Assets - represent resources over which the Agency's Board of Directors has disc retionary control and are used to carry out operations of the Agency in accordance with its bylaws. An increase in unrestricted net assets represents the excess of total unrestricted revenue, . gains, and other support over administrative expenses; whereas a decrease in unrestricted net assets represents the excess of administrative expenses over unrestricted revenue,
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BLUE RIDGE POWER AGENCY
NOTES TO FINANCIAL STATEMENTS 30 June 2017
Note 1 - Summary of Significant Accounting Policies (Continued)
gains, and other support. The Agency's Board of Directors has designated amounts fo r future fiscal operations of the Agency and for the replacement of its capital assets.
Capital Assets - Acquisitions of capital assets in excess of $300 are capitalized. Capital assets are recorded at cost. Depreciation, for financial reporting purposes, is computed principally using the straight-line method over the estimated useful lives of the assets as determined by management. At the discretion of the Agency's Board of Directors, funds may be designated up to the amount of the current year's depreciation expense to provide funding for future capital asset acquisitions and replacements. For the fiscal years 2017 and 2016 there were no funds designated by the Board of Directors.
Estimates - The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
Cash and Cash Equivalents - In general, for purposes of the Statement of Financial Position, the Agency considers all highly liquid investments with maturities of three months or less to be cash equivalents.
Note 2 - Deposits Held in Financial Institutions
As of 30 June 2017 and 2016, the Agency had cash deposits on hand in various financial institutions of $269,092 and $291 ,064, respectively. There were no balances held in excess of FDIC coverage as of 30 June 2017 and 2016.
Note 3 - Accounts and Members' Receivables
The majority of all significant accounts receivable are due from medium to large-sized municipalities, a state institution and cooperatives. Due to the low credit risk associated with these entities, management believes all accounts receivable are fully collectable. Accounts receivable at 30 June 201 7 and 2016 consisted of the following:
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BLUE RIDGE POWER AGENCY
NOTES TO FINANCIAL STATEMENTS 30 June 2017
Note 3 - Accounts and Members' Receivables (Continued)
2017 2016
AccoWlts receivable - general manager $ $ 200 AccoWlts receivable - members - projects 68,196 206,002 Accounts receivable - other 1,473 45
Accounts receivable - APPA dues 40,461 40,624
Accounts receivable - SeFPe dues 121 208 $ 110,251 $ 247,079
Note 4 - Capital Assets
Capital assets as of 30 June 2017 and 2016, on the Statement of Financial Position at cost less accumulated depreciation, included the following major classifications:
Office furniture and fixtures $ 10,979 $ 14,729 Office equipment 15,945 10,234
Computer equipment 15,895 15,895 Vehicle 23,404 23,404,"" Safety demo equipment 4,497 4,497 Communication equipment 500 500 ,.
71,220 69,259 Less accumulated depreciation (64,156) (65,984)
• Net Capital Assets $ 7,064 $ 3,275
Depreciation expense for the years ended 30 June 2017 and 2016 was $1,922 and $1,263, respectively.
Note 5 - Board Designated - Members' Future Support
- The Board of Directors of the Agency adopted a financial policy in which a consultancy billing rate is applied to the Agency's General Manager's time spent on various projects for members of the Agency. The General Manager's consultancy rate multiplied by the time units spent on these projects as well as actual related travel and other expenses are billed monthly to the members during the fiscal year. The Board ofDirectors further directed that such funds should be designated
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BLUE RIDGE POWER AGENCY
NOTES TO FINANCIAL STATEMENTS 30 June 2017
Note 5 - Board Designated - Members' Future Support (Continued)
as support for members' dues that may be incurred in the following fiscal year. For the years ended 30 June 2017 and 2016, the amount of time charges and actual expenses billed to the members and designated for future support was $37,445 and $50,545, respectively.
The Schedule of Changes in Net Assets - Board Designated Members' Future Support includes the excess of revenues, gains, and other support over expenses and nonoperating gains (losses). A change in unrestricted net assets, which is excluded from this measure is consistent with industry practice, includes permanent transfers of assets to and from affiliated transferees for other than goods and services, and contributions of long-lived assets.
Note 6 - Retirement Savings Plan
The Agency has a Defined Contribution and a Salary Reduction Retirement Plan under Section 403(b) of the Infernal Revenue Code that is offered to all employees. The Board of Directors, at its discretion, may contribute a percentage of a participating employee's salary to the Plan. The contribution by the Board of Directors for the years ended 30 June 2017 and 2016 was approximately $\3,982 and $11,868, respectively.
Note 7 - Operating Lease
Rental expense under the previous leases for office facilities amounted to $1,243 and $1,356 for the years ended 30 June 2017 and 2016, respectively.
Note 8 - Related Party Transactions
The Agency entered into a lease agreement with one of the Agency members for office space beginning in April 2012 for $1 annually. In consideration, the Agency reduces that member' s annual dues by the same amount. The value of this rental space is not determinable.
Note 9 - Subsequent Events - Management Review
On June 29,2017, the Board approved the 2018 Administrative and General Budget and approved the motion to move excess transition funds to the capital budget.
In regards to these financial statements and the notes to these financial statements, the Agency has evaluated all subsequent events through 20 January 2018, the date the Agency's financial statements are available to be issued.
The Board of Directors of the Agency approved to transfer the balance of the Net Assets - Board designated operations transition reserve at 30 June 2017 to the Net Assets - Board designated
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BLUE RIDGE POWER AGENCY
NOTES TO FINANCIAL STATEMENTS 30 June 2017
Note 9 - Subsequent Events - Management Review (Continued)
Capital Assets replacement/expenditure inasmuch as there are not further expenditure to be made from the Board designated - operations transfer reserve.
The Agency must disclose the date through which subsequent events have been evaluated, in accordance with the requirements in FASB ASC paragraph 855-10-50-1. In regards to these financial statements, the Agency has evaluated all subsequent events through 20 January 2018, the date in which the Agency's financial statements were available to be issued.
Note 10 - Income Tax
The Agency is a not-for-profit organization exempt from income taxes under Section 501(c) (12) of the Internal Revenue Code of1986 (IRC). As such, the Agency is not taxed on income derived from its exempt functions. The Agency had no significant deferred income tax assets or liabilities as of30 June 2017.
The Agency has evaluated its tax positions for all open tax years. Currently, the tax years open and subject to examination by the Internal Revenue Service are the 2014, 2015, and 2016 tax years. However, the Agency is not currently under audit nor has the Agency been contacted by any jurisdiction. Based on the evaluation of the Agency's tax positions, management believes all tax positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the fiscal year ended 30 June 2017.
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BLUE RIDGE POWER AGENCY
SCHEDULE OF PROJECTS REVENUES AND COSTS OF PROJECTS REVENUES For theYear Ended 30 June 2017 (Comparative Totals for the Year Ended 30 June 2017)
Projects Revenues
Project 1.00 - General Consulting Project 62A - Legal Retainers Project 5.00 - SEPA Support Services Project 5.01 - SEPA Matters - Review & Analysis ofSEPA Capacity Project 7.00 - CVEC- GDS #7 Project 37.30 - FERC Proceedings - EL02-1I IIER03-212 -SECA Refunds Project 40.20 - Long-Term Power Supply Portfolio Development Project 48 .00 - TAPS Projects Project 53.20 - AMP AMPGS Project Member Support Services Project 60.50 - PlM Annual Membership Dues Project 60.10 - Holland & Knight, BB&R Project 61.00 - PlM Public Power Coalistion (CES) Project 69.10 - Administration APCo 20-year PSAs - Billllnvoice Verification Project 69.20 - Administration APCo 20-year PSAs - Annual True-up, Verify/Audit Project 69.30 - Administration APCo 20-year PSAs - Review of AFUDC and CWIP booking Project 70.20 - Administration MSAslPSAs Project 79.00 - CVEC-Long Term Power Supply Planning and Development Project 91.00 - PlM RPMlLTFTR - Type Market andlor Rate Issues Project 104.00 - AEP East-OPCo & APCo-TRANSCo Formula Rate Issues Project 104.10 - AEP ROE FERC 206 Filing Project 110.00 - Project Fees GDS, BB&R #110 Project 111 .00 - ReviewlNegotiation of T &C's for Seven EEl Contracts
Project 112.00 - Danville-s ited Generation Project Project 906.09 - Martinsville - Solar Review Project 906.20 - Martinsville - Cost of Service and Retail Rate Study Project 907.00 - Radford - Small IOne-Time Project:Market Review Radford City Council Project 908.50 - Richlands - Cost of Service and Retail Rate Study Project 908.60 - Richlands - Project Fees GDS Project 909.00 - Salem - General Member Services Svcs, Small andlor One-Time Projects Project 910.00 - VPI&SU - Smalll One-Time Project: Cost of Service&Retail Rate Study
General Manager's Consultancy Fees
Total Projects Revenues
$
$
2017
2,192 32,916
7 3,500
5,000
9,588 5,833
14,065 50,920
175,505
14,483 9,766
252 250
11,442
1,036 33,593
37,445
407,793
$
$
2016
2,714 32,916
249 8,534
291 182 777
3,500 255
5,000 2,005 9,774 5,452 7,703
154,481 333,025
575 9,127
2,432 55,413
5,000 53,798
1,442
6,873 2,414
50,545
754,477
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BLUE RIDGE POWER AGENCY
SCHEDULE OF PROJECTS REVENUES AND COSTS OF PROJECTS REVENUES (CONTINUED) For theYear Ended 30 June 2017 (Comparative Totals for the Year Ended 30 June 2017)
Cost of Projects Revenues Engineering Consultants General Manager's Consultancy Fees Legal Consultants TAPS Dues PJM Dues PJM Public Power Coalition
$
2017
(286,6 19) (37,445) (65,641)
(3,500) (5,000) (9,588)
$
2016
(539,765) (50,545)
(145,893) (3,500) (5,000) (9,774)
Total Costs of Projects Revenues (407,793) (754,477)
Net Projects Revenues/(Costs of Projects Revenues) $ $
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BLUE RIDGE POWER AGENCY
SCHEDULE OF DUES AND SUPPORT For the Year Ended 30 June 2017 (Comparative Totals for the Year Ended 30 June 2017)
Dues - Bedford Dues - Central Virginia Electric Co-op Dues - Martinsville Dues - Radford Dues - Richlands Dues - Salem Dues - Virginia Polytechnic Institute
and State University
Total Dues and Support
2017 2016
$
$
27,291 63,020 25,515 25,988 18,133 39,446
36,509
235,902
$
$
21 ,349 47,425 20,321 23,591 14,263 31,930
28,375
187,254
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BLUE RIDGE POWER AGENCY
SCHEDULE OF ADMINISTRATIVE AND GENERAL EXPENSES For theYear Ended 30 June 2017 (Comparative Totals for the Year Ended 30 June 2017)
2017 2016
Accounting and auditing $ 33 ,943 $ 25,397 Administrative and general salaries 155,047 153 ,779 Agency meeting(s)/conference(s) expense 2,776 5,353 Bank charges 872 888 Books and subscriptions 1,114 175 Computer software expense 1,105 319 Copying and postage expense 1,753 807 Depreciation ex pense 1,922 1,263 Employee benefits 16,646 14,228 Employee recruitment expense 3,387 Engineering consultants 3,000 Insurance and bond insurance 3,041 2,174 Lo bbyist ex pense 4,142 1,252 Maintenance - office equipment 406 419 Membership fees in organizations 550 675 Miscellaneous expense 30 620 Office supplies 1,446 1,501 Other consultants 11,250 7,095 Other office expense 1,461 Payroll tax expense 12,022 11 ,392 - Project related cost 156 2 Regulatory commission expense 25 25 Rent and lease expense 1,243 1,356 Telephone, fax, internet 2,569 3,080 -Travel expense 18 ,227 17,976 Vehicle expense 2,576 2,606 -Total Administrative and General Expenses Before
Allocation of Expenses to General Manager's Consultancy Fees - Projects 272,861 260,230
Salaries and travel expenses allocated to General Manager's Consultancy Fees (37,445) (50,545)
Administrative and General Expenses Allocated to General Manager {31 ,408) {6,616}
Transistion Expenses $ 204,008 $ 203,069
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BLUE RIDGE POWER AGENCY
SCHEDULE OF CHANGES IN NET ASSETS - BOARD DESIGNATED MEMBERS' FUTURE SUPPORT For the Year Ended 30 June 2017
Beginning Balance - 01 July 2015
Board Designation of Unrestricted Net Assets for Members' Future Support
Transfer of funds from Board Designated Capital Assets to General Funds
Ending Balance - 30 June 2016
Board Designation of Unrestricted Net Assets for Members' Future Support
Transfer of funds from Board Designated Capital Assets to General Funds
Ending Blance - 30 June 2017
...
--
-
$ 52,411
50,545
(52,411)
50,545
37,445
(50,545)
$ 37,445
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BLUE RIDGE POWER AGENCY
SCHEDULE OF CHANGES IN NET ASSETS - BOARD DESIGNATED OPERATIONS TRANSITION RESERVE For the Years Ended 30 June 2017
Beginning Balance - 01 July 2015
Board Designation of Unrestricted Net Assets for Operations Transition Reserve
Transfer of funds to General FundslExpenses paid
Ending Balance - 30 June 20 16
Board Designation of Unrestricted Net Assets for Operations Transition Reserve
Transfer of fundslExpenses paid
Ending Blance - 30 June 2017
$
49,144
(6,616)
42,528
$
(31,408)
11,120
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BLUE RIDGE POWER AGENCY
SCHEDULE OF CHANGES IN NET ASSETS - BOARD DESIGNATED CAPITAL ASSETS REPLACEMENT/EXPENDITURE For the Year Ended 30 June 2017
Beginning Balance - 0 I July 2015
Board Designation of Unrestricted Net Assets for Assets ReplacementlExpenditure
Transfer of funds from Board Designated Capital Assets to General Funds for asset acquisition
Ending Balance - 30 June 2016
$ 28,109
(2,571 )
25,538
Board Designation of Unrestricted Net Assets for Assets Replacement/Expenditure
Transfer of funds from Board Designated Capital Assets to General Funds for asset acquisition
Ending Balance - 30 June 2017 $
(5 ,711)
19,827
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