North Side Pumping Company

“The Organization has one class of shareholders that purchase shares based on the amount of water they wish to have a right for delivery.”

“The Shareholders elect the Board of Directors.”

“There are no committees with authority to act on behalf of the governing body.”

“The Form 990 is reviewed by the Board of Directors at the annual meeting prior to filing with the IRS.”

“The Organization does not have any employees. All compensation is paid by North Side Canal Company, an unrelated organization.”

“All documents are available in the office upon request.”

“The amounts reported in Part VII, Column D and F, for the Secretary, Treasurer, and Manager/Superintendent positions represent the reportable compensation paid by North Side Canal Company, an unrelated organization, for services rendered to the North Side Pumping Co. for the 2019 calendar year. North Side Pumping Co. reimbursed North Side Canal Company for these services. The compensation reimbursement is included in the amount reported on Form 990, Part IX, Line 11g.”

“Management Fees 64,924.”

“Effective November 1, 2019, the Company adopted FASB Accounting Standards Update (ASU) No. 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities, which affects current U.S. GAAP primarily as it relates to the accounting for equity investments other than equity method investments and the presentation and disclosure requirements for financial instruments. The ASU was applied prospectively and eliminated the cost method investment classification for investments in affiliated entities. The cumulative amount of the observable price change in investments of affiliates resulted in a program investment write up of $42,498,854 as of October 31, 2020 which is reflected in the $42,511,000 listed on Form 990, Part X, Line 13.”

“Cumulative observable price change in investments of affiliates. 42,498,854.”