Arenas Valley Water Development Association

“The organization consists of members. Each member is a water user. Currently there are 478 members.”

“The Board of Directors are elected by the Members. This is accomplished at the annual meeting.”

“The 990 is reviewed by the Treasurer of the organization. This individual has a financial accounting background. The CPA, who prepares the tax return, attends a Board Meeting to review and answer any question regarding the return.”

“Compensation of key employees and all employees are determined by the Board of Directors. This is accomplished at a Board of Directors meeting. Local compensation issues are reviewed to assure compensation is fair and equitable. The Board of Directors dont get paid for their governance activity. A small stipend is paid to the President to oversee the Internal Controls of the office personnel. Payments are also paid to the Board of Directors where there is an emergency situation where maintenance is needed.”

“The organization makes its governing documents available to all eligible members of the association. Policy issues are a continuing process and are being addressed and written by the Board of Directors.”

“Subsequent to the filing of the 990 tax return for June 30, 2014, it was determined that an adjustment was necessary to be made to the financial records. This adjustment caused an overall increase to the expenses by 10,935. The itemized water expense was increased by 10,840 and supplies expense was increased by 95. The subsequent offset to the Balance Sheet increased the accounts payable by 10,840 and decreased fixed assets by 95.”