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<br />NORTH METRO TELECOMMUNICATIONS COMMISSION
<br />STATEMENT OF NET ASSETS
<br />December 31, 2004
<br /> Media Center Commission Total
<br />ASSETS
<br />CURRENT ASSETS
<br />Cash and cash equivalents $ 487,382 $ 652,559 $ 1,139,941
<br />Accounts receivable 154,366 154,366
<br />Intercompany account (33,210) 33,210
<br />Prepaid expenses 5,629 6,357 11,986
<br />TOTAL CURRENT ASSETS 614,167 692,126 1,306,293
<br />CAPITAL ASSETS
<br />Land 225,700 225,700
<br />Building 1,443,851 1,443,851
<br />Office and studio equipment 717,544 266,261 983,805
<br />Vehicles 45,810 45,810
<br />Less accumulated depreciation (273,811) (34,811) (308,622)
<br />TOTAL CAPITAL ASSETS 489,543 1,901,001 2,390,544
<br />OTHER ASSETS
<br />Loan fees, net of accumulated amortization of $8,240 84,460 84,460
<br />TOTAL ASSETS 1,103,710 2,677,587 3,781,297
<br />LIABILITIES
<br />CURRENT LIABILITIES
<br />Current portion of long-term debt 105,000 105,000
<br />Accounts payable 5,450 5,450
<br />Accmed expenses 60,069 16,532 76,601
<br />Defened franchise fee revenue 440,002 440,002
<br />TOT AL CURRENT LIABILITIES 60,069 566,984 627,053
<br />LONG- TERM LIABILITIES
<br />Long tenl1 debt, net of CUlTent portion 1,640,000 1,640,000
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 489,543 156,001 645,544
<br />Unrestricted 554,098 314,602 868,700
<br /> I
<br />TOT AL NET ASSETS $ 1,043,641 $ 470,603 $ 1,51{244
<br />
<br />See accompanying notes
<br />to basic financial statements
<br />
<br />P.7:5
<br />D
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