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<br />ELK RIVER FIRE DEPARTMENT RELIEF ASSOCIA nON <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31,2005 AND 2004 <br /> <br />Note 3: DETAILED NOTES ON ACCOUNTS - CONTINUED <br /> <br />At December 31,2005, the Association's bank deposits totaled $213,340, ofwbich $5,545 was cash deposits and <br />$207,795 was invested in certificates of deposit. Of the bank balance, $152,565 was covered by federal depository <br />insurance. The remaining balance of $60,775 was not insured. <br /> <br />Following is a summary of the deposits at December 31,2005 and 2004: <br /> <br />2005 <br /> <br />Book <br /> <br />$ 213,340 <br /> <br />Bank <br /> <br />$ 213,371 <br /> <br />Investments <br /> <br />2004 <br /> <br />$ 48,850 <br /> <br />$ 48,850 <br /> <br />Investments are carried at fair value. Investment and dividend income are recognized as revenue when earned. <br /> <br />As of December 31, 2005, the Association had the following investments that are insured or registered, or securities <br />held by the Association or its agent in the Association's name: <br /> <br />Type of Investment <br /> <br />Credit <br />Qua1ity/ <br />Ratings (1) <br /> <br />Concentration <br />of <br />Credit Risk <br /> <br />Segmented <br />Time <br />Distribution (2) <br /> <br />Pooled investments <br />State Board of Investments <br />Bond Market <br />Common Stock Index <br />Growth Share <br />Income Share <br /> <br />N/A <br />N/A <br />N/A <br />N/A <br /> <br />25% <br />14% <br />11% <br />50% <br /> <br />less than 6 months <br />less than 6 months <br />less than 6 months <br />less than 6 months <br /> <br />Total pooled investments <br /> <br />Money Market <br /> <br />N/A <br /> <br />N/A <br /> <br />N/A <br /> <br />Total investments <br /> <br />Fair Value <br />and <br />Carrying <br />Amount <br /> <br />$ 410,565 <br />231,327 <br />184,059 <br />838,011 <br /> <br />1,663,962 <br /> <br />9,283 <br /> <br />$ 1,673,245 <br /> <br />2. Interest rate risk is disclosed using the segmented time distribution method. <br /> <br />1. Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk. <br /> <br />N/A indicates not applicable or available. <br /> <br />Concentration of credit risk - The Association is required to disclose debt investments greater than five percent of total <br />investments. N/A indicates that the calculation is not required. <br /> <br />The 2004 investments were reported under the requirements of the Governmental Accounting Standards Board <br />(GASB)Statement No.3. The disclosures are as follows: <br /> <br />-6- <br />