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BRAINERD LAKES AREA DEVELOPMENT CORPORATION <br /> NOTES TO FINANCIAL STATEMENTS <br /> SEPTEMBER 30, 2003 AND 2002 <br /> NOTE 2 CERTIFICATES OF DEPOSIT <br /> As of September 30, 2003 and 2002,certificates of deposit consisted of the following: <br /> 2003 2002 <br /> Northern National Bank, issued 4/29/03, matures 4/29/04, $ 79,067 $ 79,352 <br /> 1.90% interest. <br /> American National Bank, issued 6/5/02, matures 6/5/03, <br /> 3.26% interest. '0' 40,421 <br /> Mid Minnesota Federal Credit Union, issued 6/25/02, <br /> matures 12/24/02,2.25% interest. -0' 37,747 <br /> Lakes State Bank, issued 6/21/03, matures 6/21/04, 81070 <br /> 2.25% interest. , 78,902 <br /> Mid Minnesota Federal Credit Union, issued 7/1/03, matures <br /> 12/30/03, 1.99% interest. 41,689 <br /> -0- <br /> American National Bank, issued 6/5/03, matures 6/5/04, <br /> 1.98% interest <br /> 40.200 -0- <br /> Total <br /> $242.026 $23 <br /> Certificates of deposit have been designated for use by the Board of Directors. (See Note 6). <br /> Certificates of deposit are carried at cost,which approximates fair market value. <br /> NOTE 3 PROPERTY AND EQUIPMENT <br /> As of September 30, 2003 and 2002, property and equipment consisted of the following: <br /> 2003 2002 <br /> Equipment and furniture $24,805 $22,108 <br /> Leasehold improvements 16.957 <br /> 16.957 <br /> Less:accumulated depreciation 41,762 39,065 <br /> 18.640 14.773 <br /> Property and equipment, net $� $ <br />