Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | KIEWIT ROYALTY TRUST |
Entity Central Index Key | 0000711477 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
CONDENSED STATEMENTS OF ASSETS,
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 606,389 | $ 735,748 |
Royalty and overriding royalty interests in coal leases | 167,817 | 167,817 |
Less accumulated amortization | (167,817) | (167,817) |
Total assets | 606,389 | 735,748 |
Liabilities | ||
Distributions payable to unit holders | 606,389 | 735,748 |
Total liabilities and trust corpus | $ 606,389 | $ 735,748 |
CONDENSED STATEMENTS OF ASSET_2
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS (Parenthetical) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS | ||
Beneficial interest units, authorized (in shares) | 12,633,432 | 12,633,432 |
Beneficial interest units, issued (in shares) | 12,633,432 | 12,633,432 |
Beneficial interest units, outstanding (in shares) | 12,633,432 | 12,633,432 |
CONDENSED STATEMENTS OF DISTRIB
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME | ||||
Royalty income | $ 26,040 | $ 87,261 | $ 685,012 | $ 629,303 |
Interest income | 3,195 | 1,648 | 4,497 | 2,294 |
Trust expenses | (57,173) | (61,629) | (83,120) | (104,629) |
Distributable income | $ (27,938) | $ 27,280 | $ 606,389 | $ 526,968 |
Distributable income per unit (in dollars per unit) | $ (0.0022114) | $ 0.0021593 | $ 0.0479987 | $ 0.0417122 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS - USD ($) | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS | ||||
Distributable income | $ (27,938) | $ 634,327 | $ 27,280 | $ 499,688 |
Distributions payable to unit holders | (606,389) | (526,968) | ||
Trust reserve | $ 634,327 | $ (634,327) | $ 499,688 | $ (499,688) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and do not necessarily include all of the information and footnotes required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. In the opinion of U.S. Bank National Association, as sole trustee of the Trust (the "Trustee"), all adjustments necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies ( a) Basis of Accounting: The condensed financial statements of the Trust, as prepared on the modified cash basis, reflect the Trust's assets, liabilities, trust corpus, and distributable income as follows: 1. 2. 3. 4. 5. 6. These condensed statements differ from financial statements prepared in accordance with GAAP and were prepared on the modified cash basis of reporting, which is considered to be the most meaningful because Distributions to Unit Holders are based on net cash receipts. This comprehensive basis of accounting, other than GAAP, corresponds to the accounting permitted for royalty trusts by the U.S. Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic 12E, Financial Statements of Royalty Trusts . The condensed financial statements of the Trust differ from financial statements prepared in conformity with United States generally accepted accounting principles (GAAP) because of the following: · Royalty income and interest income are recognized in the month received rather than in the month of production. · Expenses generally are not accrued. · Amortization of the net royalty and overriding royalty interests is shown as a reduction to Trust corpus and not as a charge to operating results. · Reserves may be established for contingencies that would not be recorded under GAAP. ( b) Cash and Cash Equivalents: The Trust considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash equivalents. (c) Related Party: The Trust was organized to provide an efficient, orderly and practical means of administering the income received from royalty interests and is administered by the Trustee. Pursuant to the terms of the Trust Indenture, the Trust pays the Trustee an annual fee of $100,000. The Trustee may adjust this fee annually in its sole discretion. The Trust pays a Trustee fee of $25,000 per quarter as long as the Trust has sufficient royalty income to make such payments. (d) Subsequent Events: We have evaluated the Trust activity and have concluded that there are no material subsequent events requiring additional disclosure or recognition in these condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Significant Accounting Policies | |
Basis of Accounting: | ( a) Basis of Accounting: The condensed financial statements of the Trust, as prepared on the modified cash basis, reflect the Trust's assets, liabilities, trust corpus, and distributable income as follows: 1. 2. 3. 4. 5. 6. These condensed statements differ from financial statements prepared in accordance with GAAP and were prepared on the modified cash basis of reporting, which is considered to be the most meaningful because Distributions to Unit Holders are based on net cash receipts. This comprehensive basis of accounting, other than GAAP, corresponds to the accounting permitted for royalty trusts by the U.S. Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic 12E, Financial Statements of Royalty Trusts . The condensed financial statements of the Trust differ from financial statements prepared in conformity with United States generally accepted accounting principles (GAAP) because of the following: · Royalty income and interest income are recognized in the month received rather than in the month of production. · Expenses generally are not accrued. · Amortization of the net royalty and overriding royalty interests is shown as a reduction to Trust corpus and not as a charge to operating results. · Reserves may be established for contingencies that would not be recorded under GAAP. |
Cash and Cash Equivalents: | ( b) Cash and Cash Equivalents: The Trust considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash equivalents. |
Related Party: | (c) Related Party: The Trust was organized to provide an efficient, orderly and practical means of administering the income received from royalty interests and is administered by the Trustee. Pursuant to the terms of the Trust Indenture, the Trust pays the Trustee an annual fee of $100,000. The Trustee may adjust this fee annually in its sole discretion. The Trust pays a Trustee fee of $25,000 per quarter as long as the Trust has sufficient royalty income to make such payments. |
Subsequent Events: | (d) Subsequent Events: We have evaluated the Trust activity and have concluded that there are no material subsequent events requiring additional disclosure or recognition in these condensed financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2019USD ($)item | |
Related Party: | |
Trust pays to Trustee | $ 100,000 |
Quarterly Trustee Fee | $ 25,000 |
Subsequent Events: | |
Number of material subsequent events | item | 0 |