Wallace No 1 is a privately owned Earth dam located in Montezuma County, Colorado, specifically in the city of Moncos. Built in 1964 by the USDA NRCS, this dam serves the primary purpose of flood risk reduction along Chicken Creek. With a height of 32 feet and a structural height of 38 feet, the dam has a storage capacity of 109 acre-feet and a maximum discharge of 2826 cubic feet per second.

Despite its low hazard potential, the condition assessment of Wallace No 1 is currently marked as "Not Available," indicating a lack of recent inspection data. The dam's emergency action plan (EAP) has not been prepared or reviewed, raising concerns about its readiness to address potential risks and emergencies. Additionally, there is no available information on the dam's risk assessment, management measures, or inundation maps, highlighting the need for further evaluation and preparedness in the event of unforeseen events. For water resource and climate enthusiasts, Wallace No 1 presents an opportunity for monitoring and improvement to ensure the safety and effectiveness of its flood risk reduction capabilities.