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12 <br /> .TOWN OF MASHPEE <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1976 <br /> Note 1 — Summary of Significant Accounting Policies <br /> The accompanying statements have been prepared on the basis of accounting <br /> and reporting practices prescribed or permitted by the Commonwealth of Mass— <br /> achusetts, Department of Corporations and Taxation, Bureau of Accounts. <br /> Substantially all revenues except real and personal property taxes are <br /> fully reserved until collected. Revenues related to real and personal <br /> property taxes are recognized when billed. <br /> In accordance with Chapter 44, Section 56 of the General Laws of the <br /> Commonwealth of Massachusetts certain cash disbursements made during the <br /> fifteen days immediately following the close of the towns fiscal year were <br /> recorded as if paid on or prior to June 30, 1976. <br /> Fixed assets and depreciation are not recorded in the accounting records. <br /> Inventories are considered to be expenditures at the time of purchase <br /> and are not carried as an .asset on the town records. <br /> In accordance with a directive of the Commonwealth, the town records <br /> the total amount of budgeted expenditures at the time the annual budget is <br /> approved at the annual town meeting. <br /> Note 2 — Contingencies <br /> The Town of Mashpee has been named as a defendant vs. The Mashpee Tribe <br /> in which the Tribe has claimed the land of all of the Town. This suit is now <br /> pending in the United States District Court for the District of Massachusetts. <br /> • JFB/p <br />