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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1989 <br /> 7. Assets. Liabilities and Fund Equity <br /> Cash. Cash balances from all funds, except those required to be <br /> segregated by law, are combined to form a pool of cash. Cash balances <br /> are invested to the extent available and interest income is recognized <br /> a in the General Fund. Certain special revenue funds, proprietary funds <br /> ` and fiduciary funds cash are segregated and investment income becomes <br /> L ' <br /> a part of those funds. <br /> Accounts Receivable. Accounts receivable are recorded when billed <br /> Allowances for bad debts, abatements and exemptions are estimated <br /> t based on historical trends. <br /> Interfund Receivables and Payables_ Due from/Due to Other Funds arise <br /> during the course of operations from the pooling of cash and as funds <br /> Provide services to each other. <br /> Due From Other. GoverK,rnents1_ Due from other governments include <br /> amounts due from grantor agencies for specific programs and capital <br /> projects. Revenues and the related receivables are recorded when the <br /> f; <br /> reimbursable costs are incurred. <br /> Reserve for flbat ernents and Exemptions._ provisions far property tax <br /> k abatements and exemptions are established for each annual tax levy as <br /> Prescribed by statute. The primary intent is to provide for these <br /> Potential refunds or allowances during the year in which the tax would <br /> E be due and collected. Excessive amounts no longer necessary are to be ' <br /> transferred to a reserve account to be used for extraordinary or un- <br /> foreseen expenses as prescribed by the Massachusetts General Laws. <br /> Reserve ep <br /> for Encumbrances. The Town records encumbrances as a Reserva- ' <br /> tion of Fund Balance and the subsequent years" appropriations provide <br /> authority to complete these transactions as expenditures. <br /> 3. <br /> kx <br /> 3 ' <br /> y <br /> 19 <br />