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i <br /> i <br /> Town of Mashpee, Massachusetts <br /> i <br /> Notes to Financial Statements <br /> i <br /> June 30, 1992 <br /> i <br /> 1. Summary of Significant Accounting Policies <br /> The accounting policies for financial reporting purposes of the Town of <br /> Mashpee conform to generally accepted accounting principles for local <br /> governmental units except as indicated in Note 2. The following is a <br /> summary of the significant accounting policies. <br /> 1 <br /> A. Fund Accountinct <br /> The Town reports its financial activities in several funds and one <br /> account group in order to comply with the limitations and <br /> restrictions placed on both the resources made available to the Town <br /> and the services provided. The various funds are grouped, in the <br /> financial statements in this report, into the following generic fund <br /> types and broad fund categories. <br /> FUNDS <br /> General Fund - The General Fund is the general operating fund of the <br /> Town. It is used to account for all financial resources except those <br /> required to be accounted for in another fund. <br /> Special Revenue Funds - Special Revenue Funds are used to account for <br /> the proceeds of specific revenue sources (other than expendable trust <br /> or major capital projects) that are legally restricted to <br /> expenditures for specified purposes. <br /> I <br /> Capital RM ects Funds - Transactions related to resources obtained <br /> and used for the acquisition, construction or improvement of major <br /> capital facilities are accounted for in capital Project Funds. Such <br /> resources are derived principally from proceeds of general obligation <br /> bond issues and from federal and state grants. <br /> I <br /> FIDUCIARY FUNDS <br /> Trust and Agency Funds - Tnast and Agency Funds are used to account <br /> for assets held by the Town in a trustee capacity or as an agent for <br /> individuals, private organizations, other governments and/or other <br /> funds. These include Expendable Trust and Nonexpendable Trust and <br /> Agency Funds. Nonexpendable Trust Funds are accounted for in a <br /> manner that permits the periodic measurement of revenues earned, <br /> expenses incurred and/or net income in order to demonstrate <br /> maintenance of capital. <br /> y�JJ <br /> i <br /> S* <br />