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Town of Mashpee, Massachusetts <br /> Notes to Financial Statements <br /> 1. Summary of Significant Accounting Policies <br /> The accounting policies for financial reporting purposes of the Town of <br /> Mashpee (the Town) conform to generally accepted accounting principles for <br /> local governmental units except as indicated in Note 2. The following is a <br /> summary of the significant accounting policies. <br /> A. Fund Accounting <br /> The Town reports its financial activities in several funds and one account <br /> r group in order to comply with the limitations and restrictions placed on <br /> l <br /> both the resources made available to the Town and the services provided. <br /> The various funds are grouped, in the financial statements in this report, <br /> x into generic fund types and broad fund categories. <br /> v <br /> GOVERNMENTAL 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 special <br /> assessments, expendable trust or major capital projects) that are legally <br /> restricted to expenditures for specified purposes. <br /> Capital Projects Funds - Transactions related to resources obtained and <br /> used for the acquisition, construction or improvement of major capital <br /> facilities are accounted for in Capital Project Funds. Such resources are <br /> derived principally from proceeds of general obligation bond issues and <br /> from federal and state grants. <br /> - 6 - <br /> f <br />