06/30/2004-FISCAL AUDITS - Laserfiche WebLink

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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 , NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. General , The basic financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America(GAAP). The Governmental Accounting Standards Board(GASB)is the standard- ' setting body for establishing governmental accounting and financial reporting principles. The significant accounting policies are described herein. B. Reporting Entity ' The Town of Mashpee,Massachusetts(Town)is a municipal corporation that is governed by an elected Board of Selectmen. For financial reporting purposes,the basic financial statements include all funds,organizations,account groups, agencies,boards,commissions and institutions that are not legally separate from the Town. The Town has also considered all potential component units for which it is financially accountable as well as other organizations for which the nature and/or significance of their relationship with the Town are such that exclusion would cause the Towns basic financial statements to be misleading or incomplete. It has been ' determined that there are no component units that require inclusion in the basic financial statements. Joint Ventures A joint venture is an organization(resulting from a contractual arrangement)that is owned,operated or governed by two or more participants as a separate and specific activity subject to joint control in which the participants ' retain an ongoing financial interest or ongoing financial responsibility. Joint control means that no single participant has the ability to unilaterally control the financial or operating policies of the joint venture. The Town participates in one joint venture with other municipalities to pool resources and share the costs,risks ' and rewards of providing goods and services to venture participants directly,or for the benefit of the general public or specified recipients. The following table identifies the Town s joint venture and related information: Fiscal Year 2004 Name Purpose Address Assessment ' Cape Cod Regional To provide vocational 351 Pleasant Lake Avenue Technical High School educational services Harwich,MA 02645 $ 497,464 ' The Cape Cod Regional Technical High School(School)is governed by a 21 member school committee consisting of two representatives(appointed by the Board of Selectmen)from the Town. The Town is indirectly liable for ' the School's debt and other expenditures and is assessed annually for its share of operating and capital costs. Separate financial statements may be obtained by writing to the Treasurer of the School at the address identified above. C. Government-Wide and Fund Financial Statements Government-Wide Financial Statements The government-wide financial statements (statement of net assets and the statement activities)report information on all non-fiduciary activities of the primary government. Governmental activities are primarily ' supported by taxes and intergovernmental revenues. Town of Mashpee,Massachusetts 20 Basic Financial Statements