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i <br /> Ii <br /> i <br /> TOWN OF MASHPEE, MASSACHUSETTS ' <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> i <br /> facilities (other than those financed by properietary funds, special assessment <br /> funds and trust funds) . This fund is currently comprised of a Department of <br /> Public Works project as of June 30, 1986. <br /> 2) Fiduciary Fund <br /> j , <br /> Trust Funds <br /> Trust funds are used to account for assets held by the town in a <br /> trustee capacity or as an agent for individuals, private organizations, other i I' <br /> governments and/or other funds. These include expendable trust, non-expendable <br /> j. <br /> trust and agency funds. Non-expendable trust funds are accounted for on the <br /> 1! <br /> accrual basis of accounting which permits the periodic measurement of revenues <br /> earned, expenses incurred and/or net income in order to demonstrate maintenance <br /> of capital. Expendable trust funds are accounted for in essentially the same <br /> manner as governmental funds. Agency funds are custodial in nature (assets equal <br /> liabilities) and do not involve measurement of results of operations. <br /> 3) Account Group i. <br /> Long-Term Debt <br /> Long-term liabilities expected to be financed from governmental <br /> funds are accumulated in the general long-term debt group of accounts. This <br /> account group is not a fund. It is only concerned with the measurement of <br /> financial position and, therefore, is not involved with a measurement of the <br /> results from any operations. <br /> B. Basis of Accounting ' <br /> bo <br /> Basis of accounting refers to when revenues and expenditures or <br /> I <br />