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i i-MCF&C CICORIA, FANTASIA & COMPANY, PC CERTIFIED PUBLIC ACCOUNTANTS AUDITORS' REPORT Board of Selectmen Town of Mashpee Mashpee, Massachusetts Honorable Selectmen: We have examined the combined financial statements of the various funds of the Town of Mashpee, Massachusetts, as of and for the year ended June 30, 19871 as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The town follows accounting practices prescribed by the Commonwealth of Massachusetts which vary in certain respects from generally accepted accounting principles. The most significant difference relates to the cash basis method for recording pension expenses for employees. Generally accepted accounting principles require that pension costs be determined by actuarial methods instead of the cash "pay-as-you-go" basis prescribed in Note 2 to the accompanying financial statements. Consistent with the practices of many municipalities in the Commonwealth of Massachusetts, the town has not maintained historical .cost records of its property, plant and equipment. Accordingly, the combined financial statements referred to above do not include a general fixed asset group of accounts which should be presented to conform with generally accepted accounting principles. As described in Note 13, the town has not determined the accumulated cost of vested vacation and sick leave benefits for town employees as of June 30, 1987. Accordingly, the combined financial statements do not include the cost of vested sick and vacation benefits as prescribed by the National Council on Governmental Accounting in their Statement 4 "Accounting and Financial Reporting Principles for Claims and Judgements and Compensated Absences." In our opinion, except for the effects, if any, of the matters referred .to in the second, third and fourth paragraphs of this report, the combined financial statements referred to above present fairly the financial position of the Town of Mashpee, Massachusetts at June 30, 1987 and for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying financial information listed as schedules in the Table of Contents is presented for the purpose of additional analysis and is not a required part of the financial statements of the Town of Mashpee, Massachusetts. The information has been subjected to the auditing procedures applied in the examination of the financial statements; and, in our opinion, is stated fairly in all material respects in relation to the financial statements taken as a whole. February 23, 1988 260 Cochituate Road 4 Colonel Orive Framingham.MA 01 701 Bourne.MA 02532 617-235-7634 617-75S-S-761 61 7-872-6784