1969-1987-FISCAL AUDITS - Laserfiche WebLink

Home Browse Search

TOWN OF MASHPEE, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS JUNE 30, 1987 1. Summary of Significant Accounting Policies A. Reporting Entity In accordance with Governmental Accounting and Financial Reporting Standards, the accompanying financial statements present the financial position of the various funds and account groups of the Town of Mashpee, Massachusetts as of June 30, 1987. Also included are funds and account groups of agencies, authorities, boards, and other organizational entities (component units) which the town exer- cises oversight responsibility. Criteria used for detailing oversight responsi- bility and determining whether a component unit is included in the financial statements are: selection of governing authority, designation of management, ability to significantly influence operations, accountability for fiscal matters and scope of public service. The inclusion of component units in the Town's financial statements do not affect their separate legal standing. B. Basis of Presentation-Fund Accounting The accounts of the town are presented on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for in a set of self-balancing accounts that compromise its assets, liabilities, fund equity, revenues, expenditures or expenses and other financing sources and uses. The various funds and account groups are grouped by fund categories and fund types as follows: 1) Governmental Funds. Governmental funds are those through which most governmental functions are typically financed. The acquisition, use, and balances of the government's expendable financial resources and the related 13