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T I M ---W <br /> 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 conform to generally accepted accounting principles for local <br /> governmental units except as indicated in Note 2. The following is a <br /> summary of the significant accounting policies. <br /> A. Definition of Reporting Entity <br /> The combined financial statements present information on organizations <br /> and activities of the Town of Mashpee. The criteria for inclusion of <br /> organizations and activities as component units in the oversight entity's <br /> combined financial statements are: selection of governing authority, <br /> designation of management, ability to significantly influence operations, <br /> accountability over fiscal matters, and scope of public service. The <br /> inclusion of organizations and activities in the Town's combined financial <br /> statements does not affect their separate legal standing. <br /> B. Fund Accountinq <br /> The Town reports its financial activities in several funds and one account <br /> group in order to comply with the limitations and restrictions placed on <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 /> into the following generic fund types and broad fund categories. <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 <br /> for the proceeds of specific revenue sources (other than expendable <br /> trust or major capital projects) that are legally restricted to expenditures <br /> for specified purposes. <br /> I <br /> Capital Projects Funds - Transactions related to resources obtained and I <br /> used for the acquisition, construction, or improvement of major capital <br /> facilities are accounted for in Capital Project Funds. Such resources are <br />