1992-1998-FISCAL AUDITS - Laserfiche WebLink

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Town of Mashpee, Massachusetts I Notes to Financial Statements i ii 1. Summary of Significant Accounting Policies The accounting policies for financial reporting purposes of the Town of Mashpee conform to generally accepted accounting principles for local governmental units except as indicated in Note 2. The following is a sum- mary of the significant accounting policies. A. Fund Accounting The Town reports its financial activities in several funds and one account group in order to comply with the limitations and restrictions placed on both the resources made available to the Town and the services provided. The various funds are grouped in the financial statements in this report into the following generic fund types and broad fund categories. GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the Town. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trust or major capital projects) that are legally restricted to expenditures for speci- fied purposes, Capital Proiects Funds - Transactions related to resources obtained and used for the acquisition, construction, or improvement of major capital facilities are accounted for in Capital Project Funds. Such resources are derived principally from proceeds of general obligation bond issues and from federal and state grants. I FIDUCIARY FUNDS Trust and Agency Funds - Trust and Agency Funds are used to account for assets held by the Town in a trustee capacity or as an agent for indi- viduals, private organizations, other governments, and/or other funds. These include Expendable Trust, Nonexpendable Trust and Agency Funds. ' I i 6