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<br />-t. " ' .. <br /> <br />ARKANSAS RIVER COMPACT ADMINISTRATION <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 1995 <br /> <br />NOTE I - Summary of significant accounting policies: <br /> <br />a, The Administration maintains financial records using the <br />cash basis of accounting. By using the cash basis of accounting, <br />certain revenues are recognized when received rather than <br />when earned, and certain expenses and purchases of assets <br />are recognized when cash is disbursed rather than when the <br />obligation is incurred. <br /> <br />b, The Statement of Receipts and Disbursements is shown only to reconcile <br />the beginning and ending cash balances. It is llil1 intended to reflect income <br />and expense recognition. Income and expenses are reflected in the Statement <br />of Revenues and Expenses with Budget Comparison. <br /> <br />NOTE 2 - The treasurer bond expense was paid prior to the preceding fiscal year ending 06/30/94, <br />recorded as a prepaid expense at that time, <br /> <br />NOTE 3 - The expense of$I,OOO for printing of the 1989 Annual Report was partial payment towards <br />the total cost of approximately $2,500. <br /> <br />NOTE 4 - Legal fees were for services rendered through 04/30/95, Legal fees incurred after that date <br />have been very minor, <br /> <br />5 <br />