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<br />-.- ',..." ....t... A "r <br />- ., .,~. ;":'l .;'t (1.:.'3!::.,-..r,~~ . . . .~ <br />- .." .".-. ':.- ..:,..1'~~-~~).-?:$.or; ;1' .... .::~ <br /> <br />~~~-":;'~""''':''''::<''''~'''''-i:P.=r.!~-~-~~''''''''''' <br />i~'~':....t.\..: .z..-....!':'~ ..~...:t,.:.:-:.;......:>..'.-:;~;.....'.'..~ ,,-p.-=r.7".Ae~~.....":,r"~,,;:-:~~;~':'~. . . I <br />., '., ....~....... .:..... ,. ..l....::....,........ .:-:~y.:.~.~:t....."l- '::,;;:,,:,~. <br /> <br />., <br /> <br />ARKANSAS RIVER CaMP ACT ADMINISTRA nON <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 1997 <br /> <br />NOTE 1 - 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 Disbursemellls is shown only to reconcile <br />the beginning and ending cash balances. It is IlQ1 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 for fiscal year ending 6/30/97 was paid prior to 06/30/96, <br />and was recorded as a prepaid expense in the prior fiscal year. <br /> <br />NOTE 3 - The court reporter fee for the December 1996 annual meeting was submitted for payment <br />afterthe fiscal year ended and paid ($842.00) August 1 S, 1997. <br /> <br />1645 <br /> <br />5 <br />