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,- COLORADO RIVER BASIN SALINITY CONTROL FORUM Notes to Financial Statements June 30, 1994 and 1993 (See Accountants' Compilation Report) < 1) Accounting Policies '-his summary of significant accounting policies of Colorado River Basin Salinity <::;ontrol Forum (the Forum) is presented to assist in understanding the Forum's ~ nancial statements. The financial statements and notes are representations of the Forum's management, which is responsible for their, integrity and objectivity. -rhese accounting policies conform to generally accepted accounting principles, ~nd have been consistently applied in the preparation of the financial statements. (A) Accounting Basis Assets and liabilities, and revenues and expenses are recognized on the accrual basis of accounting. For the years ended June 30, 1994 and 1993, all revenues earned and expenses incurred have been received or paid, therefore, there are no accrued receivables or payables at those dates. (B) Organization and Purpose In part, as a result of Public Law 92-500, the Forum was established in 1973 as a mechanism for interstate cooperation and to develop water quality standards. Section 303 of the Clean Water Act requires that these water quality standards be reviewed from time to time, but at least once every three years. The Forum is composed of up to three water resource and/or water quality representatives from each of the seven Colorado River Basin States, appointed by their respective governors. The seven-state Forum prepares a review of water quality standards, including numeric criteria and the plan of implementation developed , by the Forum to maintain water quality of the Colorado River. The Forum has contracted with a hydrological engineer to act as executive director of the Forum. The executive director provides a focal point of contact for the Forum in dealing with salinity problems of interstate significance,