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<br />ARKANSAS RIVER COMPACT ADMINISTRATION <br />NOTES TO CASH BASIS STATEMENTS <br />JUNE 30, 11m <br /> <br />Note I-Summary of significant accounting policies: <br />8. The Administration maintains financial records using the cash <br />basis of accounting. By lIling the cash basis of accounting certain <br />key accoWlts needed to present financial position and results of <br />operations are omitted; examples of these accounts are accounts <br />receivable and accounts payable. <br /> <br />Note 2- The Compact, during its December 14, 1976, meeting, changed <br />the. year end from October 31 to June 30. The statements are <br />presented for the eight month period November I, 1976, to June <br />30, um, except for the Statement of Cash Receipts and <br />DisbUr.lements with Budget Comparison which is for the period <br />July I, 1976, to June 30, 19'17. <br /> <br />In our opinion, Exhibits A and B, present fairly the Assets and <br />Liabilities Arising from Cash Tra_clions of the Arkansas River <br />Compact Administration at June 30, 19'17, and the results of Cash <br />Transactions for the eight month period then ended and Exhibit C <br />presents fairly the cash transactions of the budget year ended June 30, <br />um. <br /> <br />Crimond, Schemahom '" Co. <br /> <br />July 11, 19'17 <br />Lamar, Colorado <br /> <br />-]6- <br />