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<br />I ' <br /> <br />ARKANSAS RIVER COMPACT ADMINISTRATION <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 1994 <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 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 - Treasurer Bond for fiscal year ending 06/30/95 was paid prior <br />to 06/30/94. <br /> <br />NOTE 3 - The expense of $2,465 for printing of the Annual Report was for 1988. <br /> <br />NOTE 4 - The 40% Kansas revenue includes a special assessment of $5,200 received just prior <br />to July 1, 1993. This revenue was llil1 included as "income" in the preceding fiscal year <br />that ended June 30, 1993. <br /> <br />NOTE 5 - Court reporter for the December 1992 meeting was paid during this fiscal year, but <br />was recorded as an expense in the preceding fiscal year that ended June 30, 1993. <br /> <br />5 <br />