SWCSR FINANCIAL REPORT 12-31-2007

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SHERBURNE-WRIGHT COUNTY CABLE COMMUNICATIONS COMMISSION II NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ' Sherburne-Wright County Cable Communications Commission is an organized commission having the powers, duties, and privileges granted towns by Minn. Stat. ch. 471. The Commission's purpose is to monitor the operation and activities of cable communications ' and in particular, the cable communications systems of participating municipalities. The Commission also coordinates the administration and enforcement of the franchise associated with the cable communications systems and promotes the development of locally produced cable television programming and conducts such other authorized activities as may be necessary to insure equitable and reasonable rates and service levels for the citizens of participating municipalities. ' The Commission is located in Minnesota within Sherburne and Wright counties. It is governed by a board of directors who are appointed by each participating municipalities. Each municipality is required to appoint at least one alternate Director. The board of ' directors includes a board chair, treasurer and secretary who are appointed every 2 years by the board of directors. Commission Members As of December 31, 2007, the Commission had ten members which were comprised of the Cities of Big Lake, Buffalo, Cokato, Dassel, Delano, Elk River, Maple Lake, Monticello, ' Rockford and Watertown. Reporting Entity ' The financial reporting entity consists of the primary government and the component units for which the primary government is financially responsible. There is financial accountability if the primary government appoints a voting majority of an organization's governing body and has the ability to impose its will on that governing body; or there is a potential for the ' organization to provide specific financial benefits or to impose specific financial burdens on the primary government. Based on these criteria there are no component units to be included in the financial reporting entity. Basis of Accounting Sherburne-Wright County Cable Communications Commission II follows the cash basis of accounting. The statement of cash receipts and disbursements was prepared on the cash basis and accordingly, revenues and expenditures are recognized only as cash is received or paid out. These statements do not give effect to receivables, payables, accrued expenses, inventories or property, plant and equipment assets. Cash ' Cash consists of a checking account. 1 (5)