3.0.b. SWCSR 08-15-2019 - Laserfiche WebLink

Home Browse Search

SHERBURNE WRIGHT COUNTY CABLE COMMUNICATIONS COMMISSION NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2017 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sherburne Wright County Cable Communications Commission (the Commission) is an organized commission having the power, 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, promotes the development of locally produced cable television programming, and conducts such other authorized activities as may be necessary to ensure 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 municipality. Each municipality is permitted to appoint at least one alternate director. The board of directors includes a board chair, vice chair, treasurer, and secretary who are appointed every 2 years by the board of directors. Reporting Entity Generally accepted accounting principles define the reporting entity as the primary government and its component units. Component units are legally separate organizations for which the primary government is considered to be financially accountable or for which the exclusion of the component unit would render the financial statements of the primary government misleading. The criteria used to determine if the primary government is financially accountable for a component unit include whether or not the primary government appoints a voting majority or the potential component unit's governing body, is able to impose its will on the potential component unit, is in a relationship of financial benefit or burden with the potential component unit, or is fiscally depended upon by the potential component unit. Based on these criteria, there are no organizations considered to be component units of the financial reporting entity. Basis of Accounting Sherburne Wright County Cable Communications Commission follows the cash basis of accounting. The statement of cash receipts and disbursements was prepared on the cash basis and accordingly, receipts and disbursements 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. (6)