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06-28-1995 Council Agenda
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06-28-1995 Council Agenda
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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1994 <br />Page 1 of 8 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />The accounting policies of the Little Canada Firemen's Relief Association confonn to generally accepted <br />accounting principles applicable to governmental units. The following is a summary of the significant <br />accounting policies. <br />A. FORM OF GOVERNMENT <br />The Little Canada Firemen's Relief Association was incorporated on January 5, 1961. It operates under <br />the provisions of Minnesota Laws 1951 Chapter 550, Minnesota Statutes Section 317, as amended. It <br />is governed by a board of ten members. Six of the board members are elected by the members of the <br />Association and three are appointed by the City as members of the board. The fire chief is the <br />automatic tenth member of the Board. <br />B. FINANCIAL REPORTING ENTITY <br />In accordance with the GASB pronouncements and generally accepted accounting principles, the <br />financial statements of the reporting entity include those of the Little Canada Firemen's Relief <br />Association (the primary govemment) and its component units. The Little Canada Firemen's Relief <br />Association does not have any component units. <br />C. FUND DEFINITIONS <br />General Fund - accounts for the Special Deferred Compensation Account (S.D.C.A.) and all financial <br />resources except those required to be accounted for in the Special Fund. <br />Special Fund (Pension Trust)- accounts for financial resources to be used exclusively for the payment <br />and administration of the Little Canada Firemen's Pension and Disability Relief. <br />D. BASIS OF ACCOUNTING <br />General Fund - The modified accrual basis of accounting is followed for the General Fund of the <br />Association. Under this method of accounting, revenues are recognized when received in cash, except <br />for revenues of a material amount that have not been received at the normal time of receipt and revenues <br />susceptible to accrual. Revenues considered susceptible to accrual are those revenues that are both <br />measurable and available to finance the Association's operations during the year. Expenditures are <br />reported when the related liability is incurred. <br />Special Fund (Pension Trust) - The accrual basis of accounting is followed for the Pension Trust Fund <br />of the Association. Under this method, revenues are recognized in the accounting period in which they <br />are earned and become measurable. Expenses are recognized in the period incurred, if measurable, <br />except for future pension costs which are computed periodically in accordance with State requirements. <br />E. INVESTMENTS <br />Investments are stated at amortized cost plus interest and any dividend added to date. <br />Page 71 <br />
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