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LAKE MINNETONKA CABLE COMMUNICATIONS COMMISSION <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE YEARS ENDED DECEMBER 31. 1989 AND 1988 <br />Summary of Significant Accounting Policies <br />The Lake Minnetonka Cable Communications Commission is a joint venture <br />of fourteen (14) communities; Excelsior, Orono, Spring Park, Long Lake, <br />Minnetonka Beach, Deephaven, Tonka Bay, Woodland, Victoria, Minnetrista, <br />Greenwood, St. Bonlfacius, Shorewood, and Medina, organized to control <br />and regulate cable communications with the public in the respective <br />cities. <br />The financial statements of Lake Minnetonka Cable Communications <br />Commission have been prepared on the cash basis. The sign ficant <br />policies followed are described below. <br />Fund Accounting <br />To insure observance of limitations and restrictions placed on the use <br />of resources available to the commission, the accounts of the commission <br />are maintained in accordance with the principles of fund accounting. <br />This is the procedure by which resources for various purposes are <br />classified for accounting and reporting purposes into funds established <br />according to their nature and purposes. Separate accounts are <br />maintained for each fund. <br />Property and Equipment <br />Prup* rty and equipment are reported at cost. Maintenance and repairs <br />a I f' charged to expense as incurred. <br />The commission provides for depreciation using the straight-line method <br />at rates to expense the cost of equipment over five (5) years. <br />Property and Equipment <br />A summary of property and equipment follows: <br />Furniture and office equipment <br />Accumulated depreciation <br />1989 19 S8 <br />$ 7,694 <br />2.658 <br />5^036 <br />$ 4,327 <br />1,457 <br />S 2,870