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NOTE 8 - CONTINGENT LIABILITIES
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies. Any disallowed claims, including amounts
already collected, may constitute a liabili ty of the applicable funds. The amount,
if any, of expenditures which may be disallowed by the grantor cannot be
determined at this time although the government expects such amounts, if any, to
be immaterial.
NOTE 9 – ACCUMULATED COMPENSATED ABSENCES
Accumulated unpaid vacation and leave time is accrued when incurred. The
current portion of such amounts has been accrued in the governmental fund (using
the modified accrual basis of accounting).
Accrued vacation time must be used by the end of the fiscal year. Sick time is
accrued and payable as needed. Sick time is not payable on termination or
separation therefore it has not been accrued in the financi al statements. On June
30, 2016, the Distri ct employees had accrued $24,858 in unused sick time. The
District also accrues Compensatory time. This is accrued when incurred and is
payable on separation. The amount of compensatory time owed to employees has
been accrued in the government wide financial statements as leave payable.
NOTE 10 – LONG-TERM INDEBTEDNESS
In the government -wide financial statements, long term debt and other long term
obligations are reported as liabilities in the applicable governmental activities or
business -type activities in the statement of net assets.
Operating Leases
The District does not currently have any operating leases.
Capital Leases
The District does not currently have any capital leases.
NOTE 11 – NET POSITION/ FUND BALANCE
The District’ s Net Position balance s consist of restricted, unrestricted, and net
investment in capital assets amounts.
DRAFT