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HAWAII STATE ASSOCIATION OF COUNTIES, INC. <br /> Notes to the financial statements <br /> 1. Summary Of Sign cant Accounting Policies <br /> Basis Of Accounting - <br /> The Association's policy is to prepare its financial statements on the basis of cash receipts <br /> and disbursements which accounts for revenues when received rather than when earned, <br /> and expenses when paid rather than when the obligation is incurred. This basis of <br /> accounting is not intended to be in conformity with generally accepted accounting <br /> principles. <br /> Donated Services And Facilities - <br /> Various individuals and organizations donate their services and facilities toward the <br /> Association's programs and activities. The Association does not believe it is practical to <br /> assign or record a value for these donated services and facilities. <br /> Income Taxes - <br /> The Association is exempt from income taxes under Section 501(c)(3) of the Internal <br /> Revenue Code. <br /> 2. Conferences <br /> During fiscal 1996, the Association hosted two conferences: amid-year conference held <br /> December 18-20, 1995 on the island of Hawaii and an annual conference held June 12-14, <br /> 1996 on the island of Maui. <br /> Conference revenues and expenses of $1,075 and $6,530, respectively, related to the <br /> <br /> Association's June 12-14, 1996 annual conference, were recorded in July and August (fiscal <br /> 1997). <br /> 4 <br /> <br />