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4/5/2018 11:49:41 PM
 
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Section 5: OPA Board Subject: Casino Funds History Msg# 1010060
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Hello Ev
With regard to the accounting for the allocation to OP of casino taxes I can shed some light. Since the monies are specifically designated for infrastructure by the provider (in essence the government authority) it is appropriate to offset the increase in the cash account with an increase in some designated revenue account. The account is included in OP's general ledger. The accounting sounds just right to me. Thanks for your interest in the detail. Don |
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For reference, the above message is a reply to a message where: "The casino money gets direct deposited to our bank. It is handled in the budget as a direct contribution to the Roads reserve fund. It does not appear as revenue or expenditure on the general ledger." Don: as a CPA can you shed some light on the appropriateness of the above accounting? I'm not sure any monies should be excluded from the general ledger as a matter of GAAP. Thanks |
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