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Conejo Recreation and Park District Notes to Basic Financial Statements June 30, 2018 Note I — Summary of Significant Accounting Policies A. Reporting Entity The accompanying basic financial statements present the financial activity of the Conejo Recreation and Park District (the "District"), which is the primary government, along with the financial activities of its component unit for which the District is financially accountable. Although they are separate legal entities, blended component units are in substance part of the District's operations and are reported as an integral part of the District's financial statements. The District's component unit, which is described below, is a blended component unit of the District. The Board of Directors of the District makes managerial decisions for the Alex Fiore Thousand Oasts Teen Center (the "Center") and, as such, it is included as a component unit of the accompanying basic financial statements. The Center's financial activities have been aggregated and merged (teamed "blending") within the District's General Fund, as it meets the criteria for inclusion. The Center was opened in October 1989 for Th to 121h grade teens. The mission of the Center is to enrich the lives of Conejo teens by offering a comprehensive program to include quality leisure, social, and educational services in the form of both drop-in and organized activities, including recreational classes, educational workshops, surf and sports camps, leagues, excursions, dances, and live concerts. B. Basis of Accounting and Measurement Focus The District's basic financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Governmental Accounting Standards Board ("GASB") is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States. Government -Wide Financial Statements The District's Government -Wide Financial Statements include a Statement of Net Position and a Statement of Activities. Fiduciary activities of the District are not included in these statements. The Statement of Net Position reports separate sections for Deferred Outflows of Resources, and Deferred Inflows of Resources, when applicable. De erred Qutflows.pL&esources represent outflows of resources (consumption of net position) that apply to future periods and that, therefore, will not be recognized as an expense until that time. De erred Inflows of Resources represent inflows of resources (acquisition of net position) that apply to future periods and that, therefore, are not recognized as a revenue until that time. The Government -Wide Financial Statements are presented on an "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all of the District's assets and liabilities, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred. 28