Modified Cash Basis definition

Modified Cash Basis means financial reporting on a GAAP accrual basis, except franchise territory sales and equipment sales will be recorded on a cash basis.

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Modified Cash Basis means including all cash basis accounting transactions for the year as they relate to Expenses and modifying those balances to include twelve (12) months of activity. Modified cash basis accounting differs from accrual basis accounting in that it attempts to account for one (i) year's activity as opposed to analyzing exact work dates and invoice dates to determine inclusion in a given year.

Modified Cash Basis as used in this section, means a rate or rates which, when applied to the projected sales of raw surface water during a given budget period from the Authority's raw water system and any water rights owned by the Authority as of the Effective Date, and any additional water supplies as may be incorporated therein, as provided in subsection (d) above, are sufficient in the reasonable discretion of the Board of Directors of the Authority to generate revenues adequate to pay or accrue the following costs and expenses, without return on investment or loss to the Authority: (i) the direct and indirect operating and maintenance expenses of or related or allocated to such system; (ii) the direct and indirect general and administrative expenses of the Authority related or allocated to such system; (iii) capital improvements to such system; (iv) debt service on any bonds, notes, or other obligations of the Authority issued for the benefit of such system, and any reasonably required reserve and replenishment fund obligations related to any such debt issuance; (v) reserves for, among other purposes, capital improvements, working capital and emergencies; (vi) depreciation on improvements, facilities, or other infrastructure and related appurtenances comprising such system; (vii) reserves to allow the Authority to locate, identify, develop, permit, or acquire the use or ownership of additional water supplies for any corporate purpose of the Authority; (viii) reserves and allowances for research and development of any project, program, system, facility, or service consistent with the Authority's powers, duties, responsibilities, or purposes; (ix) impacts to revenues or expenses related to or arising out of the effects of water conservation, drought contingency, or environmental quality measures or programs of the Authority or others; (x) awards, settlements, judgments, court and litigation costs, fines, permits, assessments, or other contingent liabilities; and (xi) any other costs or expenses, of a like or different nature, resulting from changes in applicable laws, rules, or regulatory requirements or from altered or unforeseen events or circumstances. Such rates may be established so as to apply to reasonable classifications of customers of the Authority's raw water system; provided, however, that except as provided in subsection (d) above, such rates shall not be based during the Contract Term on costs and expenses of particular components of such system or on geograp...

Examples of Modified Cash Basis in a sentence

• Such System Rate shall be determined, and may be revised or adjusted from time to time by the Board of Directors of the Authority, on a Modified Cash Basis, as defined and provided in subsection (e) below.

• The records of the Company shall be maintained on a Modified Cash Basis method of accounting.

• The Financial Statements have been derived from the books and records of Target and have been prepared in accordance with the modified cash basis of accounting as generally understood by United States accountants (the "Modified Cash Basis of Accounting") (except that the unaudited financial statements do not have notes thereto) consistent with past practice.

• The Monthly Modified Cash Basis Financial Statements will not be prepared on an accrual basis or in accordance with GAAP.

• The Financial Statements have been prepared from, and are in accordance with, the books and records of the Company, which books and records are prepared on a Modified Cash Basis consistently applied throughout the periods indicated.

• Target maintains and will continue to maintain an adequate system of internal controls established and administered in accordance with the Modified Cash Basis of Accounting.

More Definitions of Modified Cash Basis

Modified Cash Basis means an accounting framework which is essentially a cash basis of accounting where the financial statements are based on cash transactions and balances while more accrual-based information is required in the notes to the financial statements;

Modified Cash Basis means the method of accounting used by the Company, pursuant to which (i) revenue is recognized primarily one (1) month in arrears, as invoiced (i.e. the month following delivery of service), (ii) cost of revenue is primarily recognized one month in arrears, as invoiced or paid, (iii) payroll expenses are recognized bimonthly for salaried employees and every two weeks for hourly employees,

Modified Cash Basis means the method of accounting used by the Company, pursuant to which (i) revenue is recognized primarily one (1) month in arrears, as invoiced (i.e. the month following delivery of service), (ii) cost of revenue is primarily recognized one month in arrears, as invoiced or paid, (iii) payroll expenses are recognized bimonthly for salaried employees and every two weeks for hourly employees, (iv) other operating expenses are generally recognized as paid, and (v) expense on credit cards are recognized as invoiced.