Financial Statements And Independent Auditors' Report, Montana State Lottery, June 30, .. 2002

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34 contributed capital is not allowed and has been rolled into net assets as of June 30, 2002.
Compensated Absences - State employees earn vacation leave ranging from fifteen to twenty-four days per year based on years of service. Vacation leave may be accumulated to a total not to exceed twice the maximum number of days earned annually. Sick leave accumulates at a rate of twelve days per year with no maximum accumulation. Upon retirement or termination, an employee is paid for 100 percent of u
...nused vacation leave and 25 percent of unused sick leave.
Use of Estimates - The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
NOTE B - CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of the following: Short-term investment pool Cash on deposit with State Treasurer Cash in revolving deposit account Petty cash 2002 $185,445 195,604 10,000 150 $ 391,199 2001 $1 ,069,565 136,521 10,000 150 $1.216.236 The Montana State Lottery participates in the Montana Board of Investments Short Term Investment Pool (STIP).


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