Question
A town s library system is a legally constituted government entity. It is governed by a ten-person board. Six of the members are appointed by
A town s library system is a legally constituted government entity. It is governed by a ten-person board. Six of the members are appointed by the town s council; the other four are selected by the other members of the board. The members serve staggered terms of three years. Once appointed, the members can be removed from ofce only for illegal activities. The town provides 95 percent of the library system s Resources and thereby can control the total amount spent by the system. However, the governing board adopts the system s budget, and the budget need not be approved by the town. The board also controls the day-to-day operations of the system. indicate whether and, if so, how the town should incorporate the library system into its own nancial statements.
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