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VILLAGE OF GOWANDA, NEW YORK
Notes to the Financial Statements
May 31, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Departure from Generally Accepted Accounting Principals
The financial statements of the Village of Gowanda, New York (the "Village”) have been prepared in
conformity with accounting principles generally accepted in the United States of America (“‘GAAP)
as applied to government units, except management has not presented government-wide financial
statements to display the Statement of Net Position and the Statement of Activities of governmental
activities. Accounting principles generally accepted in the United States of America require the
presentation of government-wide financial statements. The amounts that would be reported in the
government-wide financial statements for the Village’s governmental activities are not reasonably
determinable. The Governmental Accounting Standards Board ("GASB") is the accepted standard
setting body for establishing governmental accounting and financial reporting principles. The more
significant of the Village’s accounting policies are described below.
Financial Reporting Entity
The Village is a unit of local government created by the State of New York. The Village operates under
provisions of New York State law and with authority vested by those statutes provides services and
facilities in the areas of police, highway, parks, recreation, sanitary and storm sewage, and general
administration. The five-member Village Board of Trustees is the legislative body responsible for
overall operations. The Mayor serves as both Chief Executive Officer and Chief Fiscal Officer.
Independently elected officials of the Village consist of the following:
Mayor
Board of Trustees (4)
All governmental activities and functions performed for the Village are its direct responsibility. No
other governmental organizations have been included or excluded from the reporting entity.
Units of local government that operate within the boundaries of the Village are the Town of Persia, the
Town of Collins, the County of Cattaraugus, the County of Erie, and the Gowanda Fire Department.
Public education is provided by one independent school district within the Village.
Basis of Presentation — Fund Financial Statements
The fund financial statements provide information about the Village’s funds, including its fiduciary
funds (if any). The Village currently does not have any active fiduciary funds. If, in the future, the Village
has an active fiduciary fund, separate statements for each fund category—governmental and fiduciary—
will be presented. The emphasis of fund financial statements is on major governmental funds, each
displayed in a separate column. All remaining governmental funds are. aggregated and reported as
nonmajor funds. The Village does not report any nonjamor funds for the year ended May 31, 2025.
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