NASHUA AIRPORT AUTHORITY
NOTES TO BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2021
NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Nashua Airport Authority ("the Authority") conform to accounting principles
generally accepted in the United States of America for local governmental units, except as indicated
hereinafter. The following is a summary of significant accounting policies.
Financial Reporting Entity
The Authority was established on August 27, 1961 by legislative act, as a separate legal entity. The
Authority is located at Boire Field in Nashua, New Hampshire and provides general airport operations as
well as airplane tie-down rentals. The Authority meets the criteria as a component unit of the City of
Nashua, New Hampshire (“the City”). Such criteria includes appointment of the board of directors by the
Mayor of the City, debt service guarantees by the City, inclusion of the Authority's employees in the City's
retirement system (New Hampshire Retirement System) and budgetary appropriations from the City.
Basis of Accounting
The financial statements are presented on the accrual basis of accounting, wherein revenues are recognized
when earned and expenses are recognized when incurred.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America require management to make estimates and assumptions that affect certain
reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position
Cash and Cash Equivalents - For purposes of the Statement of Cash Flows, cash and cash equivalents are
comprised of demand deposits and cash on hand.
Investments - Investments are recorded at their fair value. Certificates of deposit with a maturity of greater
than ninety days from the date of issuance are included in investments.
Accounts Receivable - At June 30, 2021 accounts receivable includes unpaid tie-down fees and land lease
rental fees. An allowance for estimated uncollected receivables is not deemed necessary as of June 30,
2021.
Capital Assets - Capital assets are recorded at cost and updated for additions and retirements during the
year. Donated capital assets are recorded at their acquisition value as of the date received. Improvements
are capitalized; costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend an asset’s life are not. AJ] reported capital assets except for land and construction in
progress are depreciated. Depreciation is recorded using the straight-line method over the estimated useful
lives of the related assets.
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