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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE <br /> JUNE 30, 1983 <br /> Period Audited <br /> Single audit testing procedures were performed for the Town' s <br /> federal grant transactions during the year ended June 30, 1989. <br /> 3. Summary of Significant Accounting Policies <br /> Accounting policies and financial reporting practices per- <br /> mitted for municipalities in Massachusetts are prescribed by the <br /> Uniform Municipal Accounting System (UMAS) promulgated by the <br /> Cornrnonwealth of Massachusetts Department of Revenue. The sig- <br /> nificant accounting policies followed by the Town are as follows: <br /> Basis of presentation <br /> The accompanying schedule of federal financial assis- <br /> tance includes the federal grant transactions of the Town. <br /> The receipts and proceeds from federal grants are re- <br /> carded on the modified accrual basis whereby revenue is recog- <br /> nized when it becomes available and measurable. Disbursements <br /> l�T <br /> Of federal grant funds are recorded on the accrual basis. <br /> I MPa <br /> 4. RindiYt S r. <br /> g f Nortcornol i ance411j111.1 <br /> ITI�11;111!!Iil <br /> The findings of noncompliance identified in connection with <br /> the 1983 single audit are disclosed in Schedule I. The status of <br /> findings of noncompliance identified in connection with the prior <br /> Yaar*S audit, where applicable, are presented in Schedule I1. <br /> 42 <br />