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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE <br /> JUNE 30, 1987 <br /> 3. Summary of Significant Accounting Policies <br /> Accounting policies and financial reporting practices permitted for munici- <br /> palities in Massachusetts are prescribed by the Uniform Municipal Accounting <br /> System (UMAS) promulgated by the Commonwealth of Massachusetts Department of <br /> Revenue. The significant accounting policies followed by the town are as follows: <br /> Basis of Presentation <br /> The accompanying schedule of federal financial assistance includes the <br /> federal grant transactions of the town. <br /> The receipts and proceeds from federal grants are recorded on the modified <br /> accrual basis whereby revenue is recognized when it becomes available and measur- <br /> able. Disbursements of federal grant funds are recorded on the accrual basis. <br /> 4. Findings of Noncompliance <br /> The findings of noncompliance identified in connection with the 1987 single <br /> audit are disclosed in Schedule I. The status of findings of noncompliance <br /> identified in connection with the prior year's audit, where applicable, are pre- <br /> sented in Schedule II. <br /> 42 <br />