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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE <br /> JUNE Sts, 1990 <br /> 3. Summary of Significant Accounting policies <br /> Accounting policies and financial reporting practices permitted C <br /> far municipalities in Massachusetts are prescribed by the Uniform ni <br /> Municipal Accounting System #UMASI promulgated by the Commonwealth of <br /> Massachusetts Department of Revenue. The significant accounting <br /> policies followed by the Town are as follows: <br /> Basis of presentation <br /> The accompanying schedule of federal financial assistance in- <br /> eludes the federal grant transactions of the Town. <br /> The receipts and proceeds from federal grants are recorded on <br /> the modified accrual basis whereby revenue is recognized when it be- <br /> cones available and measurable. Disbursements of federal grant funds <br /> are recorded on the accrual basis. <br /> C Findings of Noncompliance <br /> The findings of noncompliance identified in connection with the <br /> 1990 single audit are disclosed in Schedule I. The status of findings <br /> of noncompliance identified in connection with the prior year' s audit, <br /> where applicable, are presented in Schedule 11. <br /> E <br /> f <br /> I <br /> f' <br /> •y <br /> • l <br /> j <br /> i <br /> 11 <br />