Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Kershaw County and Lee County Regional Water Authority for the year ended June 30, 2025. All federal awards received directly from federal agencies as well as those passed through other government agencies are included on the Schedule.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in the notes to the Authority’s basic financial statements.
Federal award expenditures are reported in the Authority’s basic financial statements as additions to capital assets.
Differences between the amount of revenue from federal awards and the related expenditures are recognized as either deferred revenue or receivables in the basic financial statements. The amounts recorded on the Schedule of Expenditures of Federal Awards agree with the amounts recorded in the basic financial statements.