Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Town of Heath Springs 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 Town’s basic financial statements.
Federal award expenditures are reported in the Town’s basic financial statements expenditures in the General Fund and the Proprietary Fund.
Differences between the amount of revenue received from federal awards and the related expenditures are recognized as either deferred revenue or receivables in the basis financial statements. The amounts recorded on the Schedule of Federal Awards agree with the amounts recorded in the basic financial statements.