Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity
of all federal award programs of the City of Bishopville 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 City’s basic
financial statements.
Federal award expenditures are reported in the City’s basic financial statements as
expenditures in the General Fund.
Non-monetary assistance is reported in the schedule at the fair market value of the
commodities received and disbursed
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.