Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Lancaster, Virginia under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the County of Lancaster, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Lancaster, Virginia.
Nonmonetary assistance is reported in the schedule at the fair market value of commodities received or disbursed.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund $1,804,871, Total primary government $1,804,871. Component Unit School Board: School Operating Fund $1,356,404, School Cafeteria Fund 712,476, Total component unit School Board $2,068,880. Total federal expenditures per basic financial statements $3,873,751, BABs subsidy $(5,064), Total federal expenditures per the Schedule of Expenditures of Federal Awards $3,868,687.
The County has no loans or loan guarantees which are subject to reporting requirements for the current year.