Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the County of Venango, Pennsylvania (County) under programs of the federal government for the year ended December 31, 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 Administrative 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, it is not intended to and does not present the financial position or changes in net position of the County. Component Unit The County’s financial statements include the operations of the Venango County Economic Development Authority (Authority), which expended $3,004,712, in federal awards, which are not included in the accompanying Schedule for the year ended December 31, 2025. This Schedule does not include the expenditures of the Authority because they completed a separate audit in accordance with the Uniform Guidance.
In-kind values are reported in the Schedule at the fair value of the commodities received and disbursed.