Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Fairbanks Native Association has elected not to use the 10-percent de minimis indirect rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Fairbanks Native Association under programs of the federal government for the year ended June 30, 2024. 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 Fairbanks Native Association, it is not intended to and does not present the financial position, changes in net assets or cash flows of Fairbanks Native Association.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Fairbanks Native Association has elected not to use the 10-percent de minimis indirect rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Fairbanks Native Association has elected not to use the 10-percent de minimis indirect rate allowed under the Uniform Guidance.
Fairbanks Native Association has elected not to use the 10-percent de minimis indirect rate allowed under the Uniform Guidance.
Title: Note 4. Passed Through Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Fairbanks Native Association has elected not to use the 10-percent de minimis indirect rate allowed under the Uniform Guidance.
Fairbanks Native Association did not pass through funds to subrecipients.
Title: Note 5. Reconciliation of Federal Expenditures to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Fairbanks Native Association has elected not to use the 10-percent de minimis indirect rate allowed under the Uniform Guidance.
The following programs met the criteria for revenue recognition as of June 30, 2024, however, are considered to have donor restrictions on future expenditures or expenditures deemed to be properly omitted from the Schedule per OMB Guidance. Adjustments to reconcile total federal source revenue in the financial statements:
Total Expenditures of Federal Awards per the Schedule $ 20,463,145
Excess (deficiency) of revenues over expenditures in the current year:
Program Assistance Listing #
Indian Self Determination 93.441 (1,705,410)
PL 93.638 Contract 15.130/15.025/15.025 58,617
Total federal sources per Statement of Activities $ 18,816,352