Panther Creek Valley Foundation, Inc., (the "Foundation") is a nonprofit organization operating in Lansford, Pennsylvania. The Foundation's mission is to preserve the heritage of anthracite mining by operating a mining museum and opening the No. 9 Coal Mine in Lansford, PA for tourism. The Foundation is governed by its President, Vice President, Treasurer, and Secretary elected by its seven independent directors.
The Foundation entered into a grant agreement on March 5, 2020 with the Commonwealth of Pennsylvania, Department of Environmental Protection, Bureau of Abandoned Mine Reclamation with funding originating from the United States Department of the Interior Abandoned Mine Land Reclamation (AMLR) Program. The grant was provided to facilitate the dismantling and transportation of historic coal mine fans and engines at the Dorrance Colliery in Wilkes-Barre, Luzerne County PA, to the No. 9 Coal Mine and Museum in Lansford, PA to preserve their heritage and be displayed. The maximum amount of the award is $5,755,949.
The accompanying Schedule of Expenditures of Federal Awards, (the "Schedule") of the Foundation 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 Foundation, it is not intended to and does not present the net position or change in net position of the Foundation.
The accompanying Schedule for the year ended December 31, 2024 includes the activity of the Foundation's participation in the United States Department of the Interior Abandoned Mine Land Reclamation (AMLR) Program on the cash basis of accounting. Under the cash basis of accounting, expenditures are recognized when paid, rather than when incurred which differs from accounting principles generally accepted in the United States of America. The Foundation has elected not to use the 10-percent de minim is indirect cost rate as allowed under the Uniform Guidance.
Subsequent events have been evaluated through September 29, 2025, which is the date the Schedule was available to be issued.
Under the terms of the contract, the United States Department of the Interior Abandoned Mine Land Reclamation (AMLR) Program may be subject to additional audits by state and federal agencies. Under such audits, costs may be questioned as not being appropriate expenditures under the terms of the contract, which could result in reimbursement to the Commonwealth of Pennsylvania. Management believes disallowances from these audits, if any, would be immaterial.