Notes to SEFA
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, 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 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.
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.
The following programs met the criteria for revenue recognition as of June 30, 2025, 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 $ 18,119,446 Excess (deficiency) of revenues over expenditures in the current year/release of restrictions: Program Assistance Listing # Indian Self Determination 93.441 (321,484) PL 93.638 Contract 15.130/15.025 (181,562) Emergency Operating Costs FY22 10.558 (33,049) Total federal sources per Statement of Activities $ 17,583,351