Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Fairbanks Museum & Planetarium (the Museum) under programs of the federal government for the year ended December 31, 2023. 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 Museum, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Museum.
(1) 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 whereby certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available. (3) The Museum has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures reported in the Schedule include eligible costs incurred under the Community Facilities Loans and Grants (Assistance Listing No. 10.766) loan program. Although the loan proceeds were not disbursed until June 2025, expenditures are recognized in the Schedule when incurred under the terms of the federal program. There was no outstanding loan balance as of December 31, 2023.