Notes to SEFA
Title: Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: The auditee did not use the de minimis cost rate.
The Borough has not entered into any federal loan programs.
Title: Reporting Entity
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: The auditee did not use the de minimis cost rate.
The Borough, for purposes of the schedule of expenditures of federal awards, includes all the funds of the primary government as defined by Governmental Accounting Standards Board Statement No. 14, The Financial Reporting Entity. It does not include the following component units of the Borough: (a) North Slope Borough School District The Boroughs basic financial statements include expenditures of $13,438,217 from federal sources for the North Slope Borough School District, a component unit of the Borough. These expenditures are excluded from the Schedule. (b) Ilisagvik College The Boroughs basic financial statements include expenditures of $9,780,042 from federal sources for the Ilisagvik College, a component unit of the Borough. These expenditures are excluded from the Schedule. The component units engaged other auditors to perform separate audits in accordance with the audit 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).
Title: Noncash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: The auditee did not use the de minimis cost rate.
The Borough received no federal noncash awards during the year ended June 30, 2022.
Title: Amounts Passed Through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the Borough did not pass through any federal award amounts to subrecipients.