Title: Basis of Presentation
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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the North Slope Borough (the Borough) under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.
Title: Summary of Significant Accounting Policies
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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
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.
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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
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 Borough’s basic financial statements include expenditures of $6,984,835 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 Borough’s basic financial statements include expenditures of $6,836,076 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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
The Borough received no federal noncash awards during the year ended June 30, 2023.
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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
The Borough has not entered into any federal loan programs.
Title: Indirect Cost Rate
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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
The Borough did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 indirect cost rate used is 20% as calculated in our annual Indirect Rate Cost Proposal and approved by our cognitive agency, the FAA.
During the year ended June 30, 2023, the Borough did not pass through any federal award amounts to subrecipients.