ARCTIC VILLAGE TRIBAL COUNCIL. Year Ended September 30, 2016

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1 Management Discussion and Analysis, Basic Financial Statements, Additional Supplementary Information and Compliance Reports Year Ended September 30, 2016

2 Management Discussion and Analysis, Basic Financial Statements, Additional Supplementary Information and Compliance Reports Year Ended September 30, 2016

3 Table of Contents Exhibit Page Independent Auditor s Report 1-3 Management Discussion and Analysis (MD&A) 4-10 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position A-1 11 Statement of Activities B-1 12 Fund Financial Statements: Balance Sheet - Governmental Funds C-1 13 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds D-1 14 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities D-2 15 Statement of Revenues, Expenditures and Changes in Fund Balance Original and Final Budget and Actual: TCC BIA Contract Special Revenue Fund E-1 16 Statement of Net Position Proprietary Funds Business Type Activities - Enterprise Funds F-1 17 Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds Business Type Activities - Enterprise Funds F-2 18 Statement of Cash Flows Proprietary Funds Business Type Activities - Enterprise Funds F-3 19 Notes to Basic Financial Statements 20-30

4 Table of Contents Additional Supplementary Information: Exhibit Page Major Governmental Funds: Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual (where applicable): General Fund G-1 31 Arctic Village Housing Special Revenue Fund G-2 32 TCC BIA PL Contract Special Revenue Funds G-3 33 BIA Roads CTE03T02505 Capital Project Fund G-4 34 BIA Roads CTE03T02506 Capital Project Fund G-5 35 Other Governmental Funds: Combining Balance Sheet H-1 36 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances H Schedule of Expenditures of Federal Awards I-1 39 Notes to the Schedule of Expenditures of Federal Awards 40 Compliance Reports: Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report on Compliance for Each Major Program and Report on Internal Control Over Compliance as Required by Uniform Guidance Schedule of Findings and Questioned Costs Corrective Action Plan 50

5 Independent Auditor s Report Members of the Council Arctic Village Tribal Council Arctic Village, Alaska Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Arctic Village Tribal Council (the Village) as of and for the year ended September 30, 2016, and the related notes to the financial statements, which collectively comprise the Village s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions G Street Suite 800 Anchorage, Alaska Phone Fax Offices in Juneau and Soldotna A Professional Corporation

6 Members of the Council Arctic Village Tribal Council Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village as of September 30, 2016, and the respective changes in financial position, and the respective budgetary comparisons for the TCC Contract Special Revenue Fund, and where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 4 to 10 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village s basic financial statements. The information listed in the Table of Contents as Additional Supplementary Information including combining and individual major and nonmajor schedules and statements and the Schedule of Expenditures of Federal Awards, are presented for purposes of additional analysis, and are not a required part of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. 2

7 Members of the Council Arctic Village Tribal Council The Additional Supplementary Information including the combining and individual major and nonmajor schedules and statements and the Schedule of Expenditures of Federal Awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, Additional Supplementary Information including the combining and individual nonmajor schedules and statements and the Schedule of Expenditures of Federal Awards are fairly stated in all material respects in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 7, 2017, on our consideration of the Village s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village s internal control over financial reporting and compliance. Anchorage, Alaska March 7,

8 Arctic Village Tribal Council Management Discussion and Analysis For the Fiscal Year Ended September 30, 2016 This section of the Arctic Village Tribal Council (Village), annual financial report presents its discussion and analysis of the Village s financial performance during the fiscal year ended September 30, 2016 with comparative information provided in some instances for the year ended September 30, Please read it in conjunction with the Village s financial statements, which immediately follow this section. Financial Highlights Key financial highlights for 2016 and 2015 are as follows: The assets of the Arctic Village Tribal Council exceeded its liabilities at the end of the fiscal year by $8,106,545 compared to $7,676,106 in In 2016 net position increased by $430,439 compared to a $(240,701) decrease in the prior year. In 2016 governmental activities increased $505,676 with a $(75,237) decrease from business-type activities. In 2015 net position decreased by $(240,701). In 2015 an $8,247 increase came from governmental activities while the remaining $(248,948) came from business-type activities. In 2016 total general revenues for governmental activities accounted for $264,606 or 13% of all governmental activities revenue compared to $137,561 or 11% of all governmental activities revenues in Program specific revenues in the form of charges for services and grants accounted $1,730,554 or 87% of total governmental activities revenues of $1,995,160 in 2016 compared to program specific revenues of $1,077,861 or 89% of total governmental activities revenues of $1,215,422 for Total governmental activities expenses for 2016 were $1,489,484 and for 2015 were $1,207,175. The majority of these expenses were offset by program specific charges for service grants. As of the close of the current fiscal year, Arctic Village Tribal Council s governmental funds reported ending fund balances of $174,497 of which $159,291 is unassigned and $15,206 is nonspendable fund balance. At the close of fiscal year 2015 Arctic Village Tribal Council s governmental funds reported ending fund balance of $(85,638) which is comprised of unassigned fund balance. 4

9 Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to Arctic Village Tribal Council s basic financial statements. Arctic Village Tribal Council s basic financial statements are comprised of 1) government-wide financial statements 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. The basic financial statements include two kinds of statements that present different views of the Village s activities. Government-wide financial statements provide both short-term and long-term information about the Village s overall financial status. Fund financial statements focus on individual parts of the Village, reporting the Village s operations in more detail than the government-wide statements. Fund financial statements include the governmental fund statements which tell how basic services were financed in the short-term, as well as what remains for future spending. The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by additional supplementary information on individual fund activity. Government-wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the Village s finances, in a manner similar to a private sector business. The statement of net position presents information on all of the Village s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. The Statement of Activities presents information showing how the Village s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods. The government-wide financial statements include all the Village s governmental activities, which accounts for all of the Village s basic services such as administration, social services, education, environmental, community services, public works and housing. The Village s business-type activities include the Electric, Gas and Oil and Wash funds, which are intended to recover all or a significant portion of their costs through user fees and charges for services. 5

10 Fund Financial Statements The fund financial statements provide more detailed information about the Village s funds, focusing on its most significant or major funds not the Village as a whole. Funds are accounting devices the Village uses to keep track of specific sources of funding and spending on particular programs: Some funds are required by state law and/or by governmental accounting standards. The Village establishes other funds to control and manage money for a particular purpose or to show that it is properly using certain fund revenues (such as federal and state grants). The Village has two types of funds: Governmental Funds: The Village s basic services are included in governmental funds. Unlike the government-wide financial statements, governmental fund financial statements focus on short-term inflows and outflows of spendable resources, as well as balances of spendable resources left at fiscal year-end. Consequently, the governmental funds statements provide a detailed short-term view that helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the Village s programs. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the longterm impact of the government s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. Arctic Village Tribal Council maintains several individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the Village General Fund, Arctic Village Housing Special Revenue Fund, TCC Contract Special Revenue Fund, BIA Roads CTE03T02502, BIA Roads CTE03T02505 and BIA Roads CTE03T02506 Capital Project Funds, all of which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements and individual budget to actual statements elsewhere in this report. Other information: Additional detailed information related to the major funds and combining statements for other governmental funds referred to earlier are presented immediately following the notes to financial statements. This includes combining and individual fund statements and schedules. Proprietary Funds: When the Village charges customers for the services it provides these services are generally reported in the proprietary funds. Proprietary funds are reported in the same manner in the Statement of Net Position and the Statement of Activities. The Village s Enterprise Funds (one type of proprietary fund) are the same as the business-type activities reported in the Government-wide statements but provide more detail. The Village has three enterprise funds; Electric, Gas and Oil Fund, and the Wash Fund. All of these funds are presented as major funds for reporting purposes. 6

11 Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government s financial position. In the case of Arctic Village Tribal Council, assets exceeded liabilities by $8,106,545 at the close of the most recent fiscal year compared to $7,676,106 at the close of fiscal year The majority of the net position for the Arctic Village Tribal Council represents investments in fixed assets. Financial Analysis of the Village as a Whole The following table provides a summary of the Village s net position Governmental Activities for 2016 and 2015: Condensed Statement of Net Position Governmental Activities Assets Current assets $ 485, ,746 Non-current assets 5,839,657 5,594,116 Total assets 6,324,733 5,898,862 Liabilities Current 310, ,384 Net Position Net investment in capital assets 5,839,657 5,594,116 Unrestricted 174,497 (85,638) Total net position $ 6,014,154 5,508,478 The following table provides a summary of the Village s net position Business-type Activities for 2016 and 2015: Condensed Statement of Net Position Business-type Activities Assets Current assets $ 166, ,716 Non-current assets 2,450,066 2,626,449 Total assets 2,616,974 2,752,165 Liabilities Current 460, ,537 Long-term liabilities 63,786 - Total liabilities 524, ,537 Net Position Net investment in capital assets 2,450,066 2,626,449 Unrestricted (357,675) (458,821) Total net position $ 2,092,391 2,167,628 7

12 The following table shows the changes in net position of Governmental Activities for the fiscal year 2016 and 2015: Changes in Net Position Governmental Activities Revenues: Program revenues: Charges for services $ 96,243 20,788 Operating grants and contributions 1,079, ,079 Capital grants and contributions 555, ,994 Total program revenues 1,730,554 1,077,861 General revenues: BIA Settlement 171,090 - Other 93, ,561 Total general revenues 264, ,561 Total revenues 1,995,160 1,215,422 Expenses: Administration 269, ,686 Social services 201, ,101 Education 19,822 15,413 Environmental 447, ,689 Community services 14,191 14,190 Public works 55,198 44,294 Housing 481, ,802 Total expenses 1,489,484 1,207,175 Increase in net position 505,676 8,247 Net position, beginning of year 5,508,478 5,500,231 Net position, end of year $ 6,014,154 5,508,478 8

13 The following table shows the changes in net position Business-type Activities for the fiscal year 2016 and 2015: Changes in Net Position Business-type Activities Revenues: Program revenues: Charges for services $ 477, ,796 Expenses: Electric 419, ,271 Gas and Oil 131, ,226 Wash 1, Total expenses 552, ,744 (Decrease) in net position (75,237) (248,948) Net position, beginning of year 2,167,628 2,416,576 Net position, end of year $ 2,092,391 2,167,628 Financial Analysis of the Village s Funds Governmental funds are accounted for using the modified accrual basis of accounting. For 2016 all governmental funds have total revenues of $1,995,160 and expenditures of $1,735,025. Business-type funds have total revenues of $477,404 and expenditures of $552,641. Net change in fund balance for all governmental funds is an increase of $260,135. For 2015 all governmental funds have total revenues of $1,215,422 and expenditures of $1,127,857. Business-type funds have total revenues of $394,796 and expenditures of $643,744. Net change in fund balance for all governmental funds is an increase of $87,565. 9

14 Capital Assets By the end of 2016, the Village invested $5,839,657 in capital assets compared to $5,594,116 invested in capital assets for Governmental Funds: Construction in progress $ 1,501,222 1,501,222 Buildings 243, ,123 Housing 3,667,108 3,543,469 Vehicles and equipment 427, ,302 5,839,657 5,594,116 Enterprise Funds: Facilities and equipment $ 2,450,066 2,626,449 Additional information on the Village s capital assets can be found in the notes to the financial statements. Economic Factors and Next Year s Budget and Rates The Village is expecting a moderate increase in activity in their enterprise funds. They are anticipating this increase to result in an increase in total revenue for governmental activities. Inflationary trends in the region compare favorably to national indices. Contacting the Village s Financial Management This financial report is designed to provide the Village s citizens, investors and creditors with a general overview of the Village s finances and to demonstrate the Village s accountability for the money it receives. If you have any questions about this report or need additional financial information, contact the Tribal Administrator of Arctic Village Tribal Council, physical address is 810 Barnette St, Fairbanks, Alaska 99701; telephone number (907)

15 BASIC FINANCIAL STATEMENTS

16 Exhibit A-1 Statement of Net Position September 30, 2016 Assets Primary Government Total Governmental Business-type Primary Activities Activities Government Current assets: Cash and cash equivalents $ 167, ,775 Accounts receivable 178,510 37, ,192 Grants receivable 181, ,007 Inventory - 19,234 19,234 Internal balances (109,992) 109,992 - Prepaid insurance 67,776-67,776 Total current assets 485, , ,984 Noncurrent assets: Capital assets 10,734,645 4,177,494 14,912,139 Accumulated depreciation (4,894,988) (1,727,428) (6,622,416) Total assets 6,324,733 2,616,974 8,941,707 Liabilities Current liabilities: Accounts payable 121, , ,459 Accrued payroll liabilities 13,379-13,379 Unearned revenue 175, ,324 Note payable - due within one year - 6,214 6,214 Total current liabilities 310, , ,376 Long-term liabilities: Notes payable - 63,786 63,786 Net Position Total liabilities 310, , ,162 Net investment in capital assets 5,839,657 2,450,066 8,289,723 Unrestricted 174,497 (357,675) (183,178) Total net position $ 6,014,154 2,092,391 8,106,545 See accompanying notes to the financial statements. 11

17 Exhibit B-1 Statement of Activities Year Ended September 30, 2016 Functions/Programs Net (Expense) Revenue and Changes Program Revenues in Net Position Total Operating Capital Business- Primary Charges for Grants and Grants and Governmental type Government Expenses Services Contributions Contributions Activities Activities Activities Primary government: Governmental Activities: Administration $ 269,796 96, ,548 - (11,005) - (11,005) Social services 201, ,669 - (23,121) - (23,121) Education 19,822-19, Environmental 447, , , , ,510 Community services 14, (14,191) - (14,191) Public works 55, (55,198) - (55,198) Housing 481, , , ,075 Total governmental activities $ 1,489,484 96,243 1,079, , , ,070 Business-type activities: Electric 419, , (37,304) (37,304) Gas and oil 131,914 72, (59,748) (59,748) Wash 1,149 22, ,815 21,815 Total business type activities 552, , (75,237) (75,237) Total primary government $ 2,042, ,647 1,079, , ,070 (75,237) 165,833 General revenues: Revenue sharing 26,224-26,224 BIA Settlement 171, ,090 Other 67,292-67,292 Total general revenues 264, ,606 Change in net position 505,676 (75,237) 430,439 Net position, beginning of year 5,508,478 2,167,628 7,676,106 Net position, end of year $ 6,014,154 2,092,391 8,106,545 See accompanying notes to the financial statements. 12

18 Exhibit C-1 Balance Sheet - Governmental Funds September 30, 2016 Assets Arctic Village TCC BIA BIA Roads BIA Roads BIA Roads Housing Contract CTE03T02502 CTE03T02505 CTE03T02506 Other Total General Special Special Capital Capital Capital Governmental Governmental Fund Revenue Fund Revenue Fund Project Fund Project Fund Project Fund Funds Funds Cash and cash equivalents $ 167, ,775 Grants receivable - 4,674 57,174 76, , ,007 Accounts receivable 178, ,510 Prepaid expenses 15,206 52, ,776 Due from other funds 241, ,930 37,255 16, ,996 Total assets $ 602,272 57,490 57,174 76,930 76,930 37,255 59, ,064 Liabilities and Fund Balances Liabilities: Accounts payable 108,771 13, ,876 Accrued payroll liabilities 13, ,379 Due to other funds 305,655-57,174 76, , ,988 Unearned revenue - 44, ,930 37,255 16, ,324 Total liabilities 427,775 57,490 57,174 76,930 76,930 37,255 59, ,567 Fund balances: Nonspendable 15, ,206 Unassigned 159, ,291 Total fund balances 174, ,497 Total liabilities and fund balances $ 602,272 57,490 57,174 76,930 76,930 37,255 59,013 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and are not reported in the funds. 5,839,657 Net position of governmental activities $ 6,014,154 See accompanying notes to the financial statements. 13

19 Exhibit D-1 Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit) - Governmental Funds Year Ended September 30, 2016 Special Revenue Funds BIA Roads BIA Roads CTE03T02505 CTE03T02506 Other Total General Arctic Village TCC Capital Capital Governmental Governmental Fund Housing Contract Project Fund Project Fund Funds Funds Revenues: Intergovernmental: Federal sources $ - 594, , , ,727 1,338,557 State sources 26, ,224 BIA Settlement 171, ,090 Local sources: Charges for services 96, ,243 Other 67, , , ,046 Total revenues 360, , , , , ,246 1,995,160 Expenditures: Current: Administration 100, , ,262 Social services , , ,669 Education , ,822 Environmental - - 4, ,475 19, , ,243 Housing - 40, ,377 Capital outlay - 554,142-48, , ,652 Total expenditures 100, , , , , ,246 1,735,025 Excess of revenues over expenditures 260, ,135 Fund balances (deficit), beginning of year (85,638) (85,638) Fund balances, end of year $ 174, ,497 See accompanying notes to the financial statements. 14

20 Exhibit D-2 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended September 30, 2016 Net change in fund balance - total governmental funds $ 260,135 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives. This is the amount by which capital outlay exceeded depreciation in the current period: Capital outlay 785,652 Depreciation expense (540,111) 245,541 Change in net position of governmental activities $ 505,676 See accompanying notes to the financial statements. 15

21 Exhibit E-1 Arctic Village Tribal Council TCC Contract Special Revenue Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Original and Final Budget and Actual Year Ended September 30, 2016 Original and Variance with Final Final Budget - Budgeted Actual Positive Amounts Amounts (Negative) Revenues - Local sources - Tanana Chiefs Conference - other $ 250, ,235 (27,080) Expenditures: Current: Administration 184, ,548 21,750 Social services 42,737 36,240 6,497 Education 14,533 19,822 (5,289) Environmental 8,747 4,625 4,122 Total expenditures 250, ,235 27,080 Excess of revenues over expenditures Fund balance, beginning of year $ Fund balance, end of year $ - See accompanying notes to the financial statements. 16

22 Exhibit F-1 Proprietary Funds - Business - Type Activities - Enterprise Funds Statements of Net Position September 30, 2016 Electric Gas and Oil Wash Total Assets Current assets: Accounts receivable $ 37, ,682 Inventory 13,871 5,363-19,234 Due from other funds 155,633-19, ,686 Total current assets 207,186 5,363 19, ,602 Noncurrent assets: Capital assets 2,057,857 2,119,637-4,177,494 Accumulated depreciation (286,075) (1,441,353) - (1,727,428) Total assets 1,978, ,647 19,053 2,681,668 Liabilities and Net Position Liabilities: Accounts payable 453,231 1, ,583 Current portion of note payable 6, ,214 Due to other funds - 64,694-64,694 Note payable 63, ,786 Total liabilities 523,231 66, ,277 Net position: Net investment in capital assets 1,771, ,284-2,450,066 Unrestricted (316,045) (60,683) 19,053 (357,675) Total net position 1,455, ,601 19,053 2,092,391 Total liabilities and net position $ 1,978, ,647 19,053 2,681,668 See accompanying notes to the financial statements. 17

23 Exhibit F-2 Arctic Village Tribal Council Proprietary Funds - Business - Type Activities - Enterprise Funds Statements of Revenues, Expenses and Changes in Net Position September 30, 2016 Electric Gas and Oil Wash Total Operating revenues: Charges for services - customer charges $ 382,274 72,166 22, ,404 Operating expenses: Fuel 211,529 35, ,588 Depreciation 91,598 84, ,383 Salaries and benefits 47,611 1,250-48,861 Freight ,548 Professional fees 23,843 4,967-28,810 Interest 35, ,786 Supplies 7,756 4, ,671 Other 1, ,994 Total operating expenses 419, ,914 1, ,641 Change in net position (37,304) (59,748) 21,815 (75,237) Net position, beginning of year 1,493, ,349 (2,762) 2,167,628 Net position, end of year $ 1,455, ,601 19,053 2,092,391 See accompanying notes to the financial statements. 18

24 Exhibit F-3 ARCTIC VILLAGE TRIBAL COUNCIL Proprietary Funds - Business - Type Activities - Enterprise Funds Statements of Cash Flows September 30, 2016 Electric Gas and Oil Wash Total Cash flows from operating activities: Receipts from customer and users $ 404,621 72,166 22, ,751 Payments to suppliers (405,336) (62,581) (1,149) (469,066) Payments to employees (47,611) (1,250) - (48,861) Net cash flows from operating activities (48,326) 8,335 21,815 (18,176) Cash flows from noncapital financing activities - Proceeds from debt issuance 76, ,000 Payments of principal (6,000) - - (6,000) Internal activity - payments to/from other funds (21,674) (8,335) (21,815) (51,824) Net cash flows from financing activities 48,326 (8,335) (21,815) 18,176 Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ Reconciliation of losses from operations to net cash provided (used) by operating activities: Income (loss) from operations (37,304) (59,748) 21,815 (75,237) Depreciation 91,598 84, ,383 Adjustments to reconcile earnings from operations to net cash flows from operating activities: (Increase) decrease in accounts receivable 22, ,347 (Increase) decrease in inventory asset (9,110) (2,605) - (11,715) Increase (decrease) in accounts payable (115,857) (14,097) - (129,954) Net cash flows from operating activities $ (48,326) 8,335 21,815 (18,176) See accompanying notes to the financial statements. 19

25 Notes to Basic Financial Statements September 30, 2016 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The Arctic Village Tribal Council is recognized by the U.S. Department of the Interior as the organization representing the native people of Arctic Village, Alaska. The Village administers contracts and grants for the benefit of the people of Arctic Village, Alaska and has been determined to be an Indian tribal government, which exercises governmental functions for the purpose of the Indian Tribal Government Tax Status Act of 1982, as amended. The financial statements of the Arctic Village Tribal Council (the Village) have been prepared in conformity with accounting principles generally accepted in the United States of America. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. As required by accounting principles generally accepted in the United States of America, these financial statements present the government and its component unit, an entity for which the government is considered to be financially accountable. The blended component unit, Arctic Village Housing Organization, is reported as a major Special Revenue Fund in the fund financial statements. B. Government-wide and Fund Financial Statements The Government-wide Financial Statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all of the non-fiduciary activities of the Village. For the most part, the effect of interfund activity has been removed from these statement; however, interfund services provided and used are not eliminated in the preparation of these statements. Governmental activities, which normally are supported by intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The Village has three funds that engage in business-type activities, the Electric Fund, Gas and Oil Fund and Wash Fund. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operations or capital requirements of a particular function or segment. Other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and proprietary funds. Major individual governmental funds and major individual enterprise funds, if applicable, are reported as separate columns in the fund financial statements. All other funds are presented in a single column as other governmental or proprietary funds. 20

26 Notes to Basic Financial Statements, Continued C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The Government-wide Financial Statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The accounting policies of the Village conform to accounting principles generally accepted in the United States of America, as applicable to governmental units. The accounts of the Village are organized and operated on the basis of funds, each of which is considered an individual fiscal and accounting entity. The operations of each fund are accounted for with a separate set of selfbalancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, as appropriate. Village resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The minimum number of funds is consistent with legal and managerial requirements. Governmental Funds types are used to account for the Village's general government activities. Governmental fund financial statements use the flow of current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they are "measurable and available"). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The Village considers all revenues available if they are collected within 60 days after year end. Expenditures are recorded when the related fund liability is incurred. Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met. Interest and electric and gas and oil revenue are susceptible to accrual. Other revenues become measurable and available when cash is received by the Village and are recognized as revenue at that time. The Village has the following major governmental funds: The General Fund is the Village's primary operating fund. It accounts for all financial resources of the Village, except those required to be accounted for in another fund. The Arctic Village Housing Special Revenue Fund accounts for the expenses associated with housing activities of the Arctic Village Housing Organization. The TCC Contract Special Revenue Fund accounts for the activities related to tribal operations. The BIA Roads CTE03T02502, CTE035T02505 and CTE3T02506 Capital Project Funds account for expenses associated with road construction and maintenance activities. 21

27 Notes to Basic Financial Statements, Continued The Village has the following major proprietary funds: The Electric Enterprise Fund operates to generate and distribute electricity to the Village residents The Gas and Oil Enterprise Fund operates to provide gasoline and heating oil to the Village residents. The Wash Enterprise Fund operates to provide laundromat service to the Village residents. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Amounts reported as program revenues include 1) charges for services, 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the enterprise funds are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. When both restricted and unrestricted resources are available for use, it is the Village s policy to use restricted resources first, and then unrestricted resources as they are needed. D. Assets, Liabilities and Equity 1. Deposits and Investments The Village's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. Investments include short-term investments valued at fair value. There are no statutory limitations on the type of investment allowed, and the Village has no investment policy. 2. Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either due from other funds or due to other funds (i.e., the current portion of interfund loans) or advances to other funds or advances from other funds (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as due to/from other funds. 22

28 Notes to Basic Financial Statements, Continued Receivables consist of both amounts due from federal sources and receivables from local sources. Management believes 100% of the accounts receivable balance is collectible; therefore, no allowance for doubtful accounts has been established. Accounts receivable are considered delinquent or uncollectible on a case by case basis by management. Receivables are charged off when all collection efforts have been exhausted. 3. Prepaid Items Payments made to vendors for services that are applicable to future accounting periods are recorded as prepaid items. The prepaid assets do not reflect current available resources and, thus an equivalent portion of fund balance is classified as nonspendable in the fund financial statements. Prepaid items and expenses are based on the consumption method. 4. Capital Assets Capital assets used in governmental funds of the Village are recorded in the Government-wide Financial Statements at cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at their estimated fair value at the date of donation. Assets greater than $5,000 in the Government-wide Financial Statements are depreciated on the straight-line method. Interest incurred during construction is not capitalized on general capital assets. Property, buildings and equipment of the primary government, as well as the component unit, is depreciated using the straight line method over the following estimated useful lives: Assets Years Buildings 30 Building improvements 15 Equipment Unearned Revenue Amounts for which asset recognition criteria have been met, but for which revenue recognition criteria have not been met. Under the modified accrual basis of accounting, such amounts are measurable but not available for expenditure. 6. Net Position In the government-wide financial statements, net position is divided into three components: Net investment in capital assets consists of the historical cost of capital assets less accumulated depreciation and less any debt that remains outstanding that was used to finance those assets plus deferred outflows of resources less deferred inflows of resources related to those assets. Restricted net position consists of assets that are restricted by the Village s creditors (for example, through debt covenants), by the state enabling legislation (through restrictions on shared revenues), by grantors (both federal and state), and by other contributors. Unrestricted all other net position is reported in this category. 23

29 Notes to Basic Financial Statements, Continued 7. Fund Balance In the Fund Financial Statements, fund balance includes five classifications as follows: Nonspendable fund balance amounts that are legally or contractually required to be maintained intact (such as the corpus of an endowment fund) or amounts that are not in a spendable form (such as inventory, prepaid items, supplies, and long-term receivables). Such constraint is binding until the legal or contractual requirement is repealed or the amounts become spendable. Restricted fund balance amounts constrained to specific purposes by their providers (such as grantors and higher levels of government), through constitutional provisions, or by enabling legislation. Such constraint is binding unless modified or rescinded by external body, laws, or regulation. Committed Fund Balance amounts that can be used only for the specific purposes determined by a formal action of the Village Council. Commitments may be changed or lifted by the Village Council taking the same formal action that imposed the constraint originally. Assigned Fund Balance amounts intended to be used by the Village for specific purposes: intent can be expressed by the Village Council or designee. Such constraint is binding unless modified or eliminated. In governmental funds other than the General Fund, assigned fund balance represents the amount that is not restricted or committed. Unassigned Fund Balance amounts not contained in the other classifications and available for any purpose. Positive unassigned amounts will be reported only in the General Fund. If another governmental fund, other than the General Fund, has a fund balance deficit, then it will be reported as a negative amount in the unassigned classification in that fund. The order of spending, regarding the restricted and unrestricted fund balance when an expenditure is incurred for which both restricted and unrestricted fund balance is available should first reduce restricted fund balance and then unrestricted fund balance. The order of spending regarding unrestricted fund balance is that committed amounts should be reduced first, followed by the assigned amounts, and then the unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used. 8. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. 24

30 Notes to Basic Financial Statements, Continued 9. Operating and Nonoperating Revenue and Expenses Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund s principal ongoing operations. The principal operating revenues of the Electric, Gas and Oil, and Wash enterprise funds are charges to customers for services. Operating expenses for proprietary funds include costs of services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY A. Budgetary Information Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America. All annual appropriations lapse at fiscal year-end, except for the capital project funds, which adopt project-length budgets. Unexpended grant Special Revenue Funds are reappropriated at the beginning of the year for any unexpended prior year appropriations. An annual budget was not adopted for the General Fund, Arctic Village Housing Special Revenue Fund, or the EPA IGAP Special Revenue Fund Budgetary control is exercised at the fund level. The Village Administrator is authorized to transfer budget amounts within a fund; however, any supplemental appropriations that amend the total expenditures of any fund require a Village Council resolution. Reported budgeted amounts are as originally adopted or as amended by a Village Council resolution. All amendments during the year were not considered significant. III. DETAILED NOTES ON ALL FUNDS A. Cash and Cash Equivalents The Village maintains a cash pool that is available for use by all funds. Each fund s portion of this pool is reported on the combined balance sheet as Cash and cash equivalents or amounts Due to other funds or Due from other funds. Custodial Credit Risk - is risk that in the event of a bank failure, the Village deposits will not be returned. The Village bank accounts are provided with $250,000 protection by the Federal Depository Insurance Corporation (FDIC). At September 30, 2016, the Village had no uninsured deposits. Interest Rate Risk is the risk that changes in the interest rates will adversely affect the fair market value of an investment. The Village maintains all investments as cash and cash equivalents. 25

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