Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See notes to the FS
De Minimis Rate Used: N
Rate Explanation: N/A
The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of NEK Broadband 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of NEK Broadband, it is not intended to, and does not, present the net position, changes in net position, or cash flows of NEK Broadband.
Title: Basis of Accounting
Accounting Policies: See notes to the FS
De Minimis Rate Used: N
Rate Explanation: N/A
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, where in certain types of expenditures are not allowable or limited as to reimbursement. NEK Broadband has elected not to use the 10% de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.