Title: Purpose of the Schedule
Accounting Policies: Summary of Significant Accounting Policies Basis of presentation – The Schedule includes the federal grant activity of the Corporation. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Requirements, Cost Principles, and Audit Requirements for Federal Awards for the year ended December 31, 2023. Because this Schedule presents only the portion of activities related to this program, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Atlantic Telephone Membership Corporation (the Corporation). Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, in the form of grants, contracts, Cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Reporting entity – Atlantic Telephone Membership Corporation and Subsidiaries (the Corporation) dba Focus Broadband provides telecommunications, Internet, video, hosted solutions, and security services to its members in Shallotte, North Carolina, and surrounding areas. Basis of accounting – Expenditures reported on the Schedule are reported on the accrual basis of accounting and when expenditures have met all allowability criterion. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
North Carolina General Statute 143C-6-22 & 23 entitled "Use of State Funds by Non-State Entities,” and Implementation of Required Rules, 09 NCAC 03M .0102-0802, North Carolina Administrative Code requires every nongovernmental entity that receives State or Federal pass-through grant funds directly from a State agency to file annual reports on how those grant funds were used. There are 3 reporting levels which are determined by the total direct grant receipts from all State agencies in the fiscal year: • Level 1: Less than $25,000 • Level 2: At least $25,000 but less than $500,000 • Level 3: $500,000 or more In compliance with the requirements of G.S. 143-6.2, Use of State Funds by Non-State Entities, and G.S. 143C-6-23, State grant funds: administration, oversight and reporting requirements, the schedule of expenditures of federal awards (the Schedule) presents the activities undertaken by the Corporation using the provided state funding
Title: Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies Basis of presentation – The Schedule includes the federal grant activity of the Corporation. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Requirements, Cost Principles, and Audit Requirements for Federal Awards for the year ended December 31, 2023. Because this Schedule presents only the portion of activities related to this program, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Atlantic Telephone Membership Corporation (the Corporation). Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, in the form of grants, contracts, Cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Reporting entity – Atlantic Telephone Membership Corporation and Subsidiaries (the Corporation) dba Focus Broadband provides telecommunications, Internet, video, hosted solutions, and security services to its members in Shallotte, North Carolina, and surrounding areas. Basis of accounting – Expenditures reported on the Schedule are reported on the accrual basis of accounting and when expenditures have met all allowability criterion. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
Basis of presentation – The Schedule includes the federal grant activity of the Corporation. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Requirements, Cost Principles, and Audit Requirements for Federal Awards for the year ended December 31, 2023. Because this Schedule presents only the portion of activities related to this program, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Atlantic Telephone Membership Corporation (the Corporation). Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, in the form of grants, contracts, Cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Reporting entity – Atlantic Telephone Membership Corporation and Subsidiaries (the Corporation) dba Focus Broadband provides telecommunications, Internet, video, hosted solutions, and security services to its members in Shallotte, North Carolina, and surrounding areas. Basis of accounting – Expenditures reported on the Schedule are reported on the accrual basis of accounting and when expenditures have met all allowability criterion. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement