Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Altamaha Electric Membership Corporation and Subsidiary (the Corporation) for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in equities or cash flows of the Corporation.
Title: Federal Award
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
On March 21, 2021, the American Rescue Plan Act was signed into law, and established the Coronavirus State Fiscal Recovery Fund and Coronavirus Local Fiscal Recovery Fund, which together make up the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program. Through the SLFRF program, the Corporation has been awarded grant funds for the construction and expansion of broadband infrastructure from the State of Georgia and local governments. In the previous period, the year ended June 30, 2023, the Corporation’s expenditures for the construction and expansion of broadband infrastructure under the SLFRF program totaled $2,274,511. The amount expended in the prior year was included on the Corporation’s schedule of expenditures of federal awards for the year ended June 30, 2023.
Title: Summary of Signfnciant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.