Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The agency is using the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The agency uses a cost allocation method that allocates cost based on the benefits received by the programs for the various expenditures.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Community Access Network Non Profit Corporation under programs of the federal government for the year ended June 30, 2024. The information in this schedule of expenditures of federal awards is presented in accordance with the requirements of the Uniform Guidance for Federal Awards. Because the Schedule presents only a selected portion of the operations of Community Access Network Non Profit Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Access Network Non Profit Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The agency is using the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The agency uses a cost allocation method that allocates cost based on the benefits received by the programs for the various expenditures.
Expenditures reported on the schedule of expenditure of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Community Access Network Non Profit Corporation has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance for Federal Awards.