Title: Basis of presentation
Accounting Policies: Significant Accounting Policies include Basis of presentation, Federal financial assistance, Reporting entity, Basis of accounting, Commitments and contingencies and Subsequent events
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
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, 2024. 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).
Title: Federal financial assistance
Accounting Policies: Significant Accounting Policies include Basis of presentation, Federal financial assistance, Reporting entity, Basis of accounting, Commitments and contingencies and Subsequent events
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
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.
Title: Reporting Entity
Accounting Policies: Significant Accounting Policies include Basis of presentation, Federal financial assistance, Reporting entity, Basis of accounting, Commitments and contingencies and Subsequent events
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
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.
Title: Basis of accounting
Accounting Policies: Significant Accounting Policies include Basis of presentation, Federal financial assistance, Reporting entity, Basis of accounting, Commitments and contingencies and Subsequent events
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
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. The Corporation has
elected to not use the de minimis rate allowed under uniform guidance.
Title: Commitments and contingencies
Accounting Policies: Significant Accounting Policies include Basis of presentation, Federal financial assistance, Reporting entity, Basis of accounting, Commitments and contingencies and Subsequent events
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
Financial awards from governmental entities in the form of grants
and fees may be subject to special audits or other monitoring. Such audits or monitoring could result in
claims against the Corporation for disallowed costs or noncompliance with grantor restrictions. No
provision has been made for any liabilities that may arise from such audits or monitoring since the
Corporation is unaware of any such claims.
Title: Subsequent events
Accounting Policies: Significant Accounting Policies include Basis of presentation, Federal financial assistance, Reporting entity, Basis of accounting, Commitments and contingencies and Subsequent events
De Minimis Rate Used: N
Rate Explanation: Auditee used actual costs
The Corporation has evaluated subsequent events through March 24, 2025, the
date the Schedule and accompanying notes were available for issuance and determined that there have
been no events that have occurred that would require adjustments to our disclosures in the Schedule or
related notes.