Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Yadkin Valley Telephone Membership Corporation and Subsidiary (the Corporation) under programs of the federal government for the year ended December 31, 2025. 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 Requirement, 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 consolidated balance sheet, capitalization, revenues and expenses, comprehensive income, or cash flows of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures are reported following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Corporation has elected not to used the de minimis 10 percent indirect cost rate allowed under the Uniform Guidance.