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, 2025. 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).
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.
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.
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.
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.
The Corporation has evaluated subsequent events through March 23, 2026, 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.