Notes to SEFA
Title: Notes to Schedule of Expenditures of Federal Awards
Accounting Policies: (1)Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activityof Green Mountain Community Network, Inc. under programs of the federal government for the yearended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Green MountainCommunity Network, Inc., it is not intended to and does not present the financial position, changes innet assets, or cash flows of Green Mountain Community Network, Inc.(2) Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Green Mountain Community Network, Inc. has elected not to use the 10 percent de minimis indirectcost rate as covered in 200.414 Indirect (F&A) costs.(3) Federal Debt OutstandingAs of June 30, 2022, the Network has two separate notes payable with the USDA. The notes wereused to finance the construction of the Multi Modal Transit Center. The balance of these notes as ofJune 30, 2022 are $467,706 and $27,762.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
(1) Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of Green Mountain Community Network, Inc. under programs of the federal government for the year ended June 30, 2022. The information in this 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 Green Mountain Community Network, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Green Mountain Community Network, Inc.(2) Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.Green Mountain Community Network, Inc. has elected not to use the 10 percent de minimis indirect cost rate as covered in 200.414 Indirect (F&A) costs.(3) Federal Debt OutstandingAs of June 30, 2022, the Network has two separate notes payable with the USDA. The notes were used to finance the construction of the Multi Modal Transit Center. The balance of these notes as of June 30, 2022 are $467,706 and $27,762.