CPUC webinar outlines financial requirements for BEAD applicants, including audited statements and letters of credit

The California Public Utilities Commission held a webinar on BEAD (Broadband Equity, Access, and Deployment) financial requirements that explained what applicants and potential subgrantees must submit to demonstrate financial capacity for grant awards.

The presentation, led by Laura Sasaki, grants and project supervisor for the CPUC’s BEAD program, and a guest presenter from CTC & Energy, focused on three categories of financial requirements: (1) applicant financial health (chiefly via audited financial statements), (2) officer certifications, and (3) project‑level financials such as build‑out budgets, a pro forma business case and third‑party guarantees.

The webinar emphasized that audited financial statements for prior fiscal years are preferred and should be “unqualified,” meaning clean audits. Presenters said applicants with auditor qualifications must explain the qualification and measures taken to address it.…