Notes to SEFA
Title: NOTE A - Basis of presentation
Accounting Policies: Expenditures 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Clinch
River Apartments, Inc., HUD Project No. 087-HD043, and is presented on the accrual basis of accounting.
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
Clinch River Apartments, Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Clinch River Apartments, Inc.
Title: NOTE B - Summary of significant accounting policies
Accounting Policies: Expenditures 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Clinch River Apartments, Inc. has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Clinch River Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital
advance under Section 811 of the National Housing Act. The balance is included in the federal expenditures
presented in the Schedule. Clinch River Apartments, Inc. received no additional funds during the year.