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. Pickett County Development Commission
DBA Hillcrest 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: Pickett County Development Commission
DBA Hillcrest 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 Pickett
County Development Commission DBA Hillcrest Apartments, Inc., HUD Project No. 087-EH051, 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 Pickett County Development Commission DBA Hillcrest Apartments,
Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of
Pickett County Development Commission DBA Hillcrest 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. Pickett County Development Commission
DBA Hillcrest 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: Pickett County Development Commission
DBA Hillcrest 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. Pickett County Development Commission
DBA Hillcrest 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. Pickett County Development Commission
DBA Hillcrest 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: Pickett County Development Commission
DBA Hillcrest Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Pickett County Development Commission DBA Hillcrest Apartments, Inc. has received a U.S. Department of
Housing and Urban Development direct loan under Section 202 of the National Housing Act. The balance
outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.
Pickett County Development Commission DBA Hillcrest Apartments, Inc. received no additional loans during
the year. The balance of the loan outstanding at December 31, 2024 consists of: $708,802