Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of EvernorthLoan Fund (the Organization) under programs of the federal government for the year ended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of theOrganization, it is not intended to and does not present the financial position, changes in equity, or cash flows forthe Organization.2. Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, where certain types of expendituresare not allowable or are limited as to reimbursement.Housing Vermont has elected not to use the 10 percent de minimis indirect cost rate as allowed under the UniformGuidance.3. Revolving Loan FundThe Capital Magnet Fund listed above is to be used as a revolving loan fund and is shown on the schedule ofexpenditures of Federal awards until the five-year investment compliance period is completed. The amountpresented represents qualifying loans deployed or committed as of December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.