Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See notes to Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: N/A
The schedule of expenditures of Federal awards "the "Schedule") includes the fedearl award activity of Evernorth Loan Fund (“ELF” or the “Organization”) under programs of the federal government for the year ended December 31, 2023. 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 the Organization, it is not intended to and does not present the financial position, changes in equity, or cash flows for the Organization.
Title: Basis of Accounting
Accounting Policies: See notes to Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: N/A
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, where certain types of expenditures are not allowable or are limited as to reimbursement. ELF has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Revolving Loan Fund
Accounting Policies: See notes to Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: N/A
The Capital Magnet Fund is to be used as a revolving loan fund and is shown on the Schedule until the five-year investment compliance period is completed. The amount presented represents qualifying loans deployed or committed as of December 31, 2023.