| Nature of Business and Significant Accounting Policies | Nature of Operations The Everest Fund, L.P. (the “Partnership”)
was organized in June 1988 pursuant to the Iowa Uniform Limited Partnership Act for the purpose of engaging in the speculative
trading of futures and forward contracts for commodities, financial instruments, stock indexes and currencies, any rights pertaining
thereto and any options thereon or on physical commodities. As part of its objective, the Partnership may also engage in hedge,
arbitrage and cash trading of commodities and futures. The Partnership may engage in the foregoing business directly, through investing
in other funds and Partnerships and through investing in subsidiary limited partnerships or other limited liability entities. The
Partnership clears all of its trades through one clearing broker, RJ O’Brien (the “Clearing Broker”). The sole General Partner of the Partnership
is Everest Asset Management, Inc. (the “General Partner”). All management and investment decisions are vested in the
General Partner. The General Partner is registered with the United States Commodity Futures Trading Commission (CFTC) as a Commodity
Pool Operator (“CPO”) and a Commodity Trading Advisor (“CTA”) and is a member of the United States National
Futures Association (NFA). The General Partner acts as the Partnership’s sole CPO, and an unrelated party EMC Capital Advisors,
LLC (the “Advisor”), acts as the Partnership’s sole CTA, to whom the General Partner has delegated complete trading
authority. On November 1, 2018 a suspension of trading
event was triggered for the Partnership. The General Partner instructed the CTA firm to liquidate all positions in an orderly way.
Most US trading positions were closed in an orderly manner on that day, and the Asian and European positions were closed on November
2, 2018. Positions on the London Metal Exchange were settled on December 19, 2018. Accounts at the Clearing Broker were closed
on December 28, 2018. As of December 31, 2018, all Class A
limited partners units had been redeemed. Final redemptions were $2,453,822, of which $106,328 remained payable. As of April 2019,
all redemptions had been paid. A summary of the Partnership’s
significant accounting polices follows. Basis of Accounting The Partnership follows accounting principles generally accepted
in the United States ("U.S. GAAP"), as established by the Financial Accounting Standards Board (the "FASB"), to
ensure consistent reporting of financial condition and results of operations. In accordance with FASB Accounting
Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies Use of Estimates The preparation of financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash in broker trading accounts is on deposit at the Clearing Broker.
The Partnership at times maintains deposits with financial institutions in amounts that are in excess of federally insured limits;
however, the Partnership does not believe it is exposed to any significant credit risk. Margin requirements are satisfied by the
deposit of cash with such broker. Restricted Cash Amounts due from broker may be restricted to the extent they serve
as deposits for investments sold, not yet purchased and to satisfy margin requirements. At December 31, 2018 and 2017, the amount
of restricted cash held by the Partnership for margin requirements was $0 and $602,280 respectively. Valuation of Investments Investments consist of open futures contracts. Open futures contracts
are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is
based upon daily exchange settlement prices. Offsetting of Amounts Related to Certain Contracts When the requirements are met, the Partnership offsets certain fair
value amounts recognized for cash collateral receivables or payables against fair value amounts recognized for net derivative positions
executed with the same counterparty under the same master netting arrangement. Income Recognition on Investments Income on futures contracts is recorded on a trade date basis. Gains
(losses) are realized when contracts are liquidated. Unrealized gains (losses) on open futures contracts are calculated based on
the size of a given contract and the difference between the open futures contract closing price and the price at which the contract
was initially purchased or sold. Any change in net unrealized gain or loss from the preceding period is reported in the statements
of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded
contracts, if any, is based on third party quoted dealer values on the Inter-bank market. Interest income is recognized on an accrual basis. Brokerage Commissions Brokerage commissions and exchange fees are reflected separately
in the statements of operations. Foreign Currency The Partnership has certain investments denominated in foreign currencies.
The purchase and sale of investments and income and expenses are translated at the rates of exchange prevailing on the respective
dates of such transactions. The Partnership does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of
positions held. Such fluctuations are included with the net realized and unrealized gain or loss on such investments. Redemptions Payable Redemptions approved by the General Partner prior to month end with
a fixed effective date and fixed amount are recorded as redemptions payable as of month end. Income Taxes The Partnership is not subject to federal
income taxes, because its income and losses are includable in the tax returns of its partners. The Partnership may be required
to file returns and pay tax in various state and local jurisdictions as a result of its operations or the residency of its partners. The Partnership assesses the potential
outcome of uncertain tax positions. As of December 31, 2018, management believes the Partnership has no material uncertain tax
positions requiring recognition or measurement. The federal and state income tax returns for tax years according to federal and
state statutes remain open to examination by taxing authorities through their statutory periods. Subsequent Events The Partnership has evaluated subsequent
events for potential recognition and/or disclosure through April 1, 2019, the date the financial statements
were issued. See a description of the Partnership closure and distribution of remaining assets in Note 1. |
