Title: Summary of Significant Accounting Policies
Accounting Policies: Federal Awards
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
all federal awards programs of Eastern Virginia Medical School and Affiliated Organization (EVMS) for
the year ended June 30, 2023. The information in the 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).
Therefore, the amounts presented in the Schedule may differ from amounts presented in, or used in
the preparation of, the consolidated financial statements. All federal awards received directly and
indirectly from federal agencies are included in the Schedule. Although EVMS is required to match
certain grants, as defined in the grants, no such matching has been included in the Schedule.
(b) Basis of Accounting
The accompanying Schedule is presented using the accrual basis of accounting and is based on
EVMS’ policy of recording expenditures for a grant in the year incurred. In certain instances, refunds
may be received by EVMS, which are not anticipated. Any refunds in excess of current year
expenditures result in negative expenditures in the current year and are returned to the federal
government. Negative amounts may also represent adjustments or credits to amounts reported as
expenditures in prior years. Expenditures for federal student financial assistance programs are
recognized as incurred.
Expenditures for other federal awards are recognized as incurred using cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(c) Indirect Cost Rate
EVMS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: EVMS has a negotiated Indirect Cost Rate
(a) Federal Awards
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Eastern Virginia Medical School and Affiliated Organization (EVMS) for the year ended June 30, 2023. The information in the 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). Therefore, the amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. All federal awards received directly and indirectly from federal agencies are included in the Schedule. Although EVMS is required to match certain grants, as defined in the grants, no such matching has been included in the Schedule.
(b) Basis of Accounting
The accompanying Schedule is presented using the accrual basis of accounting and is based on EVMS’ policy of recording expenditures for a grant in the year incurred. In certain instances, refunds may be received by EVMS, which are not anticipated. Any refunds in excess of current year expenditures result in negative expenditures in the current year and are returned to the federal government. Negative amounts may also represent adjustments or credits to amounts reported as expenditures in prior years. Expenditures for federal student financial assistance programs are recognized as incurred.
Expenditures for other federal awards are recognized as incurred using cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(c) Indirect Cost Rate
EVMS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Direct Student Loans Program
Accounting Policies: Federal Awards
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
all federal awards programs of Eastern Virginia Medical School and Affiliated Organization (EVMS) for
the year ended June 30, 2023. The information in the 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).
Therefore, the amounts presented in the Schedule may differ from amounts presented in, or used in
the preparation of, the consolidated financial statements. All federal awards received directly and
indirectly from federal agencies are included in the Schedule. Although EVMS is required to match
certain grants, as defined in the grants, no such matching has been included in the Schedule.
(b) Basis of Accounting
The accompanying Schedule is presented using the accrual basis of accounting and is based on
EVMS’ policy of recording expenditures for a grant in the year incurred. In certain instances, refunds
may be received by EVMS, which are not anticipated. Any refunds in excess of current year
expenditures result in negative expenditures in the current year and are returned to the federal
government. Negative amounts may also represent adjustments or credits to amounts reported as
expenditures in prior years. Expenditures for federal student financial assistance programs are
recognized as incurred.
Expenditures for other federal awards are recognized as incurred using cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(c) Indirect Cost Rate
EVMS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: EVMS has a negotiated Indirect Cost Rate
During the year ended June 30, 2023, EVMS processed $ 49,903.803 of new loans under the Federal Direct Student Loans Program (Assistance Listing No. 84.268), which includes the Federal Unsubsidized Stafford Loan Program and the Federal Direct PLUS Loan Program.
EVMS is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans Program; accordingly, these loans are not included in its consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of EVMS under the programs as of June 30, 2023.
Title: Relationship to the Consolidated Financial Statements
Accounting Policies: Federal Awards
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
all federal awards programs of Eastern Virginia Medical School and Affiliated Organization (EVMS) for
the year ended June 30, 2023. The information in the 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).
Therefore, the amounts presented in the Schedule may differ from amounts presented in, or used in
the preparation of, the consolidated financial statements. All federal awards received directly and
indirectly from federal agencies are included in the Schedule. Although EVMS is required to match
certain grants, as defined in the grants, no such matching has been included in the Schedule.
(b) Basis of Accounting
The accompanying Schedule is presented using the accrual basis of accounting and is based on
EVMS’ policy of recording expenditures for a grant in the year incurred. In certain instances, refunds
may be received by EVMS, which are not anticipated. Any refunds in excess of current year
expenditures result in negative expenditures in the current year and are returned to the federal
government. Negative amounts may also represent adjustments or credits to amounts reported as
expenditures in prior years. Expenditures for federal student financial assistance programs are
recognized as incurred.
Expenditures for other federal awards are recognized as incurred using cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(c) Indirect Cost Rate
EVMS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: EVMS has a negotiated Indirect Cost Rate
The 2023 federal award expenditures and disbursements are reported in the consolidated financial statements of EVMS as of and for the year ended June 30, 2023 as follows:
Title: Federal Perkins Loan Program and Health Professions Student Loans
Accounting Policies: Federal Awards
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
all federal awards programs of Eastern Virginia Medical School and Affiliated Organization (EVMS) for
the year ended June 30, 2023. The information in the 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).
Therefore, the amounts presented in the Schedule may differ from amounts presented in, or used in
the preparation of, the consolidated financial statements. All federal awards received directly and
indirectly from federal agencies are included in the Schedule. Although EVMS is required to match
certain grants, as defined in the grants, no such matching has been included in the Schedule.
(b) Basis of Accounting
The accompanying Schedule is presented using the accrual basis of accounting and is based on
EVMS’ policy of recording expenditures for a grant in the year incurred. In certain instances, refunds
may be received by EVMS, which are not anticipated. Any refunds in excess of current year
expenditures result in negative expenditures in the current year and are returned to the federal
government. Negative amounts may also represent adjustments or credits to amounts reported as
expenditures in prior years. Expenditures for federal student financial assistance programs are
recognized as incurred.
Expenditures for other federal awards are recognized as incurred using cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(c) Indirect Cost Rate
EVMS has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: EVMS has a negotiated Indirect Cost Rate
The Federal Perkins Loan Program (FPL) and Health Professions Student Loans (HPSL) are administered directly by EVMS, and the balances and transactions relating to these programs are included in EVMS’ consolidated financial statements. Loans outstanding at the beginning of the year, loans made during the year, and program administration costs are included in the federal expenditures presented in the Schedule. The balances of loans outstanding under these programs at June 30, 2023 were:
Under the FPL program, EVMS made no loans and received no federal capital contributions during the year ended June 30, 2023.
Loans of $$50,000 and $110,133were made by EVMS during the year ended June 30, 2023 for primary care loans and loans for disadvantaged students, respectively. Federal capital contributions of $0 were received in HPSL programs during the year ended June 30, 2023.