Notes to SEFA
Title: 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.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Sentara Health and Subsidiaries (the Organization) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) 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 net assets, or cash flows of the Organization.
Title: Federal Direct Student Loan Programs
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.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Organization participates in the Federal Direct Student Loan Programs (Programs). The Schedule includes amounts loaned under the Programs, which are not included in the basic financial statements of the Organization, as these loans were made by various lending institutions. Expenditures for loans are reported in the Schedule when certified and guaranteed.
The Organization is responsible only for the performance of certain administrative functions with respect to the Programs and, accordingly, these loans are not included in its basic financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the Organization under the Programs at December 31, 2023.