The accompanying Schedule of Expenditures of Federal Awards and Florida State Financial Assistance (the Schedule) includes the federal grant activity and state financial assistance project activity of Adventist Health System Sunbelt Healthcare Corporation d/b/a AdventHealth (the System) and is presented on the accrual basis of accounting for the year ended December 31, 2024. 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); the Florida Single Audit Act, Section 215.97, Florida Statutes; Chapter 69I-5, Florida Administrative Code, State Financial Assistance, issued by the Florida Department of Financial Services; and Chapter 10.650, Rules of the Auditor General. The Schedule presents only a selected portion of the operations of the System, it is not intended to and does not present the combined financial position, results of operations or cash flows of the System.
The System has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The System’s reporting entity is defined in Note 1 to the System’s consolidated financial statements. For the year ended December 31, 2024, federal and state expenditures related to the following entity were not included in the System’s total federal and state expenditures reported in the Schedule. This entity has a separate financial statement audit, and, as such, its expenditures are subject to the requirements of the Uniform Guidance, Florida Statutes, and Rules of the Auditor General, at that reporting level. The entity not included in the Schedule is as follows: • Adventist University of Health Sciences, Inc. d/b/a AdventHealth University
Grant monies received and disbursed by the System are for specific purposes and are subject to audit by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. The System does not believe that such disallowances, if any, would have a material effect on the consolidated financial position of the System.
Expenditures for Disaster Grants from the U.S. Department of Homeland Security are recorded on the Schedule when the funds are obligated by the federal agency through the approval of the Project Worksheets and eligible expenditures have been incurred, and are presented net of estimated insurance recoveries, if any. Out of the total Disaster Grant expenditures ($516,490,431) included in the Schedule for the year ended December 31, 2024, expenditures that were incurred in prior fiscal years were $516,490,431.
Subsequent to the issuance of the original report dated August 20, 2025, the System became aware that expenditures for the Rural Hospital Capital Improvement Grant Program, Catalog of State Financial Assistance (CSFA) No. 64.106, were previously excluded from the original Schedule for the year ended December 31, 2024. The Schedule has been restated for the following: State Project Original Restated Rural Hospital Capital Improvement Grant Program; CSFA No. 64.106 $ – $ 1,002,490 The original total state financial assistance expenditures reported on the Schedule was $3,898,523. The revised Schedule includes $4,901,013 of total state financial assistance expenditures.