Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant 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, 2025. 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 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 de minimis indirect cost rate of 10 percent or 15 percent, as applicable, allowed under 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, 2025, federal expenditures related to the following entity were not included in the System’s total federal 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 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 (Disaster Grants) 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 ($297,054,437) included in the Schedule for the year ended December 31, 2025, expenditures that were incurred in prior fiscal years were $297,054,437.