Title: NOTE 2 - FEDERAL LOAN PROGRAMS
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of The Moody Bible Institute of Chicago (the Institute) under programs of the federal government for the year ended June 30, 2022. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the statements of financial position, statements of activities or statements of cash flows of the Institute. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Nature of Program: By definition, the programs are federally funded. As such, funding is at the discretion of the federal government. However, management of the Institute does not expect the funding will be discontinued except for normal completion of programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Institute performs origination services for the Department of Education for the Federal Direct Loan Program but does not make the loans under the program. Loans disbursed through the program for the year ended June 30, 2022 are as follows: Federal Direct Subsidized Loans $2,206,872, Federal Direct Unsubsidized Loans $5,109,906, Federal Direct Parent PLUS Loans $280,794, Federal Direct Grad PLUS Loans $83,602, Total Federal Direct Loans $7,681,174
Title: NOTE 3 - AMOUNTS REQUIRED FOR MATCHING
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of The Moody Bible Institute of Chicago (the Institute) under programs of the federal government for the year ended June 30, 2022. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the statements of financial position, statements of activities or statements of cash flows of the Institute. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Nature of Program: By definition, the programs are federally funded. As such, funding is at the discretion of the federal government. However, management of the Institute does not expect the funding will be discontinued except for normal completion of programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
To comply with program regulations, amounts that are required to be expended from non-federal sources have been excluded from reported expenditures. The Colleges portion of expenditures as of June 30, 2022was as follows: Amount Provided for Program Title ALN Matching Federal Work Study Program 84.033 $29,992, Federal Supplemental Educational Opportunity Grant Program 84.007 $44,535
Title: NOTE 4 HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF)
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of The Moody Bible Institute of Chicago (the Institute) under programs of the federal government for the year ended June 30, 2022. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the statements of financial position, statements of activities or statements of cash flows of the Institute. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Nature of Program: By definition, the programs are federally funded. As such, funding is at the discretion of the federal government. However, management of the Institute does not expect the funding will be discontinued except for normal completion of programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During 2022, the Institute received approximately $5,090,166 in funding as part of the Higher Education Emergency Relief Fund (HEERF). Amount Program Title ALN Awarded COVID-19 - Emergency Financial Aid Grants to Students 84.425E $2,720,179, COVID-19 - Institutional Portion of the Higher Education Emergency Relief Fund 84.425F $2,369,987, Total $ 5,090,166