Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") presents the expenditures of all federal awards of Biola University (the University) for the year ended June 30, 2022 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200 - Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). The University has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance For the purposes of the Schedule. Federal awards include all grants, contracts, and similar agreements entered into directly and indirectly between the University and agencies and departments of the federal government. Because this Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers the following federal loan programs. The balances and transaction related to these programs are included in the University's financial statements. Opening balances of the loans and loans issued during thye year are included in the federal expenditures presented in the Schedule. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the beginning of the period were $1,538,469 and at the end of the audit period were $1,204,166. NURSING STUDENT LOANS (93.364) - Balances outstanding at the beginning of the period were $248,487, loans issued during the year were $43,600 and at the end of the audit period were $245,878. FEDERAL DIRECT STUDENT LOANS (84.268) processed during the year were $25,568,848.
Title: Subsequent Events
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") presents the expenditures of all federal awards of Biola University (the University) for the year ended June 30, 2022 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200 - Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). The University has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance For the purposes of the Schedule. Federal awards include all grants, contracts, and similar agreements entered into directly and indirectly between the University and agencies and departments of the federal government. Because this Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has evaluated subsequent events through November 14th, 2022, the date this Schedule was available to be issued. The University is not aware of any subsequent events which would require recognition or disclosure in the Schedule.