Notes to SEFA
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, 2025. 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.
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, 2025, are as follows: Federal Direct Subsidized Loans $ 1,920,884 Federal Direct Unsubsidized Loans 4,802,870 Federal Direct Parent PLUS Loans 99,151 Federal Direct Grad PLUS Loans 2 33,836 Total Federal Direct Loans $ 7,056,741
To comply with program regulations, amounts that are required to be expended from non-federal sources have been excluded from reported expenditures. The College’s portion of expenditures for the year ended June 30, 2025, was as follows: Amount Provided for ALN Matching Program Title Federal Work Study Program 84.033 $ 28,899 Federal Supplemental Educational Opportunity Grant Program 84.007 39,833