Notes to SEFA
Basis of Presentation 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, 2025 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.
See the Notes to the SEFA for chart/table
During the year ended June 30, 2025, the University claimed $0, $10,435, $0 and $6,465 of administrative cost allowances in the Federal Perkins Loan Program, Federal Supplemental Educational Opportunity Grant Program, Federal Work-Study Program and Pell Grant Program, respectively.
There were no federal expenditures issued to subrecipients during the year ended June 30, 2025.
The University has evaluated subsequent events through January 27, 2026, 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.