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.
The University administers the following federal loan programs. The balances and transactions related to these programs are included in the University’s financial statements. Opening balances of the loans and loans issued during the year are included in the federal expenditures presented in the Schedule. Federal Assistance Listing Number Outstanding Balance at June 30, 2024 Loans Issued for the Year Ending June 30, 2025 Outstanding Balance at June 30, 2025 Federal Perkins Loan Program (FPL) 84.038 $ 634,097 $ - $ 451,832 Nursing Student Loans (NSL) 93.364 225,160 37,100 193,430 During the year ended June 30, 2025, the University processed the following amount of new Federal student loans: Federal Assistance Listing Number Loans Processed Federal Direct Student Loans (Direct Loans) 84.268 $ 26,025,728
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.