Title: Note 1 - Summary of Significant Accounting Policies, Basis of Presentation
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, 2023 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the Un ited States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of 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 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 thte University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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, 2023 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the Un ited States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of 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 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 thte University.
Title: Note 2 - 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, 2023 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the Un ited States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of 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 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 thte 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 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. See the Notes to the SEFA for chart/table. During the year ended June 30, 2023, the University processed the following amount of new Federal student loans: See the Notes to the SEFA for chart/table.
Title: Note 3 - Administrative Cost Allowance Received Under Loan Program
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, 2023 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the Un ited States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of 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 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 thte University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2023, the University claimed $0, $22,116, $48,337 and $5,105 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.
Title: Note 4 - 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, 2023 and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the Un ited States of America. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of 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 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 thte 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 16, 2023, 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.