Title: Federal Direct Student Loan Program
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Baptist Bible College (the “College”), under programs of the federal government for the year ended June 30, 2023. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. The College includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the College. 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 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. If the College is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: Administrative Cost Allowance for Federal Pell Grant funds was calculated according to Deptment of Education Formula.
During the fiscal year ended June 30, 2023, the College processed the following amount of new loans under the Federal Direct Student Loan Program (which includes Subsidized Loans, Unsubsidized Direct Student Loans, and Parents’ Loans for Undergraduate Students). See Notes to the SEFA for chart/table.
Title: Federal Pell Grant
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Baptist Bible College (the “College”), under programs of the federal government for the year ended June 30, 2023. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. The College includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the College. 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 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. If the College is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: Administrative Cost Allowance for Federal Pell Grant funds was calculated according to Deptment of Education Formula.
Included in the Federal Pell Grant expenditures is an administrative cost allowance of $900.
Title: Federal Work Study
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Baptist Bible College (the “College”), under programs of the federal government for the year ended June 30, 2023. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. The College includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the College. 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 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. If the College is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: Administrative Cost Allowance for Federal Pell Grant funds was calculated according to Deptment of Education Formula.
The following is included as Federal Work Study (“FWS”) expenditures. See Notes to the SEFA for chart/table.
Title: Federal Supplemental Educational Opprotunity Grant
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Baptist Bible College (the “College”), under programs of the federal government for the year ended June 30, 2023. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. The College includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the College. 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 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. If the College is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: Administrative Cost Allowance for Federal Pell Grant funds was calculated according to Deptment of Education Formula.
The following is included as Federal Supplemental Educational Opportunity Grant (“FSEOG”) expenditures. See Notes to the SEFA for chart/table. The College received a waiver from the Department of Education for the institutional matching requirement for the year ended June 30, 2023.