Biola University Finance Department

The Biola University Finance Department plays a critical role in ensuring the institution’s financial health, stability, and responsible stewardship of resources. It oversees a wide range of functions, from budgeting and financial reporting to treasury management and compliance.

One of the department’s core responsibilities is the development and management of the university’s annual budget. This involves collaborating with various departments and divisions across the university to understand their financial needs and priorities. The finance team analyzes budget requests, forecasts revenues, and allocates resources in alignment with Biola’s strategic goals and mission. A well-constructed budget allows the university to effectively allocate resources towards academic programs, student services, infrastructure development, and other essential areas.

Financial reporting is another key function. The department is responsible for preparing accurate and timely financial statements that comply with Generally Accepted Accounting Principles (GAAP). These statements provide transparency to stakeholders, including the Board of Trustees, donors, accreditation agencies, and the public, regarding Biola’s financial performance and position. Regular audits by independent accounting firms ensure the integrity and reliability of the financial information.

Treasury management is also within the department’s purview. This involves managing the university’s cash flow, investments, and debt. The finance team strives to optimize returns on investments while maintaining appropriate levels of liquidity to meet the university’s financial obligations. They also manage relationships with banks and other financial institutions.

Compliance is a crucial aspect of the Finance Department’s work. They ensure that Biola adheres to all applicable federal, state, and local laws and regulations related to finance, accounting, and taxation. This includes compliance with IRS regulations regarding non-profit organizations and adherence to grant requirements for research funding. Staying abreast of changing regulations is essential to avoid penalties and maintain the university’s good standing.

Furthermore, the department provides financial support and guidance to other departments within the university. This includes assisting with procurement processes, managing employee expense reimbursements, and providing training on financial policies and procedures. The Finance Department aims to be a resource for the entire Biola community, helping them understand and manage their finances effectively.

In summary, the Biola University Finance Department is committed to excellence in financial management, ensuring the university’s long-term financial sustainability and enabling it to fulfill its mission of biblically-centered education, scholarship, and service. Through responsible budgeting, accurate financial reporting, sound treasury management, and diligent compliance, the department serves as a critical support structure for the entire university.