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Annual Financial Report B I O L a U N I V E R S I T Y

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Annual Financial Report B I O L a U N I V E R S I T Y 2010/2011 annual financial report BIOLA UNIVERSITY 2010/2011 annual financial report BIOLA UNIVERSITY BIOLA UNIVERSITY BOARD OF TRUSTEES* Stanley Jantz, Chair of the Board Allan Kavalich Wayne Lowell2, Vice-Chair of the Board Hannah Lee William H. Bauer Edgar Lehman Dean Bursch Bryan Loritts Michael Chang Al Mijares G. Bradley Cole1 David Mitchell Barry H. Corey Ronald D. Rallis, Sr. Dwight L. Hanger1 Gorden Romberger Promod Haque Jerry Rueb Carol Hawkins John Siefker Ray Johnson1 Kennith Thompson David Karnes PRESIDENT Barry H. Corey, Ph.D. PRESIDENT’S ADMINISTRATIVE COUNCIL* Michael A.Pierce, C.P.A., C.M.A., M.B.A. Vice President, Business and Financial Affairs Gregory R. Balsano, B.A. Gregory G. Vaughan, M.A. Vice President, University Services Vice President, Enrollment Management Christopher R. Grace, Ph.D. PRINCIPAL FINANCIAL Vice President, Student Development & University Planning & IT AFFAIRS STAFF Adam J. Morris, Ph.D. Vice President, Advancement David D. Koontz, M.B.A. Senior Director, Financial Management and Reporting Irene E. Neller, M.A. Vice President, University Communications and Marketing Sandra J. Weaver, M.B.A. Senior Director, Financial Planning and Operations David P. Nystrom, Ph.D. Provost and Senior Vice President LEGAL COUNSEL Jerry D. Mackey, Esq. *Current at time of publication 1Indicates Finance and Audit Committee Member (FA) 2Indicates Chair of Finance and Audit Committee TABLE OF CONTENTS A Letter from the Office of Business and Financial Affairs . i BIOLA UNIVERSITY OVERVIEW Mission and History . iii Degrees . vi FINANCIAL STATEMENTS The University Dollar �������������������������������������������������������������������������������������������� viii Independent Auditors’ Report . 1 Consolidated Statement of Financial Position . 3 Consolidated Statement of Activities . 4 Consolidated Statement of Cash Flows . 5 Notes to Consolidated Financial Statements ��������������������������������������������������������� 6 A LETTER FROM THE OFFICE OF BUSINESS AND FINANCIAL AFFAIRS i November 10, 2011 DR. BARRY H. COREY, PRESIDENT BIOLA UNIVERSITY Dr. Corey: The Consolidated Financial Statements of the University for the fiscal year ended June 30, 2011 are presented on the accompanying pages. These represent a complete and permanent record of the finances of the University for that year. Based on my knowledge, these financial statements do not contain any untrue statement of a material fact; nor do they omit a material fact which if included would cause these statements, for the periods shown, to be interpreted differently. Based on my knowledge, these financial statements fairly represent in all material respects the financial condition, results of operations and cash flows of the University as of, and for, the period presented in those statements. These financial statements have been examined by KPMG LLP, Certified Public Accountants of Irvine, California, and their report has been made a part of this record. Respectfully submitted, MICHAEL A.PIERCE Vice President of Business and Financial Affairs ii BIOLA UNIVERSITY, LOS ANGELES CALIFORNIA MISSION AND HISTORY iii MISSION AND VISION HISTORY The mission of Biola University is biblically-centered The cornerstone of the original Bible Institute building education, scholarship, and service—equipping men in Los Angeles was laid on May 31, 1913, and dedicated and women in mind and character to impact the world with these words: for the Lord Jesus Christ. Biola University’s vision is “For the teaching of the truths for which the Institute to be an exemplary Christian university characterized stands, its doors are to be open every day of the year, and as a community of grace that promotes and inspires all people, without reference to race, color or class will personal life transformation in Christ which illumi- ever be welcome to its privileges.” nates the world with His light and truth. Further, as a Spoken by Lyman Stewart, president of the Institute global center for Christian thought and an influential and co-founder of the Union Oil Company, these evangelical voice that addresses crucial cultural issues, words capture the vision of Biola’s founders. Stewart, Biola University aspires to lead, with confidence and together with T.C. Horton, initiated the Bible compassion, an intellectual and spiritual renewal that Institute, with the first permanent organization advances the purpose of Christ. taking shape in 1908. By 1912, the school had grown sufficiently in its outreach and constituency to call R.A. Torrey, a leader in the field of Christian education, as the first dean. The following decades have witnessed tremendous growth in the development and outreach of the school. Under the leadership of Dr. Louis T. Talbot, president from 1932 to 1952, the Bible Institute program became a four-year course, leading to degrees in theology, Christian education, and sacred music. The School of Missionary Medicine came into being in 1945, laying the foundation for Biola’s current baccalaureate nursing program. In 1949, the Bible Institute was renamed Biola College. iv Dr. Samuel H. Sutherland became president in The Board approved the establishment of the School 1952, and with his leadership the college obtained of Business in 1993, the School of Continuing Studies regional and professional accreditation. Additionally, in 1994, now called the School of Professional Studies, many new programs of study were introduced, and the School of Education in 2007. including Talbot Theological Seminary. The demands On May 11, 2007, the Board selected the University’s imposed by the growing student body and the eighth president, Dr. Barry H. Corey, to lead Biola enlarged curriculum prompted the purchase of a 75- into its second century. acre site in La Mirada. In 2009, the School of Intercultural Studies was Biola moved to the new site in 1959. Dr. Sutherland renamed the Clyde and Anna Belle Cook School of retired as president in 1970, but continued to lend Intercultural Studies, in honor of the school’s 25th leadership as a member of Biola’s Board of Trustees. anniversary and the legacy and service of Clyde and That same year, Dr. J. Richard Chase became Biola’s Anna Belle Cook. sixth president. Because of the University’s heritage and commitment, In 1977, the graduate programs of Rosemead Graduate its academic basis is broader than that of the standard School of Professional Psychology were acquired by college of arts and sciences. Terminal and preparatory Biola and relocated on the La Mirada campus. The programs lead to service in church-related vocations undergraduate programs in psychology were merged and the many other vocations and professions with Rosemead’s graduate programs in the fall of 1981, embraced by the present curricula. In addition, forming the present Rosemead School of Psychology. the University is a Christian institution of higher Under the leadership of Dr. J. Richard Chase, Biola education without any denominational affiliation. College became Biola University on July 1, 1981. The From an institute to a university, Biola’s cornerstone University was composed of the School of Arts and has remained the same: commitment to Jesus Christ, Sciences, Talbot Theological Seminary, and Rosemead the inerrancy of Scripture and biblical Christianity School of Psychology. Dr. Clyde Cook became the (within an evangelical Protestant framework), as well seventh president of Biola on June 1, 1982. Under his as to the spiritual, academic and holistic growth of leadership, the School of Intercultural Studies was those who are personally committed to Him. instituted as part of the University in 1983. Talbot Theological Seminary became Talbot School of Theology in the fall of 1983 as a result of the merger between the appropriate undergraduate and graduate level programs. v BIOLA UNIVERSITY, LA MIRADA CALIFORNIA vi DEGREES BIOLA UNIVERSITY OFFERS THE FOLLOWING UNDERGRADUATE DEGREES: • Anthropology • Engineering/Physics • Music Education • Art • English • Music Performance • Biblical Studies • Environmental Science • Music in Worship • Biochemistry • Health Sciences • Nursing • Biological Science • History • Organizational Leadership • Business Administration • Human Biology • Philosophy • Christian Ministries • Humanities • Physical Education • Cinema and Media Arts • Intercultural Studies • Physical Science • Communication Sciences • Journalism & • Political Science & Disorders Integrated Media • Psychology • Communication Studies • Kinesiology • Social Science • Computer Science • Mathematics • Sociology • Liberal Studies, • Music • Theatre Elementary Education • Music Composition • Urban Studies BIOLA UNIVERSITY OFFERS THE FOLLOWING GRADUATE DEGREES: CROWELL SCHOOL OF BUSINESS • Master of Business Administration ROSEMEAD SCHOOL OF PSYCHOLOGY • Doctor of Philosophy in Clinical Psychology • Doctor of Psychology in Clinical Psychology SCHOOL OF EDUCATION • Master of Arts in Education • Teaching Credential COOK SCHOOL OF INTERCULTURAL STUDIES • Certificate Program in TESOL • Certificate Program in Linguistics • Master of Arts in TESOL vii • Master of Arts in Applied Linguistics • Master of Arts in Intercultural Studies • Master of Arts in Missions • Ph.D. in Intercultural Education • Doctor of Missiology SCHOOL OF ARTS AND SCIENCES • Master of Arts in Apologetics • Master of Arts in Science and Religion TALBOT SCHOOL OF THEOLOGY • Master of Divinity (M. Div) • Master of Arts ◊ Bible Exposition ◊ Old Testament ◊ New Testament ◊ Theology ◊ Biblical/Theological Studies ◊ Philosophy
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