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CARES Act: Higher Education Emergency Relief Fund

Office 2021.01.21 10:05 Views 207
CARES Act: Higher Education Emergency
Relief Fund

The following information is provided per U.S. Department of Education reporting
requirements. Section 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act
(“CARES Act” or the “Act”), Public Law 116-136, 134 Stat. 281 (March 27, 2020), directs
institutions receiving funds under Section 18004 of the Act to submit (in a time and
manner required by the Secretary) a report to the Secretary describing the use of funds
distributed from the Higher Education Emergency Relief Fund (“HEERF”). Section
18004(c) of the CARES Act requires institutions to use no less than 50 percent of the
funds received from Section 18004(a)(1) of the Act to provide Emergency Financial Aid
Grants to Students for expenses related to the disruption of campus operations due to
coronavirus (including eligible expenses under a student's cost of attendance such as
food, housing, course materials, technology, health care, and child care).

• Reformed University acknowledges that it signed and returned to the U.S. Department
of Education the Certification and Agreement for funds received under Section
18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students
on September 25, 2020.

• The total amount of funds Reformed University received from the Department
pursuant to the institution’s Certification and Agreement for emergency Financial Aid
Grants to Students is $35,255.

• The total amount of Emergency Financial Aid Grants distributed by Reformed University
to students under Section 18004(a)(1) of the CARES Act is $35,255.

• The estimated total number of students at Reformed University eligible to participate
in programs under Section 484 in Title IV of the Higher Education Act of 1965 and
thus eligible to receive Emergency Financial Aid Grants to students under Section
18004(a)(1) of the CARES Act is 8.

• The estimated total number of students who received an Emergency Financial Aid
Grant to students under Section 18004(a)(1) of the CARES Act is 8.

• The methodology used by Reformed University to determine which students received
Emergency Financial Aid Grants and how much they received under Section
18004(a)(1) of the CARES Act is outlined below:

In alignment with Dept of Education guidance, Reformed University distributed CARES
Act Emergency Financial Aid Grants to Title IV aid-eligible students with a federal
expected family contribution (EFC) of $9,500 or less, i.e., to those students with the
greatest identified financial need. Each recipient must have been enrolled in Spring 2020
and must be currently enrolled in Fall 2020.

Instructions, directions, or guidance provided by Reformed University to students
concerning the Emergency Financial Aid Grants, included the following:

Eligible students were notified as follows:

• They required no additional application to receive CARES Act funding.
• They received an award (emergency financial aid grant) through CARES Act funding
provided to the university.
• The amount of the award.
• The award/refund was generated from individual student accounts via direct deposit.
For those who do not have direct deposit, a check was mailed to the student’s
permanent address.
• CARES Act funds are not taxable, per federal guidelines. "Emergency financial aid
grants under the CARES Act for unexpected expenses, unmet financial need, or
expenses related to the disruption of campus operations on account of the COVID-19
pandemic, such as unexpected expenses for food, housing, course materials,
technology, health care, or childcare, are qualified disaster relief payments under
section 139 of the Internal Revenue Code. This grant is not includible in your gross
income." (https://www.irs.gov/newsroom/faqs-higher-education-emergency-relieffund-and-emergency-financial-aid-grants-under-the-cares-act)
Attachments
  1. CARES-Act-Policy-.pdf Attachment download count[167]
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