CARES Act to the Rescue: The Education Stabilization Fund, The full distribution list can be found on the Department of Education’s website. 2 0 obj
Reporting HHS Provider Relief Funds: An Important Update, HEERF – October 2020 Update on Reporting Requirements, Deadline Extended in Recoupment of Medicare Accelerated Payments, It’s Your Move: Year-End Tax Planning for Real Estate, Phase 3 of the Provider Relief Fund Announced. ), At least 50% of this fund must be used to provide direct emergency aid to students.
The CARES Act: Education Stabilization Fund The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act includes specific funding sources for New Jersey school districts. <>/Metadata 215 0 R/ViewerPreferences 216 0 R>>
COVID-19 has disrupted education nationwide, throwing students, faculty and staff into limbo—and often leaving institutions in the lurch financially. Leading the way is the National Association of College and University Business Officers (NACUBO). %PDF-1.5 Schools will not use the emergency grant aid funds to reimburse themselves for any costs or expenses. <>stream These funds will be administered through the DOE’s Fund for the Improvement of Postsecondary Education (FIPSE). stream
endobj The Education Stabilization Fund is a needed economic lifeline to institutions facing swift and unprecedented economic challenges. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site. Section 18003 of the Act outlines the general provisions of the Education Stabilization Fund to include the Elementary Secondary School Emergency Relief Fund. © 2020 James Moore & Co. All rights reserved. Of this amount, 90% is to be allocated to institutions based off the Title IV distribution system. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
30 0 obj endobj Colleges and universities will receive $14.3 billion, 10% of which is divided between historically black colleges and universities (HBCUs) and grants for small institutions with unmet needs related to coronavirus. <>stream Schools must report to the DOE 30 days from the date of the agreement (and every 45 days after) how grants were distributed to students, the amount awarded to each student, how the amount of each grant was calculated, and instructions given to students about the grants. The most significant CARES Act funding for higher education, the Education Stabilization Fund will provide $14 billion directly to higher education entities. CARES Act Education Stabilization Fund: Background and Analysis On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. We’ll also monitor additional efforts from NACUBO and others to provide relief for students and institutions alike.
While the Department of Education (DOE) has not offered additional guidance on allowable uses for these funds, institutions must agree to a number of specific provisions: The remaining stabilization funds will go to minority-serving institutions (7.5%) and institutions that are particularly impacted by coronavirus (2.5%).
For up-to-date information on this subject please contact a James Moore professional. Matters discussed in this article are subject to change. %���� <>
The organization’s advocacy efforts are focusing on higher education funding, tax relief and student aid. 1 0 obj
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�t�k����H�y�^�������߷��������{u���u�����=ѯ���{�'?=�O��nv��� 4����7-�0}�����Rm�/�+�a ���]m�;q�>/��z+��|��em;}��=V*��t+��wpy�=������7�G/��{���w{����p�ï�������R�)�tbw�lh�w�Ҁ��_Ko���5kp�p
]�}��i5����7���/��N�Pv��F��ذ~ӷM'��eC �Sx�̬�g�O//��|����Уi���� $���C�#S�5��}�6�7�ӯ��l4��~�� Private Education CARES Act Education Stabilization Fund: Steps Private School Leaders Should Take NOW to Prepare April 9, 2020 Introduction On March 27, 2020, President Trump signed COVID-19 relief legislation passed by Congress called “the CAREs Act.” Part of the CAREs Act establishes what is called the “Education Stabilization Fund.” The bill includes an Education Stabilization Fund, which provides $13.5 billion in K-12 formula grants to states.
Included in the act was the Education Stabilization Fund (ESF). C{(p�m �?����s~�m#�uct+ c�.��C����Y9��hy��O�(���j}�4R��ME��W���fbg ���(�ξ�C��c�A !��Q��pr9�6�/��l��DO�6z�{��Qh\xj�~p���bb��h;|���#��p0麂i�:�B�������#�7c� �)s{��"x���;�r�:X������ �E����B�=��)�h��*�,k�v�}>��:�nr���h��\{����ns���w��\��/��ܛ�"�)�k�N�ml7����SDw���iC�U�|��A|������j_���E������7����@�> Ȕ>{�s�9�9����pW�`�1M�T4���c��b�� �ABj{5�~�䃔�{�����-r�����w���AO�C�s�D�LBL��p�8���c�=�X��@�~ Education Stabilization Fund (ESF) provides $30.74 billion in dedicated funds to support education relief and recovery efforts, with: $13.5 billion for K-12; $14.2 billion for Higher Education; and, $3 billion for Governors to further support a state’s most significantly impacted K-12 and Higher Education institutions.
(The full distribution list can be found on the Department of Education’s website.) After logging in you can close it and return to this page. The most significant CARES Act funding for higher education, the Education Stabilization Fund will provide $14 billion directly to higher education entities. %����
�1�V�e'vp?D�����_���`Ff0��k[���K��N��_�N��V�އ'��[=. This grant is distributed to states based on their share of ESEA Title I-A funds. On April 13, 2020, USED unveiled its Education Stabilization Fund website. It is clear, however, that much more is needed to protect and stabilize the higher education industry. Education Stabilization Fund Discretionary Grants – Congress set aside 1% of the Education Stabilization Fund for States with the highest coronavirus burden. endobj
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As the partner-in-charge of the firm’s Gainesville office, he also contributes to the firm’s strategic planning and implementation of tactical items and oversees the daily administration of the office. Of this amount, 90% is to be allocated to institutions based off the Title IV distribution system. All content provided in this article is for informational purposes only. Ken has more than 20 years of experience providing accounting, auditing and consulting services to privately held businesses, nonprofit entities and higher education organizations throughout the country.
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