CARES Act 30-Day Fund Report
CARES Act 30-Day Fund Report
On March 27, 2020, the U.S. Department of Education announced funds made available through the Higher Education Emergency Relief Fund authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act”) would be distributed immediately to colleges and universities to provide direct emergency cash grants to students. Section 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or the “Act”)), Pub. L. No. 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”).
On May 6, 2020, the U.S. Department of Education, Office of Postsecondary Education posted their reporting requirements for HEERF participating institutions. Each HEERF participating institution is responsible for providing this information in report format (the “30-day Fund Report”). In addition, these participating institutions are required to post the information listed below on the institution’s primary website.
The information noted below is intended to not only meet the reporting requirements of the CARES Act but also provide information to our community regarding use of the student grant portion of the Higher Education Emergency Relief Fund (HEERF).
An acknowledgment that the institution signed and returned to the Department the Certification and Agreement and the assurance that the institution has used, or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
On April 16, 2020, New York Theological Seminary (NYTS) signed and submitted the Department of Education’s “Recipient’s Funding Certification and Agreement Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.” As part of this agreement, NYTS will distribute at least 50% of this funding to students via emergency relief grants.
The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement for Emergency Financial Aid Grants to Students.
Pursuant to the completion of the Certification and Agreement [for] Emergency Financial Aid Grants to Students, NYTS has received $22,987 from the Department of Education for Student Emergency Financial Aid Grants.
The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of the date of submission (i.e., as of the 30-day Report and every 45 days thereafter).
As of the October 2020 Fund Report, NYTS has distributed Emergency Financial Aid Grants in the amount of $19,250.00.
The estimated total number of students at the institution 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.
Based on the criteria provided by the Department of Education, NYTS has determined that 142 students were eligible for these grants as of April 16, 2020. This number was calculated based on students who have a valid FAFSA on file. While there may be others that could qualify, the current guidance from the Department of Education requiring Title IV eligibility of recipients means the FAFSA is the only current practical method of determining eligibility.
The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
As of the October 2020 Fund Report, 15 students have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
The method(s) used by the institution to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act.
New York Theological Seminary’s Care Act Emergency Financial Aid Grant allocation will be distributed through an application process. Title IV eligible students will be invited to apply for a fixed amount of $500. This means approximately 46 students will receive funding under Section 18004(a)(1) of the CARES Act. A committee has been established to review and grant awards based on financial need and financial hardship due to the coronavirus pandemic. Awards via application will continue to be granted until the funds are exhausted. If the funds are not exhausted by the end of October 2020, the remaining funds will be distributed to students enrolled at NYTS in the Fall 2020 semester.
Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.
NYTS has published all instructions, directions, and guidance to students concerning the Emergency Financial Aid Grant under the ‘CARES Act Emergency Assistance’ section of the Financial Aid page of the NYTS website.