CARES ACT, HEERF II, HEERF III GRANT DISCLOSURES.
Top of the Line Barber College’s (TOTLBC) report on funds received under Section 18004(a)(1) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide Emergency Financial Aid Grants to students.
All Student Portion funds were expended in full in prior quarters; this update reflects the final Institutional Portion funds expenditure and reporting for CARES HEERF and SIP.
TOTLBC is required to provide regular reporting to the U.S. Department of Education (ED) on the use of funds authorized by the CARES Act. Funds received under the CARES Act were authorized by Congress and signed into law by the President on March 27, 2020. The information noted below is meant to not only meet the reporting requirements of the CARES Act but also provide information to public-at-large regarding the use of the student grant portion of the Higher Education Emergency Relief Fund (HEERF).
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 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 CARES 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 childcare). On April 9, 2020, the ED published documents related to the Emergency Financial Aid Grants, including a letter from Secretary Betsy DeVos [pdf], a Certification and Agreement form for signing and returning by institutions to access the funds, and a list of institutional allocations under 18004(a)(1) [pdf].
The Certification and Agreement direct each institution applying for HEERF funds to comply with Section 18004(e) of the CARES Act and submit an initial report (the “30-day Fund Report”) to the Secretary thirty (30) days from the date of the institution’s Certification and Agreement to ED. Each HEERF participating institution must post the information listed below on the institution’s primary website. The following information must appear in a format and location that is easily accessible to the public per the schedules (original and as amended) provided by the U.S. Department of Education:
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.
TOTLBC signed and submitted the U.S. Department of Education (ED) Certification and Agreement for Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act on April 23, 2020. ED provided TOTLBC with an electronically signed Grant Award Notification (GAN) on April 29, 2020.
The total amount of funds that the institution will receive or has received from ED according to the institution’s Certification and Agreement for Emergency Financial Aid Grants to Students. From a total of $47,386:
Minimum Allocation to be Awarded as Emergency Funding Grants to Students: $23,693 for Emergency Financial Aid Grants to Students.
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).:
First 30 days (May 29, 2020): $23,693
Next 45 days (May 26-July 9): $0
Next 45 days (July 10-Aug 23): $0
The remainder of Quarter 3 (Aug 24-Sept 30): $0
Quarter 4 2020 (Oct 1-Dec 31): $0 (Student Portion); $5,332.39 (Institutional Portion)
Cumulative as of Dec 31, 2020: $29,016.39 of $47,386 (61.2%)
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.
Spring 2020: 36
Summer 2020: 47
Fall 2020: 48
The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
Spring 2020: 36 (100% of eligible students)
Summer 2020: 0 (All funds disbursed in Spring 2020)
Fall 2020: 0 (All funds disbursed in Spring 2020)
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.
For Spring 2020, TOTLBC awarded funds to all eligible students determined to meet the Title IV-eligible criteria, in equal amounts. Staff did not consider student’s EFC when distributing funds. It was decided that with such a small allocation and relatively small student body, it would be best to give to all eligible students instead of attempting to identify the most financially needy individuals.