THE EPISCOPAL THEOLOGICAL SEMINARY OF THE SOUTHWEST
INTERIM 30-DAY FUND REPORT ON THE APPLICATION FOR AND USE OF CARES ACT HIGHER EDUCTION EMERGENCY RELIEF FUNDS
Interim 30-Day Fund Report date: June 18, 2020
Author: Office of the Executive Vice President
Subject: HEERF Reporting on Emergency Financial Aid Grants to Students
OPE ID: 00356600
The Episcopal Theological Seminary of the Southwest, founded in 1952 and located at 501 E. 32nd Street, Austin, Travis County, Texas 78705 (the “Institution”), is organized and legally existing in the state of Texas as a private, non-profit institution of higher education operating under a Certificate of Authorization issued by the Texas Higher Education Coordinating Board. The Institution is exempt from federal income tax under IRC § 501(c)(3). The Institution is triple-accredited by the Southern Association of Colleges and Schools Commission on Colleges, the Council for Accreditation of Counseling and Related Educational Programs, and the Association of Theological Schools in the United States and Canada. The Institution is authorized to participate in Title IV federal student aid programs administered by the U. S. Department of Education (the “Department”).
Higher Education Emergency Relief Fund-Emergency Financial Aid Grants to Students
The Institution publishes this its Interim 30-Day Fund Report, as required by § 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
- The Institution’s executive vice president and chief financial officer signed and delivered to the Department a Funding Certification and Agreement dated on or about April 10, 2020, expressing assurance that the Institution has used, or intends to use, no less than fifty percent (50%) of federal grant funds the Institution receives from the Department under § 18004(a)(1) of the CARES Act to provide emergency financial aid grants to students, subject to the spending provisions of the CARES Act.
- The Institution received from the Department on or about May 18, 2020, a federal grant under PR/Award no. P425E204442 in the amount of $14,459.00 for the emergency financial aid grants to students portion of the federal grant. The Institution is using, or intends to use, this amount of the grant exclusively for the purposes described in (1) above, pursuant to the Institution’s Funding Certification and Agreement for emergency financial aid grants to students, consistent with provisions of the CARES Act.
- The total amount of emergency financial aid grant funds distributed by the Institution to eligible students under § 18004(a)(1) of the CARES Act as of the date of this 30-Day Fund Report is $2,000.00. Additional grants will be awarded in the coming weeks and months, subject to the limitations imposed by the CARES Act and remaining availability of emergency student final aid grant funds received by the Institution.
- The Institution had an estimated total of 116 students eligible to participate in programs under §484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive emergency financial aid grants to students under § 18004(a)(1) of the CARES Act.
- The total number of students who have received an emergency financial aid grant under §18004(a)(1) of the CARES Act is seven (7) as of the date of this 30-Day Fund Report.
- Pursuant to guidance issued by and on behalf of the Secretary of Education, the Institution identified students potentially eligible to receive emergency student financial aid grants under §18004(a)(1) of the CARES Act based upon their Title IV eligibility, citizenship status, completion of the 2019-2020 FAFSA, satisfactory academic progress, minimum credit hour enrollment requirements for the spring 2020 semester, eligible degree program, and eligible students’ demonstrated financial need, giving consideration first to the most compelling needs arising from disruption of campus operations occasioned by the coronavirus pandemic.
- The Institution informed all students via email in mid-April 2020 about the availability of emergency student financial aid, including forthcoming emergency financial aid grants provided under § 18004(a)(1) of the CARES Act. Students were invited to make an application for emergency student financial aid in order to address the provision of the basic necessities of life threatened by disruption caused by the coronavirus pandemic. In view of the economic uncertainty and urgency created by the pandemic, and the Department’s guidance that emergency financial aid should be disbursed to students as soon as practicable, the Institution initially communicated that award decisions would be made promptly, subject to compelling circumstances and demonstrated financial needs.