CARES ACT PERIODIC FUND REPORT

PERIODIC FUND REPORT ON THE APPLICATION FOR AND EXPENDITURE OF HIGHER EDUCTION EMERGENCY RELIEF FUNDS UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECUIRTY ACT (CARES ACT), THE CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT (CRRSAA) AND THE AMERICAN RESCUE PLAN (ARP).

Recipient name:  The Episcopal Theological Seminary of the Southwest

Reporting period end date:  September 30, 2021

Introduction

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 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”).

The Institution publishes this Periodic Fund Report, as required by § 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and § 314(e) of the Coronavirus Response and Relief Supplemental Appropriations Act (the “CRRSA”) and American Rescue Plan (ARP), collectively, the “Acts.”

  1. The Institution signed and delivered to the Department Funding Certification and Agreement formsdated 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 for emergency financial aid to students; and that the Institution has used, or intends to use, the Department’s formula grants awarded under the CRRSAA and the ARP for (a)(1) and (a)(4) programs, subject to the Department’s awards and spending provisions of the Acts.

  2. The Institution received from the Department on various dates the following federal grants:

Award P425E204442:  $  65,582 emergency student financial aid grants;

Award P425F203128:    $  75,883 allocation for institutional portion; and

Award P425N200179:  $470,903 Fund for the Improvement of Postsecondary Education.

  1. The total amount of emergency financial aid grant funds distributed by the Institution to eligible students under § 18004(a)(1) of the CARES Act and under the CRRSAA and ARP as of the reporting period end date is $99,190. 

  2. The Institution had an estimated total of 120 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 the Acts.

  3. The total number of students who have received an emergency financial aid grant under the Acts is sixty-eight (68) as of the date of this Periodic Fund Report.  

  1. 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 the Acts based upon their Title IV eligibility, citizenship status, completion of the 2019-2020 FAFSA, satisfactory academic progress, minimum credit hour enrollment requirements, eligible degree program, and eligible students’ demonstrated financial need and eligibility requirements described in the Acts.

  2. The Institution informed eligible students via email about the availability of emergency student financial aid to be provided under the Acts.  Students were invited to make an online application for emergency student financial aid.  In this application, students attested to the following: “I, the undersigned applicant, have read the section Student Eligibility Requirements and FAQ for CARES Act Emergency Student Financial Aid above and that I understand its provisions.  The applicant-provided information contained in this CARES Act Emergency Student Financial Aid Application is true and correct to the best of my knowledge and belief.”  Award decisions were made promptly based on demonstrated financial need and eligibility.
  1. Quarterly report for the period ended June 30, 2020
  2. Quarterly report for the period ended September 30, 2020
  3. Quarterly report for the period ended December 31, 2020
  4. Quarterly report for the period ended March 31, 2021
  5. Quarterly report for the period ended June 30, 2021
  6. Quarterly report for the period ended September 30, 2021