CARES ACT PERIODIC FUND REPORT

PERIODIC FUND REPORT ON THE APPLICATION FOR AND EXPENDITURE OF CARES ACT HIGHER EDUCTION EMERGENCY RELIEF FUNDS

Recipient name: The Episcopal Theological Seminary of the Southwest

Reporting period end date:  June 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 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”).

The Institution publishes this Periodic Fund Report, as required by § 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).


Higher Education Emergency Relief Fund-Emergency Financial Aid Grants to Students

1) 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 Department’s award and spending provisions of the CARES Act.

2) The Institution received from the Department on various dates, a federal grant and supplemental grants under PR/Award no. P425E204442 in the total amount of $65,582.00.  The Institution is using, or intends to use, this amount of the grant exclusively for emergency financial aid grants to students, consistent with its understanding of provisions of the CARES Act.

3) 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 reporting period end date is $46,679.00. 

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5) The Institution had an estimated total of 135 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.

6) The total number of students who have received an emergency financial aid grant under §18004(a)(1) of the CARES Act is fifty-nine (59) as of the date of this Periodic Fund Report. 

7) 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, eligible degree program, and eligible students’ demonstrated financial need and eligibility requirements.

The Institution is informing all eligible students via email about the availability of emergency student financial aid to be provided under § 18004(a)(1) of the CARES Act.  Students are invited to make an online application for emergency student financial aid.  In this application, each student 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 shall be made promptly based on demonstrated financial need and each student’s signed attestation.

Higher Education Emergency Relief Fund – Grants in Aid for Institutional Support

  1. 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 Department’s award and spending provisions of the CARES Act.
  1. The Institution received from the Department on various dates, a federal grant and supplemental grants under PR/Award no. P425F203128 in the total amount of $75,883.00 for the institutional support portion of the federal grant under Section § 18004(a)(1) of the CARES Act.  The Institution is using, or intends to use, this amount of the grant exclusively for purposes consistent with this section of the CARES Act.
  1. 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 May 12, 2020, expressing assurance that the Institution has used, or intends to use, federal grant funds the Institution receives from the Department under § 18004(a)(3) of the CARES Act, Fund for Improvement of Postsecondary Education, for purposes consistent with this section of the CARES Act.
  1. The Institution received from the Department on or about November 27, 2020, a federal grant under PR/Award no. P425N200179 in the amount of $470,903.00 from the Department’s Fund for the Improvement of Postsecondary Education.  The Institution is using, or intends to use, this amount of the grant exclusively for the purposes described in Section 18004(a)(3) of the CARES Act.
  1. The Institution publishes its Quarterly Budget and Expenditure Report under CARES Act Sections 18004(a)(1) institutional portion and 18004(a)(3) Fund for the Improvement of Postsecondary Education, as follows:
  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