30-DAY FUND REPORT: Institutional Costs
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1. Report on the use of CARES HEERF funds for Recipient's Institutional Costs.
Saint Vincent College & Seminary reviewed, signed, and returned the U.S. Department of Education’s Certification and Agreement for the Institutional Portion of HEERF funds on April 27, 2020. We received our grant award notification on May 7, 2020.
Saint Vincent College & Seminary received a total of $1,605,435 under Section 18004(a)(1) of the CARES Act. No less than 50 percent of the funds received are being used to provide Emergency Financial Aid Grants directly to students. The remaining $802,717 is being allocated for institutional costs associated with significant changes to the delivery of instruction due to the coronavirus.
2. An acknowledgment that the funds for Recipient's Institutional Costs has been used, or intends to be used, in accordance with Section 18004(c).
In accordance with Section 18004(c), Saint Vincent College and Seminary will use the institutional portion of the CARES HEERF funding for costs associated with significant changes to the delivery of instruction due to the coronavirus. Funds will not be used for payments to contractors for the provision of pre-enrollment activities, including marketing and advertising; endowments; or capital outlays associated with facilities related to athletics, sectarian instruction, or religious worship. As required by Section 18004(c), no less than fifty percent of Saint Vincent's total CARES HEERF award of $1,605,435 is being used to provide emergency financial aid grants to students for expenses related to the disruption of campus activities due to the coronavirus.
3. Accounting for the amount of reimbursements to the Recipient for costs related to refunds made to students for housing, food, or other services that the Recipient could no longer provide.
Saint Vincent will use the institutional portion of the CARES HEERF funding to help cover room and board refunds necessitated by the threats posed by COVID-19. In the interest of the health and safety of our students, faculty, staff, and the broader community, and in accordance with state and local directives, Saint Vincent suspended in-person instruction, shifted to online coursework, and closed its residence halls to help prevent the spread of the coronavirus. Students who departed the residence halls by March 29, 2020 were eligible for pro-rated room and board credit. The institutional CARES funding will be used to help reimburse the costs for these room and board refunds.
4. Internal controls that the Recipient has in place to ensure that funds were used for allowable purposes and in accordance with cash management principles.
The project director for the institutional portion of the CARES HEERF funding is Richard S. Williams, the Vice President for Finance and Administration and Chief Financial Officer at Saint Vincent. Mr. Williams has reviewed the terms of the Recipient's Funding Certification and Agreement for the Institutional Portion of the Higher Education Emergency Relief Fund Formula Grants Authorized by Section 18004(a)(1) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and consulted with the College President and General Counsel to ensure that Saint Vincent's plan for distribution of the funds is allowable and appropriate.
In his role as Chief Financial Officer, Mr. Williams will certify that the use of the funds is in accordance with cash management principles and appropriate internal controls. Mr. Williams will submit requests to draw down funds to Saint Vincent's Director of Financial Planning, Accounting, and Analysis, Gina Nalevanko. Ms. Nalevanko will review and approve the request prior to draw down and will ensure that the funds, once received, are allocated to the correct account within the institutional accounting system to reimburse the costs for student room and board refunds. Information on the expenditure of grant funds also will be shared with the Office of Foundation, Government, & Corporate Relations for review and preparation of reports.
Annual audits of Saint Vincent College Corporation finances are performed by Baker Tilly Virchow Krause, LLP. This includes the Single Audit as required by the 1999 OMB Circular A-133.