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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), and the American Rescue Plan Act (ARPA) provide budgetary relief to higher education institutions through numerous provisions. The Department of Education (ED) is administering all Higher Education Emergency Relief Fund (HEERF) allocations passed by Congress to date: those contained under CARES ($13.95 billion), CRRSAA ($22.7 billion), and ARPA (close to $40 billion).

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Discharging Student Account Balances 

June 30, 2021 - This tutorial addresses how to record the discharge of student account balances using emergency student aid funds (when students give permission) or as an allowable lost revenue use of Institutional funds under the HEERF programs.

Relief Acts and HEERF Programs Background

April 30, 2021 - This tutorial provides background and resources that apply to all HEERF Programs Accounting Tutorials.

Reporting on the Schedule of Expenditures of Federal Awards (SEFA)

April 30, 2021 - This tutorial addresses SEFA reporting and HEERF award timing considerations. Also discussed are operational approaches for categorizing lost revenue as an expenditure and allowable expense claims that cross fiscal years.    

Estimating  Lost Revenue

April 30, 2021 - This tutorial tackles matters related to quantifying and documenting lost revenue as a HEERF Institutional Portion (Part B) allowable claim (expenditure). 

HEERF Programs Accounting and Revenue Recognition

April 14, 2021 - Under FASB and GASB both student aid and institutional portions of HEERF Program grants are conditional contributions and conditional non-exchange transactions, respectively. Revenue recognition on the Institutional portion is dependent on Student Aid disbursement because of minimal spending requirements. This tutorial provides revenue recognition guidance – and supersedes the 2020 CARES Act Grant Accounting Tutorial.

For more COVID-19-related Accounting Tutorials, click here.

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