CARES Act brings millions in relief to FSU, FAMU, but revenue losses are mounting
Florida’s universities and state colleges will be receiving tens of millions of dollars from the CARES Act as part of the $14 billion earmarked for higher education.
Florida’s public universities will pull in nearly $252 million, with half of each university’s share specifically designated “to provide emergency financial aid grants to students for expenses related to disruption of campus operations due to coronavirus,” the U.S. Department of Education said in a release.
So far, the federal agency has announced funding for the first phase of payments, which covers the category for students. The initial estimates for universities and colleges nationally amounts to about $12.5 billion.
The allocations were based on several factors, primarily the percentage of students at each university or state college currently enrolled and receiving Pell Grants.
“Every part of our society is facing the impact of COVID-19, and our colleges and universities are no exception,” said U.S. Rep. Al Lawson Jr., whose district includes FAMU and FSU.
2020欧洲杯正规平台According to reports, the University of Central Florida will be receiving the largest amount in Florida’s University System, at $51 million, with $25.5 million for students.
Florida State University will receive $29.3 million, with $14.7 million for students.
Florida A&M University will receive $13 million, with $6.5 million going directly to students.
2020欧洲杯正规平台And, while that money is important in recouping losses incurred by universities, it won’t cover full expenses.
2020欧洲杯正规平台For instance, Kyle Clark, vice president for finance and administration at Florida State University, told Board of Trustees members meeting remotely Friday, preliminary estimates show the fiscal impact at FSU through August could reach $73.7 million.
2020欧洲杯正规平台He attributed that to:
- Housing refunds issued this spring and housing revenue losses through this summer: $10.8 million.
- Meal plan refunds, credits and other food sales losses: $6.3 million.
- Losses in other auxiliary sales: $15.1 million.
- Losses in revenue for research, investments, cleaning costs: $15 million.
- International programs refunds and lost revenue: $15 million.
- Families First Coronavirus First Response Act Employer Paid Leave: $11 million.
2020欧洲杯正规平台FSU President John Thrasher said the university is in sound financial shape and there have been no furloughs or layoffs.
He said he remains optimistic, but everyone in the State University System is waiting to see what impact the statewide efforts will have on cuts in the 2020-21 state budget, which has yet to be delivered to Gov. Ron DeSantis.
2020欧洲杯正规平台“As far as Florida State University goes, with the federal assistance we’ll get, about $30 million, we’ll be in good shape.”
Another critical factor is what decision will be made about fall semester operations, he said.
“As far as the fall goes, sometime in July is when we’ll have to know,” Thrasher said. “We’ve got a little time. It all depends on when this turns around.”
FAMU also is line to share in a separate $1.05 billion included for allocations earmarked for Historically Black Colleges and Universities, as well as other minority-student serving institutions.
2020欧洲杯正规平台guatemo.community College will receive about $7.7 million, which means nearly $3.9 million is available to assist students.
2020欧洲杯正规平台“Phase I of the funding allocation to FAMU from the Higher Education Stabilization Fund, $6.5 million, is solely for emergency grants to students,” FAMU President Larry Robinson said last week. “We are extremely thankful due to the financial needs of our student body.”
Robinson said he expects Phase II of the funding will allow universities to “address budgetary challenges such as lost revenue, class disruption and transition to virtual learning, but we will still have quite a financial challenge remaining.”
Neither the amount of funding for Historically Black Colleges and Universities nor the anticipated allocation from Gov. DeSantis has been determined, Robinson said.
2020欧洲杯正规平台 “The COVID-19 pandemic has impacted us along with our sister SUS institutions and HBCUs ... It will test us all," Robinson said.
Contact senior writer Byron Dobson at firstname.lastname@example.org or on Twitter @byrondobson.
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CARES Act allocations
Total allocations and how much allocated for emergency financial aid grants to students:
University of Central Florida: $51,071,250; $25,535,625
Florida International University: $38,301,957; $$19,150,979
University of South Florida: $34,839,748; $17,419, 874
University of Florida: $31,046,411; $`15,523,206
Florida State University: $29,339,828; $14,669,914
Florida Atlantic University: $22,429,874; $11,214,937
Florida A&M University: $13,051,325; $6,525,663
University of North Florida: $11,770,196; $5,885,098
Florida Gulf Coast University: $11,143,620; $$5,571,810
Florida Polytechnic University: $1,253,303; $626,652
New College of Florida: $837,170; $418,585
University of West Florida: $6,801,388; $3,400,694