Common Contracts
1 similar Agreement for Use of Funds contracts
AGREEMENT FOR USE OF FUNDSAgreement for Use of Funds • June 5th, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides several different methods for distributing roughly $14 billion in funds to institutions of higher education. The most significant portion of that funding allocation provides that $12.56 billion will be distributed to institutions using a formula based on student enrollment. Of the amount allocated to each institution under this formula, at least 50% must be reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to coronavirus. The CARES Act provides institutions with significant discretion on how to award this emergency assistance to students. WCC has developed its own system and process for determining how to allocate these funds, which includes distributing the funds to all students. These funds must be used to cover expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under your
