CARES money news

https://www.tallahassee.com/story/news/2020/04/19/cares-act-brings-relief-fsu-famu-but-revenue-losses-mounting/5156874002/?fbclid=IwAR0Jtrkd2eYxH5Ne9mAM0FxFdzBnVLVTToZBkpJzI7b6a6lzSRVdhKeZGDI

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.

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.

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.

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.

“As far as Florida State University goes, with the federal assistance we’ll get, about $30 million, we’ll be in good shape.”

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