Mind Body Institute signed and returned to the Department of Education the Certification and Agreement as required, and the institution has used no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
Section 18004(c) of the CARES Act requires no less than fifty percent of the HEERF funds received be used to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under a student’s cost of attendance such as food, housing, course materials, technology, health care, and child care).
Mind Body Institute has determined the following method of distributing the first fifty percent:
Students who have received Federal Financial Aid (Title IV) are eligible.
Students will receive a portion of the total available funds based on their Expected Family Contribution (EFC) score assigned by the Department of Education for Award Year 2019-20.
A student with an EFC of 0-1000 will receive a full share.
A student with an EFC of 1001-4000 will receive a half share.
A student with an EFC of 4001-5576 will receive a quarter share.
The dollar amount of a share will be determined by totaling the number of shares and dividing the fifty percent of HEERF grant funds by that number.
The funds will be distributed by check to each student receiving a share or portion thereof, including a notice explaining the grant and its intended use.
Note: The Secretary of Education strongly encourages financial aid administrators to exercise the use of professional judgment available under Section 479A of the Higher Education Act of 1965 (HEA), 20 U.S.C § 1087tt, to make adjustments on a case-by-case basis to exclude individual emergency financial aid grants from the calculation of a student’s expected family contribution. The Secretary of Education does not consider these individual emergency financial aid grants to constitute Federal financial aid under Title IV of the HEA.
The first fifty percent of HEERF funds is $14,391. The total amount was distributed to eligible students on 4/28/2020. 23 students were eligible to participate in Title IV Federal Financial Aid, and 18 of those received funds, based on the formula above. A full share was equal to $1,046.62.
The following notice was sent to all recipient students:
Section 18004(c) of the CARES Act allows the recipient to use up to 50 percent of the funds received to cover any costs associated with significant changes to the delivery of instruction due to the coronavirus so long as such costs do not include payment to contractors for the provision of pre-enrollment recruitment activities, including marketing and advertising; endowments; or capital outlays associated with facilities related to athletics, sectarian instruction, or religious worship (collectively referred to as “Recipient’s Institutional Costs”).
The recipient may, but is not required to, use funds designated for Recipient’s Institutional Costs to provide additional emergency financial aid grants to students for expenses related to the disruption of campus operations due to coronavirus.
Mind Body Institute was authorized for $14,391 for the Institutional Costs portion on 5/8/2020. MBI has not determined its use of the second 50% of grant funds as of 7/7/2020.
Posted: 5/11/2020, Updates: 6/18, 7/7/2020