During a tumultuous 2020 financial year, Ball State got some help from the federal government.
The university received $15.2 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act financial aid, according to a statement from the university Sept. 28.
$7.6 million of the CARES Act aid was intended as direct emergency aid for students, often in the form of a direct refund, and the other $7.6 million was institutional aid to be used at the university’s discretion.
“Since Housing and Residence Life and University Dining Services issued over $8.7 million in refunds and housing credits due to the closure of residence halls in March, Ball State decided to direct all of the institutional funds from the CARES Act to these two areas,” the statement said.
Funds started going out to students May 30, the report says, and the final disbursement to students was made Sept. 17. The final $2.2 million withdrawal from the aid will be made in the near future.
“Ball State was able to disburse $5.5 million to students by June 30, 2020, the end of the University’s 2019-20 fiscal year,” the statement said. “The university drew down $5.4 million for institutional use during the same time period.”
The $2 trillion CARES Act included over $14 billion for institutions of higher education, of which $12.56 billion was distributed based on enrollment of the schools that received funding. The stimulus package was signed into law March 27 after passing Congress with bipartisan support.