CARES Act Emergency Grant Funds
As part of the federal government’s Coronavirus Aid, Relief and Economic Security (CARES) Act, the University has been approved for a one-time, limited allocation of emergency financial aid grants to students for expenses related to the disruption of Incline Village campus operations due to the COVID-19 pandemic.
CARES Act funding expired on March 1, 2021. SNU is working on information and an application for new HEERF II funding we received this year.
Are CARES Act funds taxable?
CARES Act Funds are not taxable and will not be included on your 1098-T. According to the IRS, “Emergency financial aid grants under the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations on account of the COVID-19 pandemic, such as unexpected expenses for food, housing, course materials, technology, health care, or childcare, are qualified disaster relief payments under section 139 of the Internal Revenue Code. This grant is not includable in your gross income. Because the emergency financial aid grant is not includable in your gross income, you cannot claim any deduction or credit for expenses paid with the grant including the tuition and fees deduction, the American Opportunity Credit, or the Lifetime Learning Credit. See section 139(h) of the Internal Revenue Code.”
Sierra Nevada University CARES Act Reporting Requirements
The CARES Act requires institutions to use no less than 50 percent of the Higher Education Emergency Relief funds received to provide Emergency Financial Aid Grants to students for expenses related to the disruption of campus operations due to coronavirus. The Act also directs institutions receiving funds under Section 18004 of the Act to submit a report to the Dept. of Education Secretary updated every 45 days. This information must appear in a format and location that is easily accessible to the public, on the institution’s primary website.
Sierra Nevada University 30-Day Fund Report
Report date: March 15, 2020
- Sierra Nevada College signed and returned the Certification and Agreement to apply for funds from the CARES Act, agreeing to use at least 50% of any funds received to provide direct Emergency Financial Aid Grants to students.
- The total amount of funds received from the CARES Act was $276,835 for Emergency Financial Aid Grants.
- To date $198,600 funds have been distributed. The application for funds is available above.
- The estimated number of students eligible for these funds is approximately 264.
- Total number of students who have received Emergency Financial Aid Grant to date is 198.
- The College has a dedicated webpage with information and FAQs to address questions and concerns in regards to the grant funds, which also includes access to the application for funding.