Yesterday, the Department of Education (ED) released a Coronavirus Aid, Relief, and Economic Security (CARES) Act quarterly reporting communication that outlined a process for schools to meet legislative reporting requirements. The CARES Act requires any grantee that receives more than $150,000 in funds to report to ED on a quarterly basis on how those funds are utilized.
ED has determined that monthly reporting requirements specified in the Federal Funding Accountability and Transparency Act (FFATA) of 2006 would meet this requirement. Presumably, schools that have received grants from the federal government previously have already gone through this process by reporting on any grants in excess of $25,000 through the FFATA Subaward Reporting System (FSRS).
NASFAA is unfamiliar with the FFATA reporting requirements and the FSRS system. We have reached out to institutions that have been federal grantees in the past to learn more about this process.
The FFATA reporting appears to be separate and apart from the Higher Education Emergency Relief Fund (HEERF) grants to students reporting requirements. It is unclear whether the FFATA reporting fulfills the reporting requirements for HEERF grants to institutions. NASFAA has an inquiry into the department for clarification.
Publication Date: 7/9/2020