In March 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak to be a global pandemic. COVID-19 has impacted economic activity and financial markets globally and has resulted in a decrease in various auxiliary revenues that the University is dependent upon due to closing the campus in March 2020. The continued spread of the disease represents a risk that operations could be disrupted in the near future. The extent to which COVID-19 impacts the University will depend on future developments, which are still highly uncertain and cannot be predicted.
As a result of the COVID-19 pandemic, the University received $4,727,726 of Higher Education Emergency Relief Funds allocated for institutional use from the Coronavirus Aid, Relief, and Economic Security (CARES) ACT (AL 84.425F). Of this amount, $685,758, $1,192,226 and $2,837,174 was expended and recognized as revenue during the years ended June 30, 2020, June 30, 2021, and June 30, 2022, respectively. The remaining $12,638 is expected to be expended and recognized as revenue when allowable expenses are incurred during fiscal year 2023.
As a result of the COVID-19 pandemic, the University received $3,477,387 of Higher Education Emergency Relief Funds allocated to student aid from the Coronavirus Aid, Relief, and Economic Security (CARES) ACT (AL 84.425E). Of this amount, $52,294, $633,745 and $2,718,900 was expended and recognized as revenue during the years ended June 30, 2020, June 30, 2021, and June 30, 2022, respectively. The remaining $72,448 is expected to be expended and recognized as revenue when allowable expenses are incurred during fiscal year 2023.
As a result of the COVID-19 pandemic, the University received $19,814,553 of Higher Education Emergency Relief Funds as part of the Strengthening Institution Program-Historically Black Colleges and Universities (SIP HBCU) from the Coronavirus Aid, Relief, and Economic Security (CARES) ACT (AL 84.425J). This amount, $1,089,225, $5,835,476, and $5,467,197 was expended and recognized as revenue during the years ended June 30, 2020, June 30, 2021, and June 30, 2022, respectively. The remaining $7,422,655 is expected to be expended and recognized as revenue when allowable expenses are incurred during fiscal year 2023.
The Governor's Emergency Education Relief Fund (GEER) as authorized by Section 18002 of division B of the CARES Act has been awarded to Kentucky institutions of higher education. The Council will disburse each public institution its share of the GEER funding based upon methodology established by CPE. The University was awarded GEER funding totaling $754,000, of which $324,758 and $285,463 was expended and recognized as revenue during the years ended June 30, 2021 and June 30, 2022, respectively. The remaining $143,779 of GEER funding expired as the effective date of this funding ended June 30, 2022.
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