• The KillerFrogs

Harvard got $9 million! Did we get any?

Brog

Full Member
I should have expected this when I read a week or two ago that the Kennedy Center for Performing Arts in Washington DC got $25 million out of the government's bailout plan. Now Harvard with its $40 billion endowment claims $9 million from it. And word is that some of our biggest local church congregations also claimed $$ from the plan. So wonder if we (TCU) got any!

Harvard University, already supported by a massive $41 billion endowment, is getting nearly $9 million in taxpayer aid from the federal Coronavirus Aid, Relief and Economic Security Act, the U.S. Department of Education announced.
 

helcap

Full Member
I should have expected this when I read a week or two ago that the Kennedy Center for Performing Arts in Washington DC got $25 million out of the government's bailout plan. Now Harvard with its $40 billion endowment claims $9 million from it. And word is that some of our biggest local church congregations also claimed $$ from the plan. So wonder if we (TCU) got any!

Harvard University, already supported by a massive $41 billion endowment, is getting nearly $9 million in taxpayer aid from the federal Coronavirus Aid, Relief and Economic Security Act, the U.S. Department of Education announced.
TCU allocated $5.7 million

Other Texas Schools
Texas A&M CS $39.8 million
Univ. of Texas -Austin $31.4 million
Texas Tech $25.5 million
Baylor $10.7 million
 

helcap

Full Member
I thought the cap was $10MM on the PPP program.
This is not the PPP, it is the Higher Education Emergency Relief Fund administered by the Department of Education
Allocations based mainly on two factors, total enrollment and percent of undergrads who
receive Pell Grants
 
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flyfishingfrog

Active Member
posted on the main covid-19 thread that boise has announced they are furloughing all employees who make $40,000 a more for the summer

https://www.idahostatesman.com/spor...ty/boise-state-football/article242171486.html
well not quite the summer - more like 4 days.

anyone over $150k gets two weeks.

But hey - they got money from the federal government but are doing it anyway.....

I would love to know exactly what all of these schools are going to do with the aid that has to go to students? new laptops, money for internet, increased aid next year?

Still don't get why the CARE act allocated money for Universities that are all still open...
 

geezer

Colonel, USAF (Retired)
"Harvard University spokesperson Jason Newton denied the institution received any small business funds from the program in a statement to NBC News on Tuesday.

He added that the school, however, the school did receive funds as part of the CARES Act Higher Education Emergency Relief Fund in which all money will be used to "provide direct assistance to students facing urgent financial needs due to the COVID-19 pandemic."

https://www.nbcnews.com/health/heal...onavirus-news-n1188466/ncrd1189166#blogHeader

Here's all you ever wanted to know about the CARES money. Please note there are TWO separate pots of money being distributed by the Department of Education:

https://www2.ed.gov/about/offices/list/ope/heerfstudentfaqs.pdf

https://www2.ed.gov/about/offices/list/ope/heerfinstitutionalfaqs.pdf
 

Brog

Full Member
"Harvard University spokesperson Jason Newton denied the institution received any small business funds from the program in a statement to NBC News on Tuesday.

He added that the school, however, the school did receive funds as part of the CARES Act Higher Education Emergency Relief Fund in which all money will be used to "provide direct assistance to students facing urgent financial needs due to the COVID-19 pandemic."

https://www.nbcnews.com/health/heal...onavirus-news-n1188466/ncrd1189166#blogHeader

Here's all you ever wanted to know about the CARES money. Please note there are TWO separate pots of money being distributed by the Department of Education:

https://www2.ed.gov/about/offices/list/ope/heerfstudentfaqs.pdf

https://www2.ed.gov/about/offices/list/ope/heerfinstitutionalfaqs.pdf

OK, is this supposed to explain why an institution with $41 BILLION dollars in endowment needs to get Federal (that's tax payer) help to support their students during the Covid-19 crisis? I'm working to understand.
 

flyfishingfrog

Active Member
"Harvard University spokesperson Jason Newton denied the institution received any small business funds from the program in a statement to NBC News on Tuesday.

He added that the school, however, the school did receive funds as part of the CARES Act Higher Education Emergency Relief Fund in which all money will be used to "provide direct assistance to students facing urgent financial needs due to the COVID-19 pandemic."

https://www.nbcnews.com/health/heal...onavirus-news-n1188466/ncrd1189166#blogHeader

Here's all you ever wanted to know about the CARES money. Please note there are TWO separate pots of money being distributed by the Department of Education:

https://www2.ed.gov/about/offices/list/ope/heerfstudentfaqs.pdf

https://www2.ed.gov/about/offices/list/ope/heerfinstitutionalfaqs.pdf
so I wonder if somewhere in the hundred of pages of the CARE act - it actually defines what they students are supposed to do with the 50% of the funds allocated to supporting the students via "emergency financial aid grants"

It is a little late to wonder if they could afford to get home, have a place to live outside the dorm, have money for food without a meal plan, etc....

I am also not sure why our government felt the schools would be the preferred medium to disperse additional support to these students.
 

flyfishingfrog

Active Member
OK, is this supposed to explain why an institution with $41 BILLION dollars in endowment needs to get Federal (that's tax payer) help to support their students during the Covid-19 crisis? I'm working to understand.
I think she was trying to make people - like me evidently - realize they didn't take money from small businesses under the PPP program - or at least aren't the reason it ran out of money.

What she is totally tone deaf to is the fact that the money directed to Institutions of Higher Learning under HEERF within CARES did reduce the PPP number available in total because there was a smaller pie after CARE was allocated a portion of the $2 trillion. Frankly, it also reduced the amount of money available to send to the taxpayers that got a $1200 check.

So just like several other industries -anyone that had an ability to continue to operate and produce income, even at a reduced level - should have gotten in line BEHIND the American people and businesses who were forced to stop working and generating any level of income.

I wonder how many more people would be able to pay their bills instead of ask for delays or go to buy groceries instead of getting in food lines or how many more small businesses would be able to reopen after all this if the most of the $2 million had gone to those people instead of to Universities and Corporations that had other means to finance themselves through this crisis?
 
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