Approximately $14 billion of relief is available to higher education institutions under the CARES Act through the Higher Education Emergency Relief Fund (HEERF). KPMG addresses the accounting for this aid.
All not-for-profit, non-governmental higher education institutions
CARES Act was signed into law on March 27, 2020
$12.56 billion of general HEERF grants were made available to institutions in two parts: student aid on April 9, 2020, and institutional costs on April 21, 2020
$1.4 billion of HEERF aid reserved exclusively for minority-serving institutions, other institutions eligible for the Strengthening Institutions Program and certain institutions with unmet needs was made available on April 30, 2020
NFP higher education institutions will account for HEERF grants as conditional contributions under ASC 958-605.
Key provisions of the Higher Education Emergency Relief Fund