Audit Guidance, the Period for Allowable Expenses and FAQs on Lost Revenue and CRRSAA
New guidance on audit requirements is now available for institutions that have received HEERF money to help higher education with the extraordinary challenges of 2020.
A Department of Education letter to HEERF grantees outlines updated information for public and private nonprofit institutions, as well as for proprietary institutions, and details who must obtain an audit, what must be audited and when audits are due. The department also explains when and where to submit audits, how to pay for them and where to get more information.
A note for proprietary institutions: the HEERF Audit Guide is being developed and will be available on OIG’s webpage for Proprietary Schools, Foreign Schools and Third-Party Servicer Audits once the guide has been published.
ED said in their letter that all institutions must retain all financial records, supporting documents, statistical records and all other non-federal entity records related to a Higher Education Emergency Relief Fund award for three years. The three-year period starts with the submission date of the last final expenditure report as required by federal regulations.
Audit guidelines can be found here: https://www2.ed.gov/about/offices/list/ope/heerfauditletter.pdf
In addition, ED posted HEERF-related updates on the period for allowable expenses, lost revenue and CRRSAA.
For information on the period for allowable expenses under the Coronavirus Response and Relief Supplemental Appropriations Act:
For an FAQ on lost revenue:
For an FAQ on CRRSAA for public and private non-profit institutions: https://www2.ed.gov/about/offices/list/ope/updatedfaqsfora1crrssaheerfii.pdf
For an FAQ on CRRSAA for proprietary institutions: