Colleges and universities across the country were recipients of substantial funds from the federal government as part of COVID-19 relief packages.
Data compiled by OpenTheBooks reveals that despite having billions of dollars in their endowment funds, these institutions received almost $76 billion.
The Cares Act, The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSSA), and The American Rescue Plan Act collectively allocated over $5 trillion in federal relief funds, out of which nearly $76 billion was allocated to colleges and universities.
This financial support was provided to aid these institutions in navigating the challenges caused by the pandemic.
It is worth noting that when examining the universities with the largest endowments, OpenTheBooks’ data demonstrated that sixteen of them received approximately $4 billion from the federal COVID-19 relief funds.
The University of California System (UCS), the University of Texas System (UTS), and the Texas A&M University System (TAMUS) were among these institutions, receiving significant amounts of $1.34 billion, $1 billion, and $208 million respectively.
These funds were intended to assist these universities in continuing their valuable contributions to research, education, and innovation amidst the pandemic.
Interestingly, some universities with sizable endowments chose not to accept the federal relief funds.
This decision, despite meeting the eligibility criteria, was made by esteemed institutions such as Harvard, Yale, Princeton, Stanford, Massachusetts Institute of Technology (MIT), University of Notre Dame, Washington University in St. Louis, and Northwestern University.
Although these institutions possess considerable financial resources, they demonstrated their self-sufficiency in managing the pandemic’s impact on their campuses without relying on external funds.
On the other hand, the University of North Carolina System (UNCS), Ohio State University (OSU), and the University of Southern California (USC) decided to avail themselves of the federal COVID-19 relief funds, receiving significant sums of $381 million, $223 million, and $103 million respectively.
These funds were instrumental in facilitating their ongoing operations and ensuring the well-being of their students, faculty, and staff.
When approached for comments regarding the allocation of federal relief funds, the University of California System (UCS), the University of Texas System (UTS), the Texas A&M University System (TAMUS), the University of North Carolina System (UNCS), the University of Southern California (USC), and Ohio State University (OSU) did not respond to the Daily Caller News Foundation’s request.
Although their decision not to comment further leaves questions unanswered, it is essential to recognize the significance of federal support in facilitating the continuity of higher education during these challenging times.