Higher education institutions making use of aid funds in the Higher Education Emergency Relief Fund (HEERF) will need to adjust their reports to reflect the Department of Education’s new quarterly reporting form (QRF), released in July 2022.
Reports for the second quarter of 2022 were required to use the form, as will all reports moving forward.
An overview of changes to the form, as well as key requirements that remain, follows.
Changes on New QRF
Reporting requirements are designed to create accountability and transparency around HEERF funds.
While this holds true in the new form, institutions won’t have to supply as much demographic information about students.
The new QRF merges student and institutional spending on the same form. This required information will be similar to the existing annual reporting form updated in 2021, minus some demographic details.
Posts, either in HTML format or linked PDFs, must stay up for at least three years after the period of performance. In addition to posting, institutions are encouraged to submit forms via email.
Some of the previous requirements remain in the new form.
- Figures reported are for the quarter only, and not added up as the year goes on
- The fillable form provided by the Department of Education must be used
- Supplemental information can’t be attached to the form
- Files must adhere to the Department of Education’s prescribed naming convention
Institutions that have been awarded funds must supply details about how the money was be used and what will be done with funds that remain unused broken down by HEERF program and calendar year.
NACUBO Accounting Tutorial
The National Association of College and University Business Officers (NACUBO) recently released a new downloadable accounting tutorial with a summary of all changes between the QRF and 2021 annual report (ARF) as well as interpretive reporting suggestions.
We’re Here to Help
For questions related to requirements for the new QRF, contact your Moss Adams professional.
You can also visit our Higher Education Practice for additional insights.