Higher ed received billions in Covid-relief Money. Where did it go?

From The Chronicle of Higher Education: “At a time when colleges and students were navigating both a public-health emergency and the pandemic’s financial fallout, the federal funding provided a much-needed buffer. … Public and private nonprofit colleges received $72.5 billion of that money … The guidelines around distributions in 2021 allowed colleges to use institutional-relief funds to fill in the budgetary holes left by shortfalls in room-and-board revenue, cancelled events, or spotty bookstore sales. They spent an average of 61 percent of institutional-relief funds, or nearly $13 billion, on replacing lost revenue.”

View the full article from The Chronicle of Higher Education. [Subscription required.]

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