In March, when President Biden signed into law the $1.9 trillion dollar relief package the American Rescue Plan Act of 2021 , it included $2.75 billion funds designated for private schools. The $2.75 billion earmarked is for governors to share with private schools. These funds are the primary mechanism for supporting schools beyond the public sectors according to the ARP Act.
The act notes the designated funds for governors to distribute to private schools ideally should be targeted at private schools that serve mostly low-income students and those most affected by COVID.
The money for private schools cannot be used for religious instruction, and funds do not go to the schools directly. The ARP Act notes that a public agency must provide the “services or assistance” or create the contract for such services.
With this rescue plan rollout, the government has also launched a superb resource site for schools in order to ensure best practices in usage of the funding to help guide schools to success. The Safer Schools and Campuses Best Practices Clearinghouse , provides resources for communities, schools, educators, and families working together to continue to reopen our schools for in-person learning and support the needs of all students, particularly historically underserved students and those who have been impacted greatest by the pandemic.
The site will be continuously updated with information in regard to how schools are using funds, as well as tips to ensuring they are meeting the designated usage of the funds adequately.
Additionally, the site has an in-depth resource library with links to many different resources for schools as they are considering the new school year.
With new funds, comes a continued need for all schools to efficiently and expediently, manage financial processes, and ensure they have a fund accounting solution that will grow with them as they grow and expand their school’s diversity and reach.
MIP’s Fund Accounting software solution helps schools streamline their financial processes. Whether you’re a K-12 institution, college or university, our user-friendly and customizable software introduces ease to accounting concerns.
As private institutions receive revenue from multiple sources — donors, enrolled students, and organizations — MIP provides a transparent and secure tool to track all funding. When managing school payroll, accounting software from MIP helps users allocate funds to all the hardworking administrators and teachers.
MIP cloud accounting software offers your financial department greater accessibility. Manage funds from any device with 24/7 backup of all data. Our cloud option also keeps the software maintenance-free on your end, giving you more time to focus on financial management.
Whether you choose our cloud or on-premise software, you can expect compliance with financial regulations, reliable security for sensitive data and easy access to audit trails. MIP Fund Accounting software is entirely scalable. As your school grows, you can add more capabilities and handle more significant amounts of data. Our purpose-built software is prepared to modernize your school fund accounting process.
For more information on MIP Fund Accounting solution and our school software solutions at Community Brands that integrate seamlessly for private schools including financial aid, admissions and student information system, please visit our MIP solutions page.