Financial Reports

Financial Reports

Rock Valley College has been recognized for its financial reporting. The Certificate of Achievement for Excellence in Financial Reporting is awarded by the Government Finance Officers Association of the United States and Canada (GFOA) for comprehensive annual financial reports (CAFR). This award is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. Rock Valley College has won this award every year since 2007.

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CARES ACT, CRSSA, & HEERF Funds

The Coronavirus, Aid, Relief and Economic Security (CARES) Act included the one-time Higher Education Emergency Relief Fund (HEERF) for higher education institutions to help address the immediate and urgent impacts on our students and colleges. In alignment with the federal CRSSA Act and the American Rescue Plan (ARP), Rock Valley College continued to provide emergency assistance to students who were impacted by the COVID-19 pandemic since the spring 2020 semester. The Financial Aid Office, in collaboration with Rock Valley College campus officials, determined those students who were eligible to receive emergency assistance in conjunction with guidance as indicated by the Department of Education. Funding was intended to assist students with expenses related to the disruption of campus operations due to Covid-19. All awards were required to adhere to federal statutory and regulatory requirements.

The Higher Education Emergency Relief Fund II (HEERF II) is authorized by the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRSSA), signed into law on Dec. 27, 2020. In total, the CRSSA authorizes $81.88 billion in support for education, in addition to the $30.75 billion expeditiously provided last spring through the Coronavirus Aid, Recovery, and Economic Security (CARES) Act. HEERF III continued the College's ability to assist students with emergency relief funding. 

In Fall 2021, the college offered emergency relief and assistance to those enrolled in Fall 2021 credit courses. Emergency relief monies were determined on a cost per credit hour evaluation. For every credit a student enrolled in, they received $50 of assistance.  

In Spring 2022, the college again offered emergency relief and assistance to those enrolled in Spring 2022 credit courses. Emergency relief monies were determined on a cost per credit hour evaluation and student’s financial need. For every credit a student enrolled in, they received a minimum $50 of assistance.