The Federal Emergency Management Agency (FEMA) has money available to distribute to qualifying applicants such as state and local jurisdictions, but certain accounting and internal controls need to be in place before any funds are transferred. Understanding the role of accounting and internal controls is an essential part of accepting government-supplied grant money.
Some required accounting and internal controls include qualified and adequate numbers of staff and “a fiscal accounting system that can track specific projects, prepare for an undergo audit, and be used to evaluate appeals.” Records need to be maintained that verify the money was used for eligible work, the work was completed, and the work complies to FEMA regulations and project-specific requirements (such as for construction projects). FEMA requires all submitted costs to be reviewed, and will request explanations for any discrepancies between the amount of the existing funds available and the invoices submitted.
Hagerty knows FEMA’s rules, regulations, and practices. With skill and tact, our professionals will show you how to implement the accounting and internal controls your organization or jurisdiction needs. We did it in New Orleans as part of the Hurricane Katrina recovery. Read about this successful project here.