We are inviting you to join our Tribal Leadership Round-Table discussion on how tribes can develop and implement expenditure plans for CARES Act funding.
Webinar: “Planning Tribal CARES Act Funding Implementation”
When: May 20, 2020 @ 10 AM MT
Where: ZOOM Webinar
In this webinar, McCabe CPA Group LLC and Consulting LLC are hosting Navajo Nation Tribal Leadership to discuss topics and answer questions about CARES Act funding pertaining to best accounting practices and expenditure planning for the Nation Nation.
Our team of accounting and economic development professionals will address questions and concerns from the tribal leadership as well as pose additional considerations including the following:
- Reaping Tax Benefit: Keeping the money on Navajo will have a potential $36 million ancillary tax benefit.
- Developing Business Infrastructure: Develop the technological infrastructure to assist with COVID-19 and boosting small business development and housing capabilities.
- Developing Traditional Infrastructure: Lack of infrastructure like water and roads inhibits crisis response and economic development.
- Securing Supplemental Funds: In addition to other appropriations in the legislation specific to Tribal governments, the Secretary of Commerce published Notice of Funding Opportunity, to deploy CARES Act funding in a quick, effective, and efficient manner, tailored to community needs.
We would appreciate your presence and participation. Join us!
In response to the COVID-19 pandemic, the United States government has announced an unprecedented $10 billion in financial assistance through the CARES Act to address government shutdowns, economic impacts, return to work and more.
The new funds come through many different federal departments in the form of grants and most recently funds for the $8 billion package are now in tribal bank accounts.
The first 60% of the allocated $8 billion is based on population of all Tribes reported in the IHBG formula used by HUD. All funds that Tribes receive in this allocation and planned future funding must be spent by December 30, 2020.
This can pose a daunting task for Tribes that are traditionally not equipped to expend large amounts of funds in such a short period of time. That issue might be amplified given that there is no current clear guidance as to the allowability of costs, like Tribes might find in traditional grant guidance.
Questions for tribes to consider:
- What types of financial plans are being proposed by your tribe to spend the funds by December 30, 2020?
- What are tribes allowed to spend the money on, in response to the COVID-19 epidemic?
- Is your tribal financial departments/staff able to handle this mass influx of funds to assist in all COVID-19 related expenses?
- As your tribe begins to return to work, processing checks for payments in large amounts, knowing tribal governments financial procurement processing takes a long time, with some amounts needing a tribal resolution or legislation, what are your thoughts to utilizing e-signatures, electronic systems to process payments within minutes verses days/weeks/months?
- What would you recommend or see as a streamlined process to have successful, accountable procurement procedures to expend the CARES Act funds?
- Does your tribe have efficient broadband/internet/security software to deploy all resources through its information technology to expedite proper payments in sufficient time and reporting requirements?
Tribal leaders have an importantly massive task set forth to protect, prepare and prevent COVID-19 epidemic as well as to stand back up devastated economic impacts to tribal governments.
Please continue to stay safe, healthy and continue to strive as our tribal leaders.
Sean McCabe, CPA