With the second quarter ending, you may want to get acquainted with updated guidance the U.S. Treasury provided for American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds (SLFRF) Project and Expenditure (P&E) Reports. The next one is due July 31 and there are several new requirements.
On June 17th, updates were issued by the U.S. Treasury for State and Local Fiscal Recovery Funds Compliance and Reporting Guidance. Quarterly P&E reports are due from States and U.S. territories; tribal governments allocated more than $30 million in SLFRF funding; metropolitan cities and counties with more than 250,000 residents; metropolitan cities and counties with less than 250,000 residents allocated more than $10 million in SLFRF funds; and Non-Entitlement Units (NEUs) allocated more than $10 million in SLFRF funding.
The next report is due July 31 for the quarter ending June 30. If your municipality is required to submit a P&E, get acquainted with the updated reporting guidelines. Changes for quarterly and annual reports, as reported by the National Association of Counties, include:
- Reveal the type of capital expenditure per enumerated uses (found on pages 27 and 28 of the S. Treasury Compliance and Reporting Guidance, Section 2, Capital Expenditures).
- Provide written justification for capital expenditures in projects expected to total $10 million or more for enumerated uses or $1 million or more for an “other” use. (Exception: This does not apply to Tribal governments.)
- Provide labor reporting (outlined on pages 30 and 31 of the S. Treasury Compliance and Reporting Guidance) for projects with total expected capital expenditures of over $10 million.
- Provide additional information for Broadband projects (outlined on pages 32 and 33 of the S. Treasury Compliance and Reporting Guidance).
- Provide additional data for projects in expenditure categories (outlined on page 33 of the S. Treasury Compliance and Reporting Guidance). This applies to States, U.S. territories, and metropolitan cities and counties with more than 250,000 residents.
- New Recovery Plan Template required to be published annually on the recipient’s website and provided to.
For additional resources, including guides and webinars, visit the U.S. Department of the Treasury website.
On a different note, as reported by the New York Government Finance Officer’s Association (NYGFOA), SAM.gov – the Federal System of Award Management – is having some issues. If you’re experiencing delays or having issues completing reauthorization or registration, in order to get your Unique Entity Identifier (UEI) needed to apply for Federal funding opportunities, there are a number of resources that can help: UEI FAQ document published by the General Services Administration (GSA); SAM.gov Help webpage; and the GSA Federal Service Help Desk.
You probably have a lot more to do navigating all of these new requirements and processes. RBT CPAs can help. We’re available to partner with you on all of audit, tax, and accounting needs, so you have peace of mind these responsibilities are covered by one of the largest firms in the Hudson Valley, a top 100 firm in New York and a top 250 firm nationwide. That way, you’re freed up to focus on new and growing responsibilities to help plan for, secure, and track valuable funds for your community’s future.