Preparing for COVID19 Tribal Stimulus Package
Dear Tribal Brothers and Sisters, 

Yesterday, I participated in a tribal consultation regarding the $8 Billion Coronavirus Relief stimulus allocation to tribes and as expected, the audit issues came up.

The Tribal Consultation included the Department of Interior (DOI), U.S. Treasuryand all the federally recognized tribes.

The meeting was facilitated by Tara Sweeney, Assistant Secretary Indian Affairs, Mark Cruz, Deputy Assistant Secretary for Policy and Economic Development Indian Affairs and Daniel Kowalski, Counselor to the Secretary, U.S. Department of the Treasury.  

Key Priority Highlights:

  • Tribal Consultation between DOI, Treasury and Federally Recognized Tribes on the methodology of distribution for the Coronavirus Relief Fund $8 Billion through the CARES Act timeframe of March 1, 2020 – December 30, 2020 as stated by the Act.

  • Begin distribution for Coronavirus Relief Fund $8 Billion by April 27, 2020 staying within the laws following President Trump’s signature.

  • US Treasury will be working to continue to answer questions on the distribution, the required financial required accounting and auditing requirements as it states in the CARES Act for all allowable unbudgeted expenses related to COVID-19.
Like with all allocated federal funds, it is subject to audit and could create issues for tribes. 

I knew, from coming off American Recovery and Reinvestment Act of 2009, audit would be an issue and I know we can help with our new product offering. 

In the meeting , we talked about Allowability of Cost and there were a lot of questions; they want to know how to account for the interest free loans and how audit issues can be avoided.

We are currently putting together a listing to share with tribes, plus we’ve published other facts sheets on our website .

This is a huge pot of money for economic relief and a lot of tribes are going to need help. 

That's why we are developing a uniform guidance on allowable costs and all accounting issues.

Short-term challenges that may arise once the funding is secured, such as effects on financial planning models, audit, compliance and accountability structures. 

We can help to solve these issues and assist organizations with a hands on approach. 

We can assist with:

  • Funding options made available through the CARES act
  • Application process
  • Accounting processes for proper reporting, accountability and compliance 
  • All audit related issues 
  • Administration of stimulus funds

Contact us, and together we can prepare to maximize resources.

Sincerely,

Sean McCabe, CPA