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Hurricane Recovery: Financial Aspects

Hurricane Recovery: Financial Aspects Betsy Bowers Associate Vice President Internal Auditing & Management Consulting Before the Storm Financial Recovery Team CASH on hand Expanded signatories Contracts in Place Establish Accounts in General Ledger Expand P-card limits

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Hurricane Recovery: Financial Aspects

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  1. Hurricane Recovery:Financial Aspects Betsy Bowers Associate Vice President Internal Auditing & Management Consulting Gulf States Disaster Symposium

  2. Before the Storm • Financial Recovery Team • CASH on hand • Expanded signatories • Contracts in Place • Establish Accounts in General Ledger • Expand P-card limits • Communicate Compensation Policy • Provide Remote Team Essential Information (bank acct #, sign ons, etc.) • Communicate Needed Post-Storm Documentation • Photos! Photos! Photos! • Back up documentation (invoices, POs) Gulf States Disaster Symposium

  3. Immediately After the Storm • Safety Inspections vs. Damage Assessment • Cost Estimates • Notification to Insurer • Notification to FEMA Gulf States Disaster Symposium

  4. Financial Recovery Team • Assist with business decisions regarding cost/benefit of services and strategies • Direct documentation process with FEMA and insurance • Direct/oversee the accounting, purchasing, FEMA, insurance and grants/programs • Assess short-term and long-term financial impacts; recommend appropriate actions Gulf States Disaster Symposium

  5. FEMA Forms • Request for Public Assistance • Disaster Relief Funding Agreement • Project Worksheet (PW) • Minor projects • Major projects Gulf States Disaster Symposium

  6. FEMA tidbits • Safety Inspections” not ‘assessments’ • Water Infiltration vs.Flooding • Scope of Work: very specific as to exactly how the damage was a DIRECT result of the hurricane • “wet ceiling tiles” not enough need to say HOW the damage occurred (e.g. route of water or wind through the compromised building envelope) Gulf States Disaster Symposium

  7. Insurance • Listing of all Facilities Damaged • Notice of Loss (within 90 days) • Photographs—before repairs; labeled on photo • Schematics with damaged areas marked • Square footage (each room) • Thermal images • Insurance Adjuster Visit Gulf States Disaster Symposium

  8. Insurance-Lessons Learned • Ensure ALL buildings are listed on Certificate of Coverage • Ensure building/content values are updated annually • Take pictures of the structural damage that caused the building to be compromised AND the resulting damage • Reference the certificate number and building number on ALL documents submitted, including the pictures Gulf States Disaster Symposium

  9. Insurance-Lessons Learned • Document PROTECTIVE measures taken—include receipts • Submit any documents that describe the Scope of Loss from initial inspections or by potential contractors • Know the ages of the buildings, building components, and contents Gulf States Disaster Symposium

  10. Items NOT Covered • Stolen items • Bringing facility ‘up to code’ • Areas not part of the direct damage (e.g. re-roofing only part damaged covered, even if more feasible to replace entire roof) Gulf States Disaster Symposium

  11. REMEMBER… A picture is worth a thousand words (in the case of Financial Recovery thousands of $$$!!!!) Gulf States Disaster Symposium

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