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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

Hurricane Recovery:Financial Aspects

Betsy Bowers

Associate Vice President

Internal Auditing & Management Consulting

Gulf States Disaster Symposium

before the storm
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

immediately after the storm
Immediately After the Storm
  • Safety Inspections vs. Damage Assessment
  • Cost Estimates
  • Notification to Insurer
  • Notification to FEMA

Gulf States Disaster Symposium

financial recovery team
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

fema forms
FEMA Forms
  • Request for Public Assistance
  • Disaster Relief Funding Agreement
  • Project Worksheet (PW)
    • Minor projects
    • Major projects

Gulf States Disaster Symposium

fema tidbits
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

insurance
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

insurance lessons learned
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

insurance lessons learned9
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

items not covered
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

remember
REMEMBER…

A picture is worth a thousand words

(in the case of Financial Recovery thousands of $$$!!!!)

Gulf States Disaster Symposium