America's Center Convention Complex
The impacts of a natural disaster can be devastating for a community and a government’s budget. The Federal Emergency Management Agency (FEMA) has programs in place to provide funding for areas impacted by disasters; however, they also require that governments follow strict rules in properly accounting for disaster costs. This is equally true with many private insurers and other state programs that may be available. Finance officials need to be ready to account for the losses and understand how to recoup funds prior to a disaster. In this session we will look at what governments need to do to be prepared to track costs associated with a natural disaster before it is too late. Topics will include establishing what needs to be tracked, training staff to understand requirements, tracking and documenting required cost information as part of your financial system, and how to properly complete reimbursement claims for FEMA. This session will also cover the accounting and financial reporting for temporary or permanently impaired capital assets that are likely to occur during a disaster.