As most reading this article already know, the CARES Act allocated $8 billion of relief funding for tribal governments, and those funds have come with a usage deadline of December 30, 2020. It’s now August, and tribes are experiencing increasing anxiety over what many consider to be vague guidance on how funds can be spent and how to properly document/justify spend.
Guidance we’ve received from the Treasury
The challenge for tribal governments and organizations is not only determining where to put their stimulus funds but also speeding up the bidding, selection and implementation process.
Here at Wipfli, we’ve had many tribes ask us to engage in collaborative efforts with their committees, policy boards and other working groups to point the needle in the right direction for their spend planning, as well as whether there are ways they can speed up their regulatory obligations to get things in place by the end of December.
Grant Eve, leader in our tribal-focused consulting practice, has been partnering with members of tribal governments and gaming enterprises to help him navigate the guidance on spending CARES Act funds. Grant has been staying on top of every bit of government guidance, and he is a member of the National Indian Gaming Association’s COVID-19 executive committee.
“As infection rates continue to rise, tribal administrations are scrambling to respond to the best of their abilities. It’s imperative that tribes and their enterprises construct the proper infrastructure to weather this storm of unprecedented challenges,” said Wipfli Tribal Practice Leader, Grant Eve.
In Wipfli’s communication with the Treasury’s tribal consulting group, we’ve recently obtained guidance specifically on IT infrastructure enhancements. The Treasury suggests tribes address two questions when determining whether they’re spending CARES Act funds appropriately:
- Is this an expenditure that is significantly different from the most recently adopted budget?
- Is this an expenditure directly related to response to COVID-19?
The Treasury additionally suggested documenting the justification of the spend for reporting on these expenditures.
Given this guidance, we at Wipfli have put together a list of technology-related areas and solutions that, if properly documented, we believe meet the qualifying requirements:
- Accounting and finance (i.e., choosing a system that can handle GL, AP, AR, procurement, expense management, multi-entity consolidated enterprise revenue management, allocations and project accounting)
- Budgeting and multi-scenario planning
- Business intelligence, data and analytics
- Managed IT services
- Organizational performance and change management
- Payroll and HR
- Policy and procedure creation
- Web-based internal communications portals
The CARES Act funds are a tremendous opportunity for tribes to invest in technology infrastructure and gain the benefits of modern, remote-enabled, paperless systems. Because so many organizations run lean, they can benefit from the many ways the technologies of today streamline processes — creating greater efficiencies and leading to strong ROI on their investment. They enable access from anywhere, at any time, from any web-based device — a necessity during this pandemic and any future challenge leading to brick-and-mortar closure.
Because of the urgency imposed by the December 30 deadline, we’ve put together a more in-depth guide on how tribes can strategically plan, spend and track their CARES Act dollars. This guide can help you identify and understand the areas you can invest in to make the biggest impact on your tribe while leveraging CARES Act relief dollars.
Click here to download the guide.
How Wipfli can help
Our tribal solutions team can not only implement the leading tribal casino accounting solution but also design it to meet your unique challenges. Put our technology and tribal casino knowledge to use helping you keep operations flowing smoothly no matter what. And the ROI on technology investment will continue pay off in faster, automated workflows, better data integrity and deeper financial insights.
Ready for a demo? Or want to ask more questions? Contact us today.
If you want to learn more, visit our tribal casino web page or check out these additional resources: