So you've retained funds provided under the Public Health and Social Services Emergency Fund in the CARES Act. What next?
We've compiled a checklist to maintain your compliance with the program's conditions and reduce the risk of audit issues, government investigations and potential civil liability.
Excerpt:
Segregate funding received under the Public Health and Social Services Emergency Fund
Consider maintaining the provider relief funding in a separate bank account than accounts used for non-COVID-19 relief purposes. This will instill discipline in using the funds only for qualified purposes. One of the conditions with funding includes the requirement to maintain records and cost documentation, which is easier when the funding is kept separate. And it will make responding to any subsequent audit, if one occurs, that much less painful.
Download the Public Health and Social Services Emergency Fund Checklist.
Article originally published on 14 May 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.