We know there are many things to handle when dealing with a disaster. Cost tracking and analysis are important steps to your overall recovery. As your disaster recovery experts, Tidal Basin has put together a list of key cost tracking measures to consider while going through your response efforts.
Perform Preliminary Damage Inspections
- Work with your departments to determine the extent of damage to facilities you own and rent.
- To the best of your ability, perform an assessment to determine the extent of the damage, documenting everything with notes and photos.
- This will aid FEMA in performing an expeditious Preliminary Damage Assessment (PDA) if you are a participant.
Document, Document, and Document Some More
- Institute standardized work and cost documentation procedures, including:
- Photos of damage
- Narratives describing damages, including dimensions and specifications
- Detailed work orders describing work performed to prepare for, respond to, and recover from the disaster
- Receipts, invoices, purchase orders, contracts, etc.
- Establish folders for each anticipated project (i.e., by facility, work category, etc.).
- Document procurement processes, including any applicable emergency procurement policies.
- Document the vendor selection process.
Establish Cost Tracking Protocols
- Create cost centers and accounting codes. Accounting codes should be:
- Trackable by disaster event
- Trackable by facility
- Trackable by work category, such as debris removal, emergency protective measures such as sandbagging, and immediate repairs to facilities
- Coordinate closely with finance and accounting to ensure all expenses are accounted for and tracked
- Coordinate closely with department leads to ensure staff are utilizing accounting codes
- Determine a process for retroactively capturing labor and cost data associated with work already performed but not documented
Submit Necessary Paperwork As Soon As Possible
- Submit FEMA Request for Public Assistance (RPA)
- Register your organization via FEMA Grants Portal at: Grantee.FEMA.gov
- Complete Private Non-Profit (PNP) Facility
Get Help If Needed
Decide if your organization needs the help of an outside consultant to provide additional staff during your response and/or assist with your recovery applications and implementation programs.
Download "Cost Tracking After a Disaster"
Tidal Basin can partner with you and assist with the process to ensure you receive full cost reimbursement for your response and recovery efforts. Contact us today.