Too often, state agencies submit budget requests that entail significant federal funding without scrutiny. A clear understanding of impact of federal dollars, a sense of how such funds will be used, preparation for the likelihood of cuts of federal aid and ensuring there is statutory approval for any new or continuing agency programs is vital considering states’ growing dependence. Regrettably, the majority of states have very limited executive or legislative oversight of the federal grant process so they are left scrambling when federal funds are unexpectedly cut-off or take new money without analyzing the long-term impact.
Financial Ready 1.0 requires state agencies to produce an accounting of all federal funding and all non-monetary costs, as well as a contingency plan in the event federal funding is reduced. Recently conducted research documents the existing processes related to federal grants in all fifty-states. The Financial Ready 1.0 toolkit includes an overview of the policy, tested messaging, FAQs and model legislation.
Financial Ready 2.0 establishes additional legislative oversight and approval in the grant acquisition process. Resources in Financial Ready 2.0 include a 50-state audit of all procedures dealing with the acquisition and oversight of federal grants and a ranking of the states based on the quality of the processes.
Please contact Jennifer Butler at butler@spn.org with any questions or to have these materials branded with your organization’s information.