Financial management (1 - 10 of 267 items)
Single Audits: Improvements Needed in Selected Agencies' Oversight of Federal Awards
GAO-17-159: Published: Feb 16, 2017. Publicly Released: Feb 16, 2017.
Federal agencies have oversight responsibilities for the funds that they award to nonfederal entities and can assign these responsibilities to their subagencies (i.e., operating units or divisions). Nonfederal entities are required to undergo a single audit if their expenditures of federal awards in a fiscal year exceed a certain threshold. A single audit is an audit of the award recipient's expen...
National Flood Insurance Program: Options for Providing Affordability Assistance
GAO-16-190: Published: Feb 10, 2016. Publicly Released: Mar 10, 2016.
Options for targeting assistance to subsidized policyholders of primary residences who may experience difficulty paying full-risk rates for their National Flood Insurance Program (NFIP) policies include means testing assistance based on the income level of policyholders or geographic areas, setting premium caps, and basing assistance on the cost of mitigating the risk of damage to their homes. Cur...
Innovative Manufacturing: Commerce Should Target Program Outreach to Address Capital Access Gaps
GAO-16-271: Published: Feb 4, 2016. Publicly Released: Feb 4, 2016.
The Department of Commerce's Economic Development Administration (EDA) has taken a number of steps to implement the Federal Loan Guarantees for Innovative Technologies in Manufacturing (ITM) program, but several key tasks remain before EDA can issue loan guarantees. EDA hired a contractor to assist with developing the program, drafted program documents and published them in the Federal Register fo...
Community Development Capital Initiative: Status of the Program and Financial Health of Remaining Participants
GAO-14-579: Published: Jun 6, 2014. Publicly Released: Jun 6, 2014.
As of April 30, 2014, 82 percent of the Department of the Treasury's (Treasury) $570 million total investment in eligible banks and credit unions through the Community Development Capital Initiative (CDCI) was still outstanding. Sixteen institutions have exited the program, leaving 29 banks and 39 credit unions, respectively, in the program. Treasury had received repayments and investment income o...
Overview of GAO's Past Work on the National Flood Insurance Program
GAO-14-297R: Published: Apr 9, 2014. Publicly Released: May 9, 2014.
Over the past 11 years, GAO has identified a variety of challenges facing the National Flood Insurance Program (NFIP) and has made numerous recommendations to the Federal Emergency Management Agency (FEMA) to improve its administration of the program. FEMA has generally agreed with GAO's recommendations and has taken steps to address them. However, FEMA has not fully addressed all of the issues we...
Low-Income Countries: International Financial Institutions Met Many Goals in Response to Financial, Food, and Fuel Crises, but Impact on Spending Difficult to Establish
GAO-11-832: Published: Sep 28, 2011. Publicly Released: Oct 26, 2011.
The 40 poorest countries in the world, known as low-income countries (LICs), have been negatively impacted by successive food, fuel, and financial crises since 2007. In response, international financial institutions (IFI), including the World Bank and International Monetary Fund (IMF), have taken actions to increase financial assistance for affected countries. Between 2008 and 2010, Congress appro...
FEMA Has Made Progress in Managing Regionalization of Preparedness Grants
GAO-11-732R: Published: Jul 29, 2011. Publicly Released: Jul 29, 2011.
This report responds to Congress' March 2010 request related to the Federal Emergency Management Agency's (FEMA) efforts to delegate grants administration responsibilities to its regions. Specifically, we are reporting on (1) the extent to which FEMA has operationalized delegation of grants administration responsibilities for preparedness grants to the regions, and (2) the extent to which FEMA has...
Financial Education and Counseling Pilot Program
GAO-11-737R: Published: Jul 27, 2011. Publicly Released: Jul 27, 2011.
The federal government has numerous programs designed to improve Americans' financial literacy, some of which are targeted at helping consumers determine whether and when to purchase a home, how to manage a mortgage, and how to deal with setbacks that could limit their ability to make timely mortgage payments. However, as we have reported, little is known about the effectiveness of specific strate...
Flood Insurance: Public Policy Goals Provide a Framework for Reform
GAO-11-670T: Published: Jun 23, 2011. Publicly Released: Jun 23, 2011.
The National Flood Insurance Program (NFIP) has been on GAO's high-risk list since 2006, when the program had to borrow from the U.S. Treasury to cover losses from the 2005 hurricanes. The outstanding debt is $17.8 billion as of June 2011. This sizeable debt, plus operational and management challenges that GAO has identified at the Federal Emergency Management Agency (FEMA), which administers NFIP...
FEMA: Action Needed to Improve Administration of the National Flood Insurance Program
GAO-11-297: Published: Jun 9, 2011. Publicly Released: Jun 9, 2011.
The National Flood Insurance Program (NFIP) has been on GAO's high-risk list since March 2006 because of concerns about its long-term financial solvency and related operational issues. Significant management challenges also affect the Federal Emergency Management Agency's (FEMA) ability to administer NFIP. This report examines (1) the extent to which FEMA's management practices affect the administ...