Financial management (1 - 10 of 35 items)
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...
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...
National Flood Insurance Program: Continued Actions Needed to Address Financial and Operational Issues
GAO-10-631T: Published: Apr 21, 2010. Publicly Released: Apr 21, 2010.
The National Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP's periodic need to borrow from the U.S. Treasury to pay flood insurance claims have...
Financial Management: Improvements Needed in National Flood Insurance Program's Financial Controls and Oversight
GAO-10-66: Published: Dec 22, 2009. Publicly Released: Jan 21, 2010.
Due to the federal government's role as guarantor, floods impose an enormous potential financial burden on the federal government. Consequently, decision makers at the Department of Homeland Security (DHS), the Federal Emergency Management Agency (FEMA), and the Congress need accurate and timely financial information to assess the effectiveness of the National Flood Insurance Program (NFIP). This...
Flood Insurance: Opportunities Exist to Improve Oversight of the WYO Program
GAO-09-455: Published: Aug 21, 2009. Publicly Released: Sep 21, 2009.
Since 2004, private insurance companies participating in the Federal Emergency Management Agency's (FEMA) Write-Your-Own (WYO) program have collected an average of $2.3 billion in premiums annually and, of this amount, have been paid or allowed to retain an average of $1 billion per year. Questions have been raised about FEMA's oversight of the program in light of the debts FEMA has incurred since...
New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities
GAO-09-795T: Published: Jun 18, 2009. Publicly Released: Jun 18, 2009.
The Community Development Financial Institutions (CDFI) Fund in the Department of the Treasury has awarded $21 billion of the $26 billion in New Markets Tax Credits (NMTC) authorized to be awarded to Community Development Entities (CDE) between 2001 and 2009. CDEs use the NMTC to make qualified investments in low-income communities. Recent congressional interest has focused on participation by min...
New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entitities
GAO-09-536: Published: Apr 30, 2009. Publicly Released: Jun 1, 2009.
The Community Development Financial Institutions (CDFI) Fund in the Department of the Treasury has awarded $19.5 billion of the $26 billion in New Markets Tax Credits (NMTC) it is authorized to award through 2009 to encourage investment in low-income communities. The NMTC allows investors to claim a tax credit in exchange for investing in Community Development Entities (CDE) that reinvest the fund...
Disaster Recovery: FEMA's Public Assistance Grant Program Experienced Challenges with Gulf Coast Rebuilding
GAO-09-129: Published: Dec 18, 2008. Publicly Released: Dec 18, 2008.
The devastation caused by the 2005 Gulf Coast hurricanes presented the nation with unprecedented rebuilding challenges. The Federal Emergency Management Agency's (FEMA) Public Assistance (PA) grant program is a key tool for providing funds to support recovery, including rebuilding public schools, roads, and utilities. GAO was asked to examine the amount of PA grants FEMA has provided for rebuildin...
Flood Insurance: FEMA's Rate-Setting Process Warrants Attention
GAO-09-12: Published: Oct 31, 2008. Publicly Released: Dec 1, 2008.
Questions about the financial status of the National Flood Insurance Program (NFIP) have increased since the 2005 hurricanes, which left the program with an unprecedented $17.4 billion deficit--a debt that resulted in GAO placing NFIP on its high-risk list in March 2006. Among the concerns are the subsidized rates NFIP must provide for about 25 percent of the policies, mostly for older buildings i...