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Our firm supported a public entity by providing technical assistance and compliance oversight for a federal program aimed at promoting local film productions. The $75 million program, funded through the Coronavirus State Fiscal Recovery Fund (CSFRF), involved working with first-time grant recipients and ensuring that all disbursement requests adhered to both local and federal regulations. With nearly $40 million disbursed to date, our efforts ensured compliance, facilitated smooth fund distribution, and contributed to the revitalization of the local film industry.
Client Overview
✸ Industry: Film and Entertainment
✸ Client Description: A public entity responsible for promoting and facilitating the local film industry through the administration of various financial incentive programs, including federal grants aimed at supporting film production.
✸ Location: Puerto Rico
✸ Program Overview: Federal program with a $75 million allocation under the Coronavirus State Fiscal Recovery Fund (CSFRF) to promote local film productions, with nearly $40 million disbursed as of today.
Challenge
The public entity faced the complex task of managing federal funds for the first time under a new program designed to support local film production. The primary challenge was ensuring compliance with both local and federal regulations, while also managing the disbursement of funds to subrecipients, many of whom were first-time grant recipients. The program’s goal was to revitalize the local film industry by attracting and funding new projects.
Solution
Our firm was engaged to provide technical assistance in compliance matters, supporting both the client and its subrecipients. This included:
✸ Compliance Oversight: We ensured that all disbursement requests were reviewed for compliance with both local and federal regulations, specifically adhering to the Uniform Guidance (2 C.F.R. Part 200).
✸ Quality Control: We conducted quality control on all disbursement requests to verify that the expenses were eligible under the program guidelines.
✸ Subrecipient Support: Our firm provided hands-on assistance to first-time recipients, guiding them through the compliance requirements and helping them submit accurate and complete requests.
Outcome
The collaboration resulted in a successful outcome for the client:
✸ Successful Disbursement: In less than 24 months, more than half of the funds have been properly disbursed to local film production projects.
✸ Enhanced Compliance: The client and its subrecipients have been able to navigate the regulatory landscape effectively, ensuring that all funds were disbursed in accordance with federal and local guidelines.
✸ Support for Local Industry: The program successfully promoted local film production, a first in Puerto Rico, providing much-needed financial support to local filmmakers and revitalizing the island’s film industry.
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