New CLA Tool Helps Health Organizations Track COVID-19 Economic Relief Expenses
CLA (CliftonLarsonAllen LLP) today announced the launch of an innovative tracking tool to help health care organizations record COVID-19 economic relief spending. Now, organizations can arrange spending in accordance with the compliance and reporting initiatives coming soon.
Congress recently provided trillions in economic relief to help organizations get through the financial challenges brought on by COVID-19. The various programs through which that funding flows include the Paycheck Protection Program (PPP), the Public Health and Social Services Emergency Fund (Provider Relief Fund), the Economic Injury Disaster Loan (EIDL) program, and the Main Street Lending Program.
Rob Schile, CLA health care principal, explains “CLA Economic Relief TrackingSM helps clients manage the funds from various economic relief packages, and account for how they are using those funds. The tool documents the thought processes at the time of using the funds, and provides a trail of information that will assist in responding to future reporting requirements. It really allows health care managers to focus more time on their work and less time on accounting.”
CLA Economic Relief TrackingSM can help organizations:
- Document, categorize, and support the use of relief funds
- Monitor received, used, and remaining relief funds through graphic illustrations
- Estimate lost revenue
- Avoid double-dipping across other COVID-19 relief funds
- Separate out COVID-specific costs, expense, and payments vs. normal operations
- Create a framework for documentation to assist with responding to future audit and reporting activities
- Provide documentation and support for financial reporting, including revenue recognition
The receipt of funding signals the start of planning, strategy development, and risk management. Watch CLA’s latest video for an overview of the tool. As always, consult tax, financial, and legal advisors throughout this process.
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. With more than 6,500 people, 130 U.S. locations and a global affiliation, we promise to know you and help you. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.