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FMS Provides Implementation, Operational, and Compliance Support to Treasury Department

The Small Business Jobs Act of 2010 created the State Small Business Credit Initiative (SSBCI). SSBCI is a $1.5 billion U.S. Treasury Department program that provides federal funds and technical assistance to participating States and Municipalities to increase lending to, and investment in, small businesses through Capital Access Programs and Other Credit Support Programs. The U.S. Department of Treasury contracted with Federal Management Systems Inc (FMS) in 2010 through the award of a competitive three year BPA to provide subject matter expertise, technical, program operations, internal audit and compliance support.

FMS provides technical, planning and operational assistance to U.S. Treasury Department not only in the evaluation of applications from states, territories, and municipalities but also in the implementation of compliance and internal control reviews and other program management activities. On the audit and compliance side, FMS assists Treasury with developing and implementing the following activities:

  • Ensuring internal control activities are compliant with Federal (including U.S. Department of Treasury) Financial Management Standards, Federal Policy Guidelines, OMB Circulars, Financial Management System Requirements, and the terms of the Allocation Agreement
  • Reviewing requests for disbursements of funds to states, territories, and municipalities
  • Conducting audits of specific financial and loan transactions to ensure that costs are allowable, allocable and properly documented, and that uses of both program income and the Allocated SSBCI funds are for authorized purposes
  • Establishing policies and procedures for internal audits, compliance sampling and reviews
  • Documenting audit findings and compliance reviews
  • Educating states, territories, and municipalities on adequate compliance and internal control activities