Financial Risk Assessment and Subrecipient Monitoring
The Virginia Department of Emergency Management (VDEM) is rolling out a new process to perform subrecipient financial risk assessments for non-compliance with federal grant award requirements. A subrecipient is defined as a state agency, local government, non-profit organization, or tribal government that has an open grant in VDEM EM Grants. VDEM, as a recipient of federal funds, is required to do this by the Code of Federal Regulations.
VDEM has built an automated process through our grant management system, VDEM EM Grants – https://www.vdem.emgrants.com. Subrecipients will be notified on April 1st, through a system generated email from VDEM EM Grants. This notification will go to the Financial Officer position in the system. The Financial Officer should be someone that has knowledge of the subrecipient financial systems, staff, processes, procedures, and audits.
Please see the resources available below:
Overview Video of the Process
