How to simplify your ARRA asset reporting & tracking

 What is the ARRA?

The American Recovery and Reinvestment Act (ARRA), which is commonly referred to as the Stimulus or The Recovery Act, is an economic stimulus package enacted in February 2009 and  was designed to create new jobs, save existing jobs, spur economic activity, and foster unprecedented levels of accountability and transparency in government spending.   This transparency requires detailed reporting from award recipients.

Recipients of recovery awards usually fall into one of four categories, which include state/local governments (including local school districts), universities and other research institutions, non-profit organizations, and private companies.  All recipients of ARRA funds are required to report on the status of their projects at the end of each quarter.  Reporting requires the inclusion of the status of the project(s), funds spent, and details of any subcontracts awarded by the recipient.

Simplifying asset reporting and tracking

Government and educational institutions that have received ARRA funds and need help with reporting can use an asset register and tracking system to help provide transparency and a centralized repository for information about fixed assets, making it simple to track how funds are spent and where assets currently reside.  Without a specialized system, organizations may have to rely on spreadsheets and manual audits, which do not provide an electronic trail and are subject to errors.  A specialized asset management system will allow institutions to easily and quickly generate the necessary reports for ARRA funds.