A high percentage of corporations that are approved for state and local economic incentives ultimately do not receive all or a significant portion of the benefits secured. Implementing a process to manage an incentive portfolio greatly minimizes the risks of non-compliance throughout the term of the incentive reporting period.
BlueCap draws on our experience in incentive reporting to develop processes and strategies, customized to fit the corporate culture of each client, to maximize incentive benefits. Our understanding of the mechanics of each incentive program is critical to developing a sound process that ensures positive outcomes.
In addition, strategies may need to be developed when clients fall short of incentive commitments to either minimize or eliminate non-compliance penalties.
BlueCap assists clients with:
Preparing a summary for each incentive program, including qualifying criteria, reporting requirements and due dates, and non-compliance penalties. The summary is used for ongoing compliance reporting as well as a quick-reference resource for determining the impact of prior incentive commitments on current and future business decisions.
Installing an incentive reporting file to warehouse all project-related documents.
Developing a master calendar that outlines compliance reporting due dates and estimates of the amount of time needed to acquire company information, including review and officer acceptance. Identify a person within the organization dedicated to serving as a liaison to internal departments for data collection and addressing discrepancies in data.
Ensuring actual project numbers equal or exceed project commitments.
Completing compliance reports with data backup.