The Department of the Treasury is responsible for rulemaking for the entire RESTORE Act and procedures for two grant programs administered by Treasury. On February 12, 2016, the RESTORE Act rule became effective. On September 28, 2016, Treasury published an interim final rule on administrative expenses and on April 3, 2019 Treasury published a final rule on administrative costs that became effective on May 3, 2019.
Treasury’s Bureau of the Fiscal Service, Funds Management Branch, manages the Gulf Coast Restoration Trust Fund, established by the Act. Treasury posts the amounts currently available to all five RESTORE Act programs, and periodically updates the information to reflect new deposits into the Trust Fund, interest from investments, and amounts obligated or transferred programs, projects, and activities under the Act. Treasury also posts and periodically updates estimates of future BP deposits.
Treasury’s Office of the Fiscal Assistant Secretary has responsibility for implementing the RESTORE Act through the Office of Gulf Coast Restoration (OGCR) including Treasury RESTORE Act Compliance (TRAC).
Office of Gulf Coast Restoration
The OGCR is the programmatic and grants office for the administration of two grant programs, the Direct Component and the Centers of Excellence Research Grants Program. The OGCR is responsible for establishing program policy and procedures; providing guidance to states, counties, and parishes; administering the Direct Component multiyear implementation plan review and acceptance process; implementing and managing the Direct Component and Centers of Excellence Research Grants Programs; conducting grant post award management and oversight; and coordinating with the other RESTORE Act programs.
Treasury RESTORE Act Compliance
TRAC supports the OGCR and is responsible for assessing grants-related risks and reviewing for compliance the grant activities of the states, counties and parishes participating in the Direct Component and Centers of Excellence Research Grants Program. The compliance requirements include:
- RESTORE Act and Treasury’s regulations at 31 C.F.R. Part 34
- 2 C.F.R. Part 200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (OMB Uniform Guidance)
- Standards for Internal Control in the Federal Government (GAO Green Book)
- Treasury’s RESTORE Act Financial Assistance Standard Terms and Conditions and Program-Specific Terms and Conditions
- Special Award Conditions (SACs) applied by Treasury to a specific RESTORE awards
- Other executive orders, federal statutes, regulations, and policies that apply to federal grants
TRAC performs an annual risk assessment of all 48 eligible entities, solicits entities’ evaluation of their internal control processes through annual Operational-Self Assessments (OSAs), suggests grant award SACs based on risk analysis, performs compliance reviews of entities’ RESTORE grant activities, and provides technical assistance to entities regarding internal controls and federal requirements.
To contact the OGCR or TRAC regarding Treasury’s RESTORE Act grants program, send an email to firstname.lastname@example.org.