Financial Assurance
Consulting Services
FACS
Education, Training,
and Technical Support
Victoria Bryan,
Principal
DUNS No. 10-834-9361
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Financial Assurance Consulting Services FACS Education, Training, |
Victoria Bryan, DUNS No. 10-834-9361 |
FACS' Financial Assurance and Bonding Services:
FINANCIAL ASSURANCE QUALITY CONTROL REVIEWS
FACS conducts quality control reviews of bonding and financial assurance systems and instruments. FACS identifies errors and omissions in financial assurance and bonding instruments and makes recommendations for correcting/replacing the instruments. If errors are identified and corrected early-on, this helps assure that funds will be available and collectable in the event of default and forfeiture of bonds and instruments that guarantee closure, reclamation, or completion of projects. FACS compares instruments with site-specific statutory, regulatory, and administrative requirements. In its review report, FACS identifies any weaknesses in a manner that is clear and easy to understand. Methods for correcting errors and strengthening systems are included in the report.
REGULATION and MODEL FORM DEVELOPMENT
FACS reviews and comments on proposed financial assurance regulations and advises parties who are formulating new regulations or drafting revisions to existing regulations. This service includes preparing rationale and background information in support of the regulations being developed or revised. FACS advises on language for financial assurance instruments and provides model form examples and develops agency-specific financial assurance forms. Changes to statutes such as the Uniform Commercial Code have a bearing on whether financial assurance requirements and procedures are practical as well as effective. FACS' technical support and assistance with regulations helps agencies, legislatures, and industry develop sound regulatory requirements that also consider current developments.
Industry officials and contractors save time and money by having FACS conduct preliminary compliance reviews of instruments prior to posting the instruments with governmental agencies. This service helps avoid operational delays caused by problems with financial assurance instruments. Governmental units benefit from FACS' reviews of bonds and financial assurance as a quality control check or during periods of turn-over or lack of trained staff to review bonds and financial assurance.
FACS designs and presents site-specific training and seminars on reclamation bonding and financial assurance for closure. FACS provides training to Managers, Contracting Officers, Bond-Approving Officials, and staff responsible for accepting financial assurance on the processes and procedures for reviewing instruments for compliance. Topics covered in this training include corporate surety bonds, letters of credit, certificates of deposit, government securities, real property collateral, and bonds and financial assurance based on financial tests and corporate guarantees (self-bonding). New financial assurance staff benefit from one-on-one, site-specific training that helps them get started on the right track.
FACS also provides guest lectures to university students in environmental and natural resources fields to familiarize students with financial assurance concepts, requirements, and systems.
FACS develops Financial Assurance and Bonding procedures manuals and guidance for site-specific administration and enforcement of regulations and other bonding requirements. This assures consistency when more than one staff person reviews bonds and financial assurance and when offices experience turn-over in financial assurance personnel. Having standard procedures in place eases the transition of responsibilities to new personnel.
FACS serves as an expert witness in hearings on proposed financial assurance regulations and in cases having to do with financial assurance and performance bonding issues.
RESEARCH and TECHNICAL SUPPORT
FACS conducts research on issues related to financial assurance to help in the development or revision of regulations, the development of procedures and guidance, and in the management and administration of financial assurance systems.
Frequently Asked Questions (FAQ)
What is Financial Assurance?
Financial assurance means performance bonding (or bonds) posted by regulated industries (such as mining) to guarantee closure, performance, completion or reclamation of permitted operations and compliance with permits and regulations. Regulated industries may include coal and hard rock mining, oil exploration and development, aggregate mining and other industries that comply with natural resource and environmental requirements. Instruments commonly used as bonds or financial assurance include corporate surety bonds, letters of credit, government securities, cash in escrow, real property collateral, and self-bonding or financial test corporate guarantees. The terms financial assurance, bonds, and reclamation guarantees are generally used to refer to the financial and contractual instruments used to guarantee performance of reclamation and closure.
Who Benefits from FACS' Expertise in Financial Assurance?
Customer Comments:
"Ms. Bryan captured my attention in a very positive, constructive way on a topic that I didn't expect to be so interesting. Thanks."
"This was great training. I'll never look at another bond or CD the same way again. Thanks."
"Ms. Bryan's background in bonding is invaluable. I trust her opinions. I received an answer on surety bonds that I felt comfortable with and was able to move forward with my decision."
"Ms. Bryan is an outstanding resource and the services she provides are extremely valuable to the Colorado program (Department of Natural Resources)."
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