Is your organization applying for state revolving funds? Most SRF programs require applicants to have a Fiscal Sustainability Plan (FSP) in place in order to receive the funds. An FSP includes:
- An inventory of critical assets
- An evaluation of the condition and performance of inventoried assets or asset groupings
- A plan for maintaining, and, as necessary, replacing the assets and a plan for funding such activities
In other words, to get funding, a proper asset management plan must be in place. If your organization is receiving these funds, how are you meeting this requirement?
Most CMMS programs fulfill requirements 1 and 2, but most do not fulfill requirement 3. Typically, CMMS programs are excellent at managing work orders and asset inventory but fall short when it comes to long-term planning, which means they do not meet the FSP requirement.
Now more than ever, Asset Management Planning is a critical component of a comprehensive CMMS software program. These types of features allow users to create funding forecasts and capital improvement prioritization scenarios based on future budgets and maintenance needs.
Here’s the good part: in most states, software that fulfills the FSP requirement is considered a reimbursable cost under most SRF programs!