This month’s podcast special guest is Julie Floyd, Compliance Administrator at the Frisco EDC. She explains how Frisco built their current incentive compliance program and the specifics of how the program works:
I feel our compliance program contains several efforts which have proven to be very beneficial. One is a mandatory face to face meeting between me, our Director of Business Retention and Expansion and representatives of the company. This meeting is held within 30 days of the approval of the performance agreement by our board. I ask that the person or persons who are going to be monitoring the performance agreement attend this meeting so that they understand what is expected from them for the compliance submittals throughout the term of the agreement. I review the entire performance agreement with them and highlight the performance requirements, definitions and language from the general provisions.
The second thing that we do, or I do, is create an informational tool for the company representatives, which can either be a printed booklet or an electronic booklet. And it contains things like a copy of their performance agreement, the certificates of compliance, and sample documents that are going to be needed to complete the compliance submittals.
And another important tool is clawbacks. And I know that there has been a lot of discussion about this topic, and some EDOs don’t do this, but we do include this in our performance agreements for job refunds or occupancy default refunds. We have found this to be of significant importance.
To listen to the full episode of the podcast, use the player below: