Guam – The Guam Department of Education Monday formally introduced Alvarez & Marsal, the company that will manage DOE’s Federal Funds for at least the next 2 years.
The appointment of the 3erd party fiduciary agent frees up over $40 million dollars in badly needed funds for DOE. The money has been on hold for the past year.
U.S. DOE has required the appointment of a third-party financial manager to handle the Department’s federal funds.
Alvarez & Marsal Director Bill Roberti says their job is to ensure the fiscal and operational integrity of the school system, to improve DOE’s credibility and to provide U.S. DOE with confidence that its funds are being used responsibly.
Alvarez & Marsal has a 2 year contract which will cost $4.25 million for the first year and $4.1 million in the second year.