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Financial Management of OCD Grants (Units of Government) November, 2012.

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Presentation on theme: "Financial Management of OCD Grants (Units of Government) November, 2012."— Presentation transcript:

1 Financial Management of OCD Grants (Units of Government) November, 2012

2 Financial Mgt of OCD Grants Teresa L. Edwards, CPA…Terry Audit Office, ODSA 614.800.848.1300 614.644.9344 terry.edwards@development.ohio.gov

3 Financial Mgt of OCD Grants The Secret Code … B-F-11-0XY-1 Type of entity. A = City, B = County, N = NPO Program type. F = CDBG formula, C = CHIP, W = Water/Sewer Program year Grantee 3-digit identifying # # grants of program type

4 Financial Mgt of OCD Grants To be in financial compliance: Organizations Financial Policies Federal, state, local laws Federal Circulars Code of Federal Regulations OCD Financial Mgt Rules & Regulations Grant Agreements NOTE: Should = must

5 Financial Mgt of OCD Grants OMB Circulars: Must be followed for all federal funds NPOGovt Admin RulesA-110A-102 Cost PrinciplesA-122A-87 AuditA-133A-133 Web: whitehouse.gov/omb/circulars

6 Financial Mgt of OCD Grants Sound financial management system: Adequate internal controls: --Reduce risk to lowest possible level --E.g., segregation of duties, no mgt override of controls No real or perceived conflict of interest Accurate, timely and complete financial info

7 Financial Mgt of OCD Grants Sound financial management system: Accurate, timely and complete financial info: --Record all transactions as they occur Good received; services rendered --No multi-period transactions Monthly – not quarterly, annually --Only costs incurred during grant scope --Allocation of costs E.g., fringes follow salaries

8 Financial Mgt of OCD Grants Sound financial management system: Accurate, timely and complete financial info: --Grant activity kept separate **Sources and uses (revenue and expenses) --Expenses segregated by activity --Accounting information must be only basis for completed financial reports to OCD

9 Financial Mgt of OCD Grants ABC COUNTY CDBG -F-11-0XY-1 Revenue and Expenditure Report September 1, 2011 to February 28, 2012 Project 325 Revenue 4200Grant revenue60,000.00 Total Revenue60,000.00 325-01 Parks & Recreation 8000Subcontractor10,298.00 Total Parks & Recreation10,298.00 325-02 Street Improvements 8000Subcontract23,955.57 Total Street Improvements23,955.57 325-03 Sidewalk Improvements 8000Subcontractor12,346.93 Total Sidewalk Improvements12,346.93 325-04 Fair Housing Program 5000Salaries958.45 5100FICA73.32 5200Health Insurance522.81 5300Unemployment28.75 5400Workers' comp2.88 7400Office supplies154.89 Total Fair Housing Program1,741.10 325-05 Administration 5000Salaries2,766.24 5100FICA211.62 5200Health Insurance316.84 5300Unemployment82.99 5400Workers' comp8.30 Total Administration3,385.98 Total Expenses51,727.58 Revenue less Expenses8,272.42 Refer to Sample … unless you can read these numbers

10 Financial Mgt of OCD Grants DATE PRINTED: 2/15/12 COMMUNITY DEVELOPMENT BLOCK GRANT STATUS REPORT PERIOD ENDED: 2/28/12 GRANT PERIOD: 9/1/11 TO 8/31/12 ABC COUNTYB-F-11-0XY-1 OCD REPRESENTATIVE: DJ PASQUARILLOGRANT AMOUNT $ 112,000 I certify that to the best of my knowledge the data in this report has been verified to be true and correct as of the date of this report. Providing false or misleading information in this document will result in sanctions against the above named grantee and, as outlined by the OCD Progressive Corrective Action Policy, may lead to termination of the Grantee eligibility for OCD Programs. Name and Title of Chief Executive Officer Signature of Chief Executive OfficerDate Report Completed ByPhone Number I. PROGRAM BUDGET - AWARDED FUNDS CDBG FUNDS ACTIVITY/PROJECT LOCATION APPROVEDFUNDS DRAWNFUNDS DISBURSED ACTIVITYACTIVITY NUMBERBUDGETTO DATE ------------------------------------------------------------------------------------------------------------------------------------------------------------- 1Parks & RecreationCity of Able 11,300 10,298 2Street ImprovementsCity of Cain 53,900 37,000 23,956 3Sidewalk ImprovementsCity of Cain 28,400 16,000 12,347 4Fair Housing ProgramCounty 2,400 2,000 1,741 5AdministrationCounty 16,000 5,000 3,386 GRANT TOTALS 112,000 60,000 51,728 Please explain the reasons for any differences greater than plus or minus 10% between budgeted and actual expenditures for each activity (at final reporting). Explain ANY difference between total funds expended and total funds received (at final reporting). Describe your "Best Efforts" to achieve the proposed levels.

11 Financial Mgt of OCD Grants Important dates: Beginning date: no services or expenses prior to Project completion: all services should be rendered and costs incurred Last draw: last date grant funds can be requested Grant end date: no further activity (program & financial) after this date

12 Financial Mgt of OCD Grants Documentation of costs: Adequate documentation Invoices Contracts Travel expense reports Leases (space & equipment) Activity reports Pos are not adequate documentation

13 Financial Mgt of OCD Grants Activity reports: If an employee is not charged 100% to the grant … Hours worked on each project Daily basis Signed by employee or supervisor with 1 st hand knowledge of work Cannot be based on budget (See Sample Activity Report)

14 Financial Mgt of OCD Grants Budget revisions: Required when any activity will exceed $5K or 10% of the activity budget (whichever is greater) May also require modification of outcomes Grant Amendments: Request prior to project completion date

15 Financial Mgt of OCD Grants Financial Reporting: Status reports due every 6 months Report cumulative expenses for the PE Preprinted forms will be sent to grantee Final report will be sent near grant end date All due (to be received) 30 days from date printed (top left corner)

16 Financial Mgt of OCD Grants Audits: One copy of audit conducted by AoS or outside firm Due 9 months after FYE Submit to: Dan Workman, Special Projects Coordinator Audit Office, ODSA P. O. Box 1001 Columbus, OH 43216-1001

17 Financial Mgt of OCD Grants Other Stuff: Interest bearing account Interest income 15-day rule Record retention Travel regulations RLF --20% Admin --Prior OCD approval

18 Financial Mgt of OCD Grants Questions?


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