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Is My Organization Ready?  Financial Management.

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Presentation on theme: "Is My Organization Ready?  Financial Management."— Presentation transcript:

1 Is My Organization Ready?  Financial Management

2 Financial Management 5)Does your organization use standard accounting practices with ledgers and charts of accounts that are supplemented by source documentation and have a clear audit trail? 6)Does your organization have a written cost allocation plan? 7)Does your organization produce financial statements regularly? 8)Does your organization have a computerized accounting system?

3 Financial Management 1)Does your organization’s board of directors or governing body review monthly financial reports? 2)Does your organization have formal internal controls governing all financial operations? 3)Does your organization use a budgeting process that reflects its needs and goals? 4)Is your organization’s budget closely and regularly monitored?.

4 Financial Management 9)Are your organization’s time distribution records maintained by funding source and project for each employee to account for total hours devoted to the organization? 10)Are timesheets approved by appropriately signed documentation? 11)Has the organization ever managed a federal grant?

5 Financial Management 12)Is the organization familiar with procedures for the determination and allowance of costs in connection with Federal grants and contracts (e.g., Office of Management and Budget (OMB) Circulars)?

6 Please tally your responses…  Total YES responses:  __________  Total NO responses:  __________ Remember, your cumulative YES responses will be tallied in the last presentation.

7 Next …  Please move to the next PowerPoint presentation: Is My Organization Ready?: Human Resources

8 Questions…  Contact: Shayla Williams Program Officer CT Commission on Community Service (860)


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