MONITORING FOR SENIOR CORPS GRANTEE

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MONITORING FOR SENIOR CORPS GRANTEE
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(No Transcript)
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Session Objectives
Understanding purpose for monitoring
Learning strategies to prepare for monitoring
visit
Enhancing efficiency effectiveness of
operations
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Connecting the Pieces
2. Written Policies Procedures
1. Regulatory Requirements
10. Internal Controls
3. Documentation of Expenses
EFFECTIVE FINANCIAL MANAGEMENT
9. Reporting
4. Managing Cash
8. Matching Requirements In-kind Contribution
5. Efficient Accounting System
7. Time Activity Documentation
6. Budget Controls
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Subgrantee Financial Management

• Purpose of Monitoring
• Ensure compliance program quality
• Technical assistance and support
• Share information
• Ensure accountability
• Communicate concerns
• Gather best practices

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Monitoring Strategies

• Desk Review Monitoring
• Site Visit Monitoring

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Key Principles

• Develop contract agreements with clear
  expectations
• Develop mutual understanding of staff,
  participant and sponsor needs

Design for Key Program Principles

• Invest time to train new staff and stations
• Develop consistent expected level of
  accountability and required reporting

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Key Principles (Continued)

• Communicate via onsite or telephone meetings
• Distribute train on policy guidance,
  regulations

Design for Key Program Principles

• Communicate monitoring expectations and level
• Encourage sharing best practices for effective
  management

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Key Principles for Financial Management Systems

• Standard accounting practices, policies,
  procedures
• Sufficient internal control
• Clear audit trail
• Documented cost allocation plan
• Clear source documentation and retention policies
• Adequate time reporting controls

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Site Visit Monitoring
Review management policies procedures in these
areas

• Time and attendance records for staff
  participants
• Participant eligibility
• Travel
• Record Retention

• Staffing
• Documentation, tracking of program match
• Procurement
• Fiscal accounting system

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Site Visit Monitoring
On-Site Monitoring

• Financial review for accuracy, completeness and
  source documents
• Organizations accounting manual
• Financial management procedures
• Sample financial transactions

• Personnel
• Personnel policies
• Procedures
• Position descriptions of key staff

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Site Visit Monitoring
On-Site Monitoring

• Procurement
• Determine if written procurement policies and
  procedures exist
• Review to see they are being followed

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Fiscal Site Visit Goals

• Effective system of control and accountability
• Accounting transactions are recorded timely
• General Ledger report is consistent with
  financial reporting
• Source documentation to support recent FSR is
  available
• Match is properly documented and recorded
  (including in-kind)

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Finding Your Way to Grant Compliance
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Start With a Strong Foundation
Elements of Good Internal Controls

• Documented policies and procedures
• Adequate review process for financial reports and
  budgets
• Adequate cash management procedures (e.g.,
  monthly bank reconciliations)

• Physical safeguarding of assets
• System to track members employees activities
• System to follow-up on problems identified to
  ensure resolution

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Establish Efficient Accounting System

• Distinguishing grant vs. non-grant related
  expenditures
• Identifying costs by program year

• Accounting System

• Identifying costs by budget category
• Differentiating between direct and indirect costs
  
• (administrative costs)

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Establish Efficient Accounting System

• Account for each award/grant separately
• Maintain Federal/non-Federal matching funds
  separately
• from grant funds

• Accounting System

• Record in-kind contribution as both revenue and
• expense

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Documentation 1 Goal

• Document expenditures
• Support why transaction is allowable
• for program purposes

• Accounting records should trace back to source
  documentation

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Staff Activity Reporting Summary

• All salaries and wages charged to Grants must be
  supported by signed Time Attendance records
  except for
• State, local and Indian tribal governments must
  comply with OMB A-87
• Educational institutions must comply with OMB
• A-21

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Time Activity Reporting

• OMB A-122 requirements of documentation for
  Activity reporting
• Must reflect an after-the-fact distribution of
  the
• employee actual activity
• Must account for the total activity of each
  employee
• Must be prepared at least monthly and should
• coincide with one or more pay periods
• Must be signed by the employee and supervisor

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Time Activity Reporting

• Budget estimates do not qualify as support for
  expenditure, except on an interim basis, unless

• Estimates produce reasonable approximation of
  actual activity performed
• Quarterly comparison to actual activity is
  performed
• Estimates are revised at least quarterly to
  reflect changed circumstances

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Documenting Contributions Received

• Document the basis for determining the value of
• personal services, material, equipment,
  building,
• and land
• Obtain receipt signed by donor including
• Name of donor
• Date of donation
• Description of item / service
• Estimated value
• Keep a copy of the receipt in your files

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Financial Reporting
Consistent
Accurate
Timely

• Document files with information to support
  financial report
• Prepared with information directly from the
  organizations accounting system
• Review and reconcile information to ensure
  accuracy prior to report submission

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Vox audita perit litteras scripta manet The
spoken word vanishes the written word remains
- Latin Phrases