You don’t have to be an accountant







Cash vs. Accrual
Unrestricted vs. Restricted
Unobligated vs Unallocated
Obligations vs Accruals
Unearned Revenue/Deferred Inflow
Financial Audit vs. Program Monitoring
Direct vs Indirect Charges

Balance Sheet/Statement of Net Position
◦ Financial position at a certain point in time. What
you own and what you owe.
◦ Very static, timing is critical
◦ Assets (what you own or are due)
◦ Liabilities (what you owe or required to pay)

Income Statement/Statement of Revenue &
Expenses/Statement of Activities
◦ Money in and out.
◦ Helpful if it compares to approved budget for
period.
◦ Revenues-Income/ Incoming grant receipts
◦ Expenses-Expenditures/costs associated with grant
programs
Mid-Ohio Valley Regional Council
ARC Grant
For the Three Months Ending March 31, 2015
Budget
Revenues
Federal Revenue
Local Match Revenue-State
Interest Income
Total Revenue
Current
81,675.10
33,744.00
Expenses:
Salaries
Fringe Benefits
Indirect Charges
Consumables
Travel Expense
Other Expense(Postage, Printing, Advertising, Telephone)
Total Expenses
Net Income (Loss)
Salary
Fred-1028
Randy-1009
Sherry-1021
Tim-1018
Vince-1027
Luke- 1104
Josh
6/30/15 accrued leave adjustment
YTD as a % Budget
0.00
33,744.00
3.00
33,747.00
81,675.10
0.00
(3.00)
81,672.10
0.0%
100.0%
115,419.10
0.00
0.00
0.55
0.55
54,877.00
15,199.00
28,687.00
1,800.00
12,000.00
2,856.10
5,067.85
1,540.75
2,685.97
65.06
5,315.00
332.53
12,123.15
3,683.73
6,374.94
255.59
7,663.05
629.61
22.1%
24.2%
22.2%
14.2%
63.9%
22.0%
115,419.10
15,007.16
30,730.07
42,753.85
11,515.27
22,312.06
1,544.41
4,336.95
2,226.49
0.00
84,689.03
0.00
(15,006.61)
3,016.93
0.00
0.0%
(Over)
Under
13,567.62
3,840.28
1,311.66
7,014.35
6,997.54
9,368.40
655.00
0.00
42,754.85
19.3%
18.8%
17.6%
34.8%
20.8%
17.8%
12.7%
Budget
16,813.00
4,728.00
1,592.00
10,763.00
8,832.00
11,400.00
750.00
$
(Over)
Under
YTD
54,878.00
Current
1,048.72
253.60
110.14
1,888.56
952.54
814.29
$
5,067.85
$
$
$
$
$
$
$
$
$
Grant to Date
3,245.38
887.72
280.34
3,748.65
1,834.46
2,031.60
95.00
12,123.15
$
29.2%
26.6%


What’s that ?
Uniform Administrative Requirements, Cost
Principles and Audit Requirements for Federal
Awards
 (think 10 commandments federal style)

Effective 12/26/2013

Content covers many questions such as
◦ Threshold for small purchase procedures; do you
have to place it out for bid?
◦ Program Income
◦ Sub recipient or Contractor
◦ Direct costs vs. Indirect Costs
◦ Cost Principles-allowable, allocable
◦ Covers compensation
◦ Many more.


Internal Controls-methods to help prevent
misappropriation of funds.
Segregation of Duties-an internal control to
prevent one person from having full and sole
access to either cash or records.

Questions??




Contact:
Carol Jackson, CPA, MBA,
Carol.jackson@movrc.org
304-422-4993
Mid-Ohio Valley Regional
Council-Parkersburg WV