December 3, 2012: Fiscal Management

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Fiscal Management 2012
Mississippi
What is Fiscal Management?
Region IV is focused on continuous Grantee improvement
Vision
Instill sound fiscal management into every aspect of your culture to
achieve the mission with unprecedented accountability.
Retooling
Strengthen fiscal management through effective, efficient and ethical
training.
Goals
• Reduce risks identified in your program by monitoring based on
establish fiscal policies
• Increased fiscal awareness through systems development and planned
activities
• Ensure a fiscal presences in every aspect of your agency
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Enhancing Your Program’s Life
Fiscal Assessment Lifecycle
STAGE 4
Monitor
Risks
STAGE 1
Identify
Risks
Planned
activities
each month
STAGE 3
Implement
Mitigation
Plan
STAGE 2
Develop a
Mitigation
Plan
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Fiscal Basics
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Grant Award
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Review NOA
Terms and Conditions
Financial Management
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Allowable Costs
Administrative Costs
Common Audit Issues
Collaborations
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Child Care
Child Support (Fatherhood funds)
Schools/Technical Colleges
Companies within the State
Other Programs (HS and EHS)
Fiscal Officer/Chief Financial Officer (CFO)
Sound Fiscal Management
Categories
Description
No. of Staff
Number of employees supporting the activities of the agency described in each
category. If an employee performs a number of activities that would fall under more
than one funding source, then your agency must have a cost allocation plan or indirect
cost plan. (Agency must be able to document time and effort.)
Contractors
All Contractors supporting the activities of the agency must have approved contracts in
place with termination clauses. Monitoring contracts should be performed on a
monthly basis to access appropriateness.
Cost of Contractors
Pre- and post- costs should be within the approved budget. Budget adjustments should
be approved on all large contracts.
Facility Planning,
Construction and
Renovations
Collaborate with your Fiscal and Program Specialists prior to spending any amount of
Federal funds for facility planning, renovation or construction. Have an approved 1309
application in place. Adjustments should be approved prior to commitment of
expenditures.
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Fiscal Officer/Chief Financial Officer (CFO)
Sound Fiscal Management
Categories
Description
Accounts Receivable
Activities associated with establishing and collecting amounts due from entities for the performance
of services, delivery of goods sold, the passage of time (e.g., interest earned), USDA Revenue,
overpayments, or other actions by the agency. Discounts should be viewed as program income.
(New program instruction forthcoming.)
Accounts Payable
Activities that lead up to disbursing payments due to activities such as recording obligations,
receiving and accepting goods and services, and establishing payables. ( Must be paid on-time –Do
not destroy the reputation of your agency)(Exclude travel obligation activities.)
General ledger
Activities related to performing analysis, reconciling transactions posted, and recording adjustments
to the general ledger.
Non Federal Share
Activities associated with the Federal requirement outlined in the Notice of Award which is required
for the expenditure of Federal funds. These activities should be tracked monthly to ensure that the
matching requirements are being met. Waivers must be approved by the Office of Head Start and
must meet one of the requirements outlined in the Head Start Act.
Travel
Activities associated with establishing travel obligations, advances, and payments. ( Ensure
advances are cleared timely and properly supported)
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Fiscal Officer/Chief Financial Officer (CFO)
Sound Fiscal Management
Categories
Financial Reporting
Description
Activities associated with generating internal and external reports such as financial statements, trial
balances, 133, 224, 1219/1220, fund status, transaction history, and ad hoc queries.
Audit Expenditures
Activities associated with supporting the annual financial statement audit. Contracts should be
negotiated in stages of deliverables so that you can ensure that the required timelines are being met.
Internal Controls
Activities associated with monitoring and improving fiscal operations and reporting annual
assessment requirements.
Financial Systems
Activities associated with supporting the core financial system and other financial management
systems maintained by the agency. Is your system adequate based on Federal and State
requirements.
All activities previously not defined (e.g., payroll, procurement, or loans activities.)
Other
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COB Analysis
•SF-425
Report
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Fiscal Officer’s Responsibilities
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Clean Audit
Ensure Annual Inventory is up-to-date (Property, Equipment, Vehicles) (SF 428 and SF
429) NEW
Fiscal Policies and Procedures are current
Financial Reports are accurate and submitted in a timely manner
Cost allocation plans and current indirect cost plans are current and in place
Proper internal controls are being maintained
Allowable cost are being incurred
Agency has not been debarred from receiving State funds
Sound contracts are in place (Audit, Leases, Services, Programmatic, etc…)
Travel Advances (Approved, Allowable, and cleared in a timely manner)
Facilities ( Monitor progress of project and communicate with Regional Office, ensure a
Notice of Federal Interest is filed and sent to the Regional Office) – Proper language is in
the contract that allows termination
Taxes are paid
If your agency had unobligated balances in FY 2009 and FY 2010, please verify with PMS
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that your expenditures on the (SF269 or SF425 agrees with PMS records)
Region IV Grant Close-out
(FY 2012)
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All grant adjustments must be completed by
September 14, 2012 – Meaning “No Grant adjustments will
be performed until Mid October 2012.”
All 10/1 grantees should have all applications in by
July 31, 2012.
If approved, all grantees should be receiving their COLA and
Expansion funds within the next two weeks. (If you are
requesting an exception, submit it by July 15th ).
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Outstanding Facility Decisions
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If you are a grantee that has an outstanding facility issue and
have not received a response from our office by July 6, 2012,
please send me an email outlining:
 Grantee name and number
 Facility site – Type (Construction, Purchase, Renovation,
or Lease Purchase) – All require an approved 1309
application
 Describe outstanding issue
 Challenges experienced and timeline for completion
 If our office has requested additional information, please
submit by July 13, 2012.
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FY 2012 Region IV Fiscal Conference
Thank you
If you need additional information, please feel free to contact me:
Juan Gordon, Sr.
Grants Management Officer
Contact number : 404-562-0440
Email: [email protected]
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