Date post: | 04-Jan-2016 |
Category: |
Documents |
Upload: | derek-randall |
View: | 213 times |
Download: | 0 times |
As recipients of federal and state funds we are charged with ensuring that the funds are adequately accounted for and spend in accordance with the grant assurances.
Receipt of those funds also subjects the recipient to being monitored and audited regarding the use of the funds.
Monitoring tools must be consistent with the following; Grant assurances Federal (OMB) regulations/policies
(including testing of expenditures) State regulation/policies Agency policies
EDGAR (Education Department General Administrative Regulations)has been updated.
Cost , administrative & auditing rules are located in 2 CFR Part 200
The effective date of the changes are; December 26, 2014 –Direct Grants from ED July 1, 2015 – State Administered Programs July 1, 2016 – Procurement Rules
Focus on outcomes Performance metrics Risk assessments Financial management Audit thresholds Major emphasis on strengthening
accountability by improving policies that protect against waste, fraud and abuse
Review the criteria for determining allowable costs: Part 76 State Administered
ProgramsGovernmental units assume
responsibility for administering Federal funds in a manner consistent with underlying agreements, program objectives, and the terms and conditions of the Federal award.
Reasonable costs
Review 2 CFR Part 200 Subpart D – Post Award Requirements Purpose of financial and program
management Standards for financial
management systems Purpose of reports and records Monitoring and reporting program
performance
Review 2 CFR Part 200 Subpart D – Post Award Requirements Termination
If a recipient materially fails to comply with the terms and conditions of the award
Review 2 CFR Part 200 Subpart D – Post Award Requirements Enforcement
Temporarily withhold payment pending correction of deficiency
Disallow all or part of the cost of the non compliant activity
Wholly or partly suspend or terminate the award
Necessary, reasonable & allocable Conform with federal law & grant terms Consistent with state && local policies Consistently treated In accordance with GAAP Not included as match Adequately documented
Identification of Awards (new) Financial Reporting Accounting Records Internal Control Budget Control Written Cash Management Procedures
(new) Written Allowability Procedures (new)
14
Accurate, current and complete disclosure of financial information All financial reports required by ED, must
be submitted no less than annually, no more than quarterly.
Non federal entities must submit performance reports at intervals by federal agency or pass through.
Performance metrics must be included.
15
Must identify source and application of funds (expenditure level detail): Award amount Authorizations Obligations Unobligated balances Assets Liabilities Expenditures Income
16
Internal controls are tools to help program and financial managers achieve results and safeguard the integrity of their programs Includes processes for planning,
organizing, directing, controlling, and reporting on agency operations
17