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Accounting For Grants

Accounting For Grants. FGFOA Beginner Boot Camp, Tuesday, November 19, 2013 Hyatt Regency, Sarasota FL Bert Martinez CPA, Senior Audit Manager Purvis Gray & Company, LLP Tallahassee / Gainesville / Ocala / Sarasota. Grant Accounting – Scope of Presentation. Regulatory Environment

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Accounting For Grants

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  1. Accounting For Grants FGFOA Beginner Boot Camp, Tuesday, November 19, 2013 Hyatt Regency, Sarasota FL Bert Martinez CPA, Senior Audit Manager Purvis Gray & Company, LLP Tallahassee / Gainesville / Ocala / Sarasota

  2. Grant Accounting – Scope of Presentation Regulatory Environment Grant Compliance Resources Internal Controls Administrative Requirements Cost Principles Single Audit

  3. Regulatory Environment • The grantee should have an understanding of the external factors and regulators regarding grant oversight and/or single audits. • AICPA • GAO • PCAOB • OIGS • OMB

  4. Grant Compliance Resources • Grant Agreement • Federal Clearinghouse • Florida Single Audit Act • Compliance Matrix • Statutes, Regulations and Program Requirements

  5. Grant Cooperative Agreement Contract

  6. Grant Agreement Obtain and read your grant agreement and amendments Summarize the important terms and conditions for compliance Keep it readily available for review

  7. Federal Audit Clearinghouse • The Federal Audit Clearinghouse homepage • Single audit reference materials • Links to several resources to assist the auditors and auditees with Federal compliance requirements • Single audit basics and where to get help for Federal grant recipients provided by the Grants Management Committee of the United States Government Chief Financial Officers Council

  8. Florida Single Audit Act The grants manager should be familiar with applicable state compliance requirements as designated by the Executive Office of the Governor in Section 215.97, Florida Single Audit Act.

  9. Compliance Matrix • The Federal matrix of compliance requirements for federal programs is updated annually and can be found as part of the OMB A-133 Compliance Supplement link from the Federal Audit Clearinghouse homepage • As part of the Florida Single Audit Act, the state also updates the State Projects Compliance Supplement matrix of compliance requirements.

  10. Compliance Requirements • Activities Allowed or Unallowed • Allowable Costs/Cost Principles • Cash Management • Davis-Bacon Act • Eligibility • Equipment and Real Property Management • Matching, Level of Effort, Earmarking • Period of Availability • Procurement and Suspension and Debarment • Program Income • Real Property Acquisition/Relocation Assistance • Reporting • Subrecipient Monitoring • Special Tests and Provisions

  11. Statutes, Regulations & Program Requirements • CFDA and CSFA • Grant Agreement • Public Policy Requirements • Special Conditions or Restrictions • Program Guidance

  12. Internal Controls • The Grant Manager should establish written policies and procedures regarding internal controls over each of the Compliance Requirement areas that may include: • approvals and authorization • segregation of duties • record retention • management review • documentation

  13. Administrative Requirements

  14. Administrative Requirements - Financial administration - Equipment/supplies/real property - Reporting requirements

  15. Administrative Requirements • Equipment • Must be used to program acquired for • If no longer needed, may be used for any other project paid for with federal dollars • Must be tracked until fair market value is below the threshold for capital equipment • If above FMV, may be retained or sold but proceeds go to federal agency • What threshold to use

  16. Reporting Compliance The Grant Manager: • should have an understanding of the reporting requirements for the applicable program • should have policies and procedures in place to ensure that reporting – financial, performance and special, as applicable, is accurate and timely • Electronic versions of standard forms are located on OMB’s homepage – (http://www.whitehouse.gove/omb/grants/grant-forms.html

  17. Administrative Requirements • Records Retention Period • Federal government: 3 years • State government or your agency

  18. OMB Circulars • Cost Principles • Audits

  19. Cost Principles

  20. Financial Compliance • Cost Principles • Allocable • Necessary and reasonable • Treated consistently (direct or indirect) • In accordance with GAAP • Net of all applicable credits

  21. Financial Compliance (continued) • Cost Principles (OMB Circular A-87) • Not used for cost sharing or matching requirement for another federal award • Adequately documented • Authorized or not prohibited under under state or local laws and regulations • In conformance with limits or exclusions on types of amounts of costs • Consistent with recipient’s policies and procedures

  22. Financial Compliance (continued) • Cost Principles (OMB Circular A-87) • Selected items of cost • Salaries charged to grants

  23. Single Audit Act • Single Audit Act (SAA) [Auditor and auditee’s responsibilities] • Compliance Supplement

  24. An Effective GrantCompliance Program • Written grant procedures • Checklists • Grant monitoring and auditing • Formal and informal grant training program • Quarterly newsletter • Web page on County’s Intranet

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