Budget Reporting

1. Budget Reporting Lisa Kelch Grants Associate Obici Healthcare Foundation

2. Budget Reporting FIRST REPORTING PERIOD ENDS 3/31! Why do you need to submit an expenditure report? • Need to know how you’ve spent your $$ and how much $$ you’ve spent (an itemized receipt) • Gives us a first look at where you are in meeting your goals and objectives & gives us opportunity to idenitfy challenges and help you overcome them • Should have spent around 50% of your first year operating expenses (Salary, Benefits, Other Project Expenses, Consultant/Contractual Agreements) at the six month point Do you need to explain anything in writing? • Yes, if you have not spent close to the 50% threshold, but more specifically… • If you are off by more than 10% in the four major budget categories (above), then include a brief explanation DUE NO LATER THAN WEDNESDAY, APRIL 30 by E-MAIL TO ME! SUBMIT AS EXCEL DOCUMENT

3. Budget Reporting Approved Expended % of budget Remaining Budget Funds Funds Project Coordinator $44,000 $19,000 43% $25,000 Administrative Assistant$24,000 $7,000 29% $17,000 Total Salary Expense $68,000 $26,000 38% $42,000 43% of the Project Coordinator’s salary has been spent and 29% of the Case Manager’s salary has been spent. Together 38% of the budgeted salary funds have been spent. Because the 38% falls below the 10% threshold, an explanation will be needed. What will happen to these funds at the end of the year??? • Reports due again at 1 year • Second year grant checks will be paid in 2 installments – if you had a slow start your 2nd year checks will be adjusted • Grant extensions – addressed at 18 month point

4. Budget Revisions • A Budget Revision is needed when you are going to overspend a major budget category by more than 5% (major budget categories are A-F on your approved budget – Salary, Benefits, Other Expenses, Consultant/Contractual Agreements, Equipment, Matching Capital) • Must be approved BEFORE an agency spends the funds • Show only those line items you are requesting to change • Should include a narrative describing only the line items you are requesting to change • Narratives should explain WHY the change(s) are needed, HOW you determined the new amount(s) and HOW you plan to fund the change(s) We didn’t overspend our budget. Our allocations fell short of our expenditures.

5. Budget Revision – Year 1 Approved Revised Amount Budget Budget of Change • SALARY EXPENSES Project Coordinator $50,000$46,667 $-3333 Total Salary Expense $50,000 $46,667 $-3333 B. EMPLOYEE BENEFITS $11,000$10,267 $-733 % of Benefits to Salary Expense 22% 22% Subtotal Salary & Benefits $61,000 $56,934 $-4066 C. OTHER PROJECT EXPENSES Travel $4500 $2900 $-1600 Training $3600$1946 $-1654 Total other project expenses $14,900 $7580 $-3254 Example: Agency had difficulty hiring staff, and after 5 weeks of advertising with no results, they conducted additional salary research and realized 50k was too low. They submitted a budget revision for 56k, but since 1 ½ months had already passed, they based the 1st yr salary on 10 months, and also cut some travel & training funds aiming for the new hire to have some additional skills. They ended up reducing their first year budget by $7320. • TOTAL CHANGE $-7320

6. Budget Revision – Year 2 Approved Revised Amount Budget Budget of Change • SALARY EXPENSES Project Coordinator $50,000$56,000 $6000 Total Salary Expense $50,000 $56,000 $6000 B. EMPLOYEE BENEFITS $11,000$12,320 $1320 % of Benefits to Salary Expense 22% 22% Subtotal Salary & Benefits $61,000 $68,320 $7320 TOTAL BUDGET $61,000 $68,320 $7320 The additional savings from the first year were then transferred to the Year 2 budget. A Budget Revision was submitted showing an increase in the Project Coordinator’s salary from 50k to 56k, and an increase in the benefits from 11k to over 12k. The increase in Year 2 is exactly $7320.