Seminar on

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Seminar on
Financial Management OJJDP Tribal Youth
Program November 14, 2007 Carlene J.
Shaifer-Jones, Financial Analyst Office of the
Chief Financial Officer
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FINANCIAL MANAGEMENT SEMINAR
Financial Management Systems

• In summary, a Financial Management System must be
  able to
• Record and report on the --
• Receipt
• Obligation and
• Expenditure of grant funds.

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GRANT ADJUSTMENTS

• 10 Deviation from Total Award (does not
  apply to grants 100K or less)
• Change in Scope of Project
• Change in Project Period (no cost extension)

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GRANT ADJUSTMENTS

• Retire Special Conditions
• Change of Project Director
• Prior Approval
• Re-obligate/De-obligate Funds

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SF 269A Financial Status Report
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Web-based SF 269A Reporting

• Effective October 27, 2007, Quarterly Financial
  Status Reports are submitted through the Grants
  Management System (GMS) at https//grants.ojp.usdo
  j.gov.
• The on-line SF-269A requires the same reporting
  information as the paper version.
• No more faxing. No more mailing.

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SF 269A HELPFUL TIPS

• Report actual expenditures not disbursements from
  Feds
• Report pass-through in Block 12

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SF 269A HELPFUL TIPS

• Report from the lowest level in Section 10
• Report program income as cumulative amount and
  not as quarterly amounts

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SF 269A HELPFUL TIPS

• Incorrect indirect cost expense
• Failure to identify indirect cost rate type

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OMB CIRCULAR
(Audit reports, thresholds, etc.)
Audit Requirements
State, Local Governments, Non-Profit Organizatio
ns
A-133, Revised
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Audit Requirements

• A-133 Gov't, Education and Non-Profit
• Thresholds (expended)
• 500K or more - Single Audit (expended)
• Audit Report - due nine (9) months after end of
  FY
• Submit to Clearinghouse in Jeffersonville, IN
• 10,000 Questioned Costs

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SINGLE AUDIT

• A statement that the examination was made in
  accordance with generally accepted government
  auditing standards.
• Report on the study and evaluation of internal
  accounting controls.

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SINGLE AUDIT

• OJP has eliminated the requirement for grant
  recipients to submit a copy of the audit
  transmittal letter to OJP as proof that the
  Single Audit was completed.
• Individuals, commercial entities, and grantees
  who submit budgets with indirect cost rates are
  still required to submit a copy of the
  transmittal letter to OJP.

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RESOLUTION OF AUDIT REPORTS

• Establish working file for the audit report.
• Review and analyze the audit report.
• If there are any findings, a letter must be
  generated to the audited recipient. This letter
  should include a request for a Corrective Action
  Plan (CAP).

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RESOLUTION OF AUDIT REPORTS
The corrective action plan (CAP) should include

• Description of each finding.
• Specific steps to be taken to implement the
  recommendation.
• Timetable for performance of each corrective
  action.
• Description of monitoring to be performed to
  ensure implementation of CAP.

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RESOLUTION OF AUDIT REPORTS

• Recipient must generate response to the CAP
  letter within the specified time frame, usually
  within 30 calendar days from the letter.
• Analyze response and follow up on action taken.

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TOP TEN AUDIT FINDINGS (for FY 2006)

• 1. Financial Status Reports not timely submitted
• 2. Accounting procedures not adequate
• 3. Suspension and Debarment Certifications not
  obtained
• 4. Programmatic reporting requirements not met

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TOP TEN AUDIT FINDINGS (for FY 2006)

• 5. Subrecipients not adequately monitored
• 6. Fixed assets not regularly monitored
• 7. Grant management procedures insufficient

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TOP TEN AUDIT FINDINGS (for FY 2006)

• 8. Segregation of duties not adequate
• 9. Cash management procedures need improvement
  
• 10. Procurement procedures not detailed

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