Any local government that passes federal funds to a subrecipient, who is a state, local government, Indian tribe, institution of higher education, or nonprofit organization, is required to monitor those subrecipients according to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”) published by the Office of Management and Budget. But before you can monitor subrecipients, you must first identify them and distinguish them from contractors (who don’t need to be monitored).
In a previous post, we provided basic definitions and terms related to subrecipient monitoring procedures.
In this post below, we describe subrecipients vs. contractors and how to distinguish them correctly.
Many government agencies use purchasing card programs for their employees now.
Audits of purchasing card programs are conducted to determine the following 3 things:
Read below what the recommended best practice for audits is.
An important task for any finance department is account reconciliation.
Items recorded as assets and liabilities at some point usually get paid, collected, depreciated or disposed; however, the related accounting entry to remove these items from the balance sheet does not always get made.
For example, an operating department may dispose of a capital asset without notifying the finance department or a cash collection may have been recorded as a revenue instead of an offset to the receivable. Without regular account analyses, these types of errors can accumulate on the balance sheet causing both balance sheet accounts and revenues/expenses to be misstated by a significant amount.
See the 5 steps to good account reconciliation procedure below.
When it comes to grants management, every government entity needs to have its important procedures written-down, including responsibilities, deadlines, billing, accounting, compliance, application and acceptance, close-out, and documentation.
Read below on how to set up proper grants management procedures.
Have you ever wished you had a grant status report that showed in a simple format whether your government is billing, collecting and spending grants in a timely manner? Or have you had a problem even identifying every grant that the government holds?
We developed a simple grants report for a client that you may find useful as a template to get a head start on preparing an effective grant status report for your government. Click here to jump directly to the download of the template.
Read more below on how to keep track of your grants.
ConTroll - The Government