Project Estimates There are two types of estimates 1Partial Payment Estimate 2Final Payment Estimate.

Slides:



Advertisements
Similar presentations
Roles, Responsibilities and Tasks
Advertisements

Fiscal Monitoring: Ensuring Accountability of Your Sub-Grantees
DROPOUT PREVENTION GRANT REPORTING REQUIREMENTS.
The AIP Go Letter Its usually good news! It tells you that your project is likely to be funded soon. The Go letter is usually preceded by a conference.
Section 12 Under Construction. Your role as the owner What to expect at the preconstruction meeting Dos and Dont during construction How to handle change.
FAA Project - Bidding Phase FAA Recommends.. Consider how you would like to bid the project early on in the design. Due to possible budget constraints.
Time and Effort Reporting Office of Superintendent of Public Instruction (OSPI) 3/1/2014.
SHORT TERM STUDY ABROAD PROGRAMS BUDGET OVERVIEW 2010.
Sales Project Reports (Student Activity Reports) Activity Purpose Statement and Budget Sales Project Report for Distribution Purchase Request Form CPS.
Documentation Transactions posted to sponsored funds Sponsored Programs Administration October 2012.
A business makes payments for what it buys, In return it receives payments for goods it sells or services it provides.
Phase 0 Pilot Program Jay Robinson Manager, Capital Programs (407)
PTA LOCAL UNIT TREASURER. DUTIES OF A TREASURER ASSIST IN DEVELOPING A BUDGET ASSIST IN DEVELOPING A BUDGET MANAGE THE FUNDS OF THE UNIT MANAGE THE FUNDS.
Step 2 – Accepting the Grant Award EPA GRANTS 101 YOU DID IT! CONGRATULATIONS EPA has selected you to receive a Grant Award! Receiving the Award Agreement.
DUTIES OF THE POST ADJUTANT AND QUARTERMASTER. DUTIES OF THE POST ADJUTANT Duties of the Post Adjutant are set forth in Section 218 (6) of the Manual.
BOOSTER CLUBS Can’t Live With Them – Can’t Live Without Them.
Processing a Standard Foreclosure Bob Sagel Morgan County Public Trustee Foreclosure Checklist.
Accounts Payable Training Vendor Information & Voucher Preparation Revised 10/16/2014.
Patty Bartlett Logan County Treasurer / Public Trustee.
Prepared by. As stewards of a chapter’s money the chapter officers are responsible for the careful handling and dissemination of funds.
How to Prepare a Grant Budget Presented by: The Office of Sponsored Programs.
Maine CACFP Website Program Information - by type Resources Forms
UNEMPLOYMENT CONSULTANTS, INC. SPECIALISTS IN CONTROLLING EMPLOYER'S UNEMPLOYMENT TAXES UNEMPLOYMENT PROGRAM SHRM Tuesday, February 12, 2013.
Procurement and Food Service Contracts Pages
Financial Management How Can I Spend Award Dollars.
Officer Training II Presented By: Title Chapter Name & No. 1.
PTA Treasurer Training Pam Grigorian August 20, 2015.
Caltrans Division of Aeronautics Grants and Loans Tony Sordello, Caltrans - Division of Aeronautics September 12, 2012.
Page CDBG/CHIP Recipients’ Workshop This package must be signed and returned to DCA within 30 days after receiving grant award – What am I?
OFFICE OF INDEPENDENT EDUCATION & PARENTAL CHOICE Monitoring and Reporting 2009 CSP Grant OFFICE OF INDEPENDENT EDUCATION & PARENTAL CHOICE Monitoring.
HSC and Main Campus Presentation December 4 & 5, 2012 Financial Services Center.
Best Council, BSA Council Training Syllabus 1 Financial Management For Council Events & Activities.
FISCAL RESPONSIBILITY IN TITLE III AND OTHER SPONSORED PROGRAMS AND GRANTS ADMINISTRATION Presented by Sharon S. Crews, M.Ac., CPA Vice President for Administrative.
Financial Management Homeland Security Grant Program Michigan State Police Emergency Management and Homeland Security Division Ms. Penny Burger, Financial.
LITTLE LEAGUE BASEBALL District 17 Workshops 2008 Season.
Effort Reporting April Effort Reporting What is it & why do we have to do it? Report content Verifying reports Correcting reports Salary transfers.
Travel Update and Review Controller’s Office October 26, 2011.
New NSF Awardee Checklist Requirements: WHY? November 19, 2014 joyce y. JOHNSON POST-AWARDS COORDINATOR OFFICE OF SPONSORED PROGRAMS.
2009 CDBG/CHIP Recipients’ Workshop Project Interface with DCA Basic procedures for communicating with DCA on project (unit by unit) basis.
Mock State Aid Project County Highway Accountant’s Conference 2015.
LESSON 5-1 Checking Accounts
MARCH 9, 2006 Boating Safety and Enforcement Grant Program Regulations Stakeholder Workshop Proposed Conceptual Regulations Department of Boating and Waterways.
How Businesses Use Cash Chapter 6 Cash Control Systems.
0 Glencoe Accounting Unit 2 Chapter 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Protecting Cash In any business, cash is used.
Banking Services 7.3 Reconcile your checkbook. 7.3 Balance your checkbook Goals: ◦Identify information that is provided on a checking account statement.
STEP BY STEP GUIDE AFTER THE UNIT RESERVATION STAGE
Banking Services 7.3 Balance your checkbook. Goals: ◦Identify information that is provided on a checking account statement. ◦Explain how to reconcile.
Dcsdgrantaid.com February Online Registration and Pre Assessment Complete and Submit Application Assess and Score Letter of Offer ‘in Principle’
Jack H. Jenkins, CPA, P.C.. Organization of board and employees – Assigned responsibilities Procedures for accounting functions – Recording and reporting.
Contract Compliance Training. Department Personnel Office of the General Counsel (OGC) Mario K. Castillo General Counsel John Guest Deputy General Counsel.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 5--Cash Control Systems Objectives: Define accounting terms related to using a checking.
Heritage Trust Fund Grant Orientation Session. HTF Staff and Contact Information Katrina Ringler Grants Manager ext. 215
Department of Child Support Services OFFICE OF AUDITS AND COMPLIANCE.
Welcome to Workforce 3 One U.S. Department of Labor Employment and Training Administration Webinar Date: November 3, 2015 Presented by: Office of Grants.
Contract Compliance Training
E-RATE PROGRAM APPLICATION PROCESS, PART 2
Internal Auditing Responsibilities of the Faculty and Staff
CMD Financial Requests
County Highway Accountant’s Conference 2015
Grant Orientation Session
Contract Compliance Training
Fiscal agent should be the agent that will receive the payment.
Kentucky County Treasurer’s
Student Activities and Fundraising
Grant Orientation Session
Sheri Bozic, Director Department of Planning & Development
dcsdgrantaid.com January 2018
dcsdgrantaid.com February 2019
Requesting PDP Funds for Travel
Cost Sharing Documentation
Presentation transcript:

Project Estimates There are two types of estimates 1Partial Payment Estimate 2Final Payment Estimate

The sponsor can sign the estimate prior to NDA review. But if NDA finds mistakes or problems with the estimate, it can slow the process down. before the sponsor signs.Our Standard Operating Procedure is send the estimate to us for review before the sponsor signs.

Note: Until the Grant is signed... After the go letter and until the Federal Grant is Signed. The Sponsor spends their 7 percent. Usually the Consultant costs for the Design and Bidding Phase.

When is the Grant executed? Usually a few weeks after the bid letting.

Partial Payment Estimates pre-grant Your consultant will prepare and sign the estimate, then submit 4 copies to NDA for review. We review the estimate, then The State Airport Engineer (Diane) signs the estimate. We send 3 copies of the estimate to you (the Sponsor) for your signature. We suggest you pay the estimate and send one copy of it to the consultant with your payment. Keep one copy of the estimate for your records. Send the other copy back to our office.

Partial Payment Estimates after-the-grant *Much the same except for the statement of cost. Your consultant will prepare and sign the estimate, then submit it to NDA for review. *Upon completion of NDA review, and if the amount due the sponsor is at least $10,000, we prepare a Statement of Cost. The State Airport Engineer (Diane) signs the estimate and the Statement of Cost. Both are sent to the sponsor for your signature. You sign the them, and then…...

Distrubution is: Progress Estimate Sign all copies Keep 1 copy for your files Send 1 copy along with your payment to the contractor or consultant Return the other copy to NDA Statement of Cost (SOC) Sign all copies Keep 1 for your files Return the other 3 copies to NDA

When we receive the Signed SOC.. NDA accounting section will process the Statement of Cost and funding will be sent to the sponsor. The average time for an estimate to be paid to the sponsor after we receive the signed SOC is about 2 weeks.

What is the Statement of Cost? The Statement of Cost (SOC)is a tracking tool used by NDA and FAA to provide information on the project funds as of the date of the SOC.

The Statement of Cost, tracks… Total amount paid to the contractor Total amount paid to the consultant Total amount paid to the sponsor Amounts of any other costs, land for example Costs for NDA administrative time Any non-participating costs

Other Costs Depending on your project, there may be other costs. Costs which your consultant may not know about or have access to. Therefore these costs would not be put on a normal progress estimate. Some examples are...

Other Costs Costs for advertising The newspaper ad for Consultants The newspaper Notice to Contractors Costs for legal fees Costs associated with a title opinion Costs associated with a land purchase

How to submit Other Costs Generally you (the sponsor) will have to submit these costs to NDA with a letter explaining them. Be sure to provide documentation of the cost, a receipt or proof of publication or a contract, etc. Make copies of all of your documentation, then send the items to NDA

Final Payment Estimates For a final payment estimate there are several additional steps to be taken and several items which must be submitted to NDA/FAA. Those items are listed on the NDA form for final payment estimates in the handout.

Important to note: The final estimate will take longer to process. Under the best of circumstances, this estimate will take a month to process. If you have a large payment due the contractor, you may hear from him quite often before you get FAA funds. We suggest that the amount for this estimate be kept as small as possible.

Electronic Transfer of Funds NDA will provide a form for the sponsor to use to apply for electronic transfer of funds. It may be best to use a separate checking account, It will help you manage these funds and keep them apart from other local funds.

We will need a copy of all cancelled checks. The copies can be submitted as you receive them from your bank or you may hold them all until the end of the project. This is probably another good reason to have a separate bank account.

The Audit If you receive $300,000 or more from FAA in a fiscal year, an audit is required Your accountant must follow the Office of Management and Budget Circular, OMB Circular A-133. Make sure your account is familiar with this.

Questions About Progress Estimates?