1. You don’t have to be an accountant

2.  Cash vs. Accrual  Unrestricted vs. Restricted  Unobligated vs Unallocated  Obligations vs Accruals  Unearned Revenue/Deferred Inflow  Financial Audit vs. Program Monitoring  Direct vs Indirect Charges

3.  Balance Sheet/Statement of Net Position ◦ Financial position at a certain point in time. What you own and what you owe. ◦ Very static, timing is critical ◦ Assets (what you own or are due) ◦ Liabilities (what you owe or required to pay)

4.  Income Statement/Statement of Revenue & Expenses/Statement of Activities ◦ Money in and out. ◦ Helpful if it compares to approved budget for period. ◦ Revenues-Income/ Incoming grant receipts ◦ Expenses-Expenditures/costs associated with grant programs

11.  What’s that ?  Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards  (think 10 commandments federal style)  Effective 12/26/2013

12.  Content covers many questions such as ◦ Threshold for small purchase procedures; do you have to place it out for bid? ◦ Program Income ◦ Sub recipient or Contractor ◦ Direct costs vs. Indirect Costs ◦ Cost Principles-allowable, allocable ◦ Covers compensation ◦ Many more.

13.  Internal Controls-methods to help prevent misappropriation of funds.  Segregation of Duties-an internal control to prevent one person from having full and sole access to either cash or records.

15.  Questions??  Contact:  Carol Jackson, CPA, MBA, Carol.jackson@movrc.org Carol.jackson@movrc.org  304-422-4993  Mid-Ohio Valley Regional Council-Parkersburg WV