Presentation is loading. Please wait.

Presentation is loading. Please wait.

Key Concepts for Senior Corps. Session Objectives Provide an opportunity for participants to network in program specific group Discuss key fiscal and.

Similar presentations


Presentation on theme: "Key Concepts for Senior Corps. Session Objectives Provide an opportunity for participants to network in program specific group Discuss key fiscal and."— Presentation transcript:

1 Key Concepts for Senior Corps

2 Session Objectives Provide an opportunity for participants to network in program specific group Discuss key fiscal and grant compliance issues that could impact group Discuss tools and information that can support grantees in addressing key issues

3 Group Table work Create list of key issues that grantees want to discuss

4 Basics of Financial Management Accounting system with detailed chart of accounts Proper documentation of expenditures Appropriate time and activity reporting Procedures to ensure costs are allowable Written allocation plan Regular review of budget to actual expenses Strong internal controls Written policies and procedures Risk based monitoring Effective Volunteer Service Years (VSY) management

5 Policies & Procedures Grantees should be sure that they have policies and procedures to address the following: –Record retention requirement –A-133 audit requirements and resolution issues, –Property standards –Closeout procedures

6 Federal Financial Report May be Coming Soon The Office of Management and Budget may direct federal agencies to start using the long- planned Federal Financial Report in 2008. The new form essentially combines the 269 report grantees provide to their funding agencies with the 272 report grantees send to the Payment Management System at HHS. If the directive comes soon, Corporation grantees may start using the form for the report due at the end of October 2008.

7 Federal Financial Report (FFR) The purpose of the FFR is to give recipients of grants a standard format for reporting the financial status of their grants. This is part of Federal Financial Assistance Act. CNCS is working on implementation and will provide detailed forms and instructions.

8 Reporting Volunteer Hours Volunteer hours should be reported on a cumulative basis over the Budget year (the one year period) not the project period (the three year period) For example –Year 1 1st FSR Jan – Jun 21,028 2nd FSR July- Dec (21,028 + 18,972) = 40,000 –Year 2 & 3 beginning balance should be zero

9 Corporation Policy 850 Stipended Grantees should develop a policy to Management of Volunteer Service Years in FGP and SCP Grants

10 Restriction on Fundraising Fundraising by Senior Corps Project Directors is not a prohibited activity. However, charging fund raising time and other costs to the federal or required non-federal share of the grant is not allowed. Sponsoring organization Executive Directors and other senior staff, as appropriate, must work with their Senior Corps Project Directors to assure compliance with the Cost Principles. Sponsors are the legal entity for the grant and have responsibility for oversight. Note: Current copy of FAQs on this issue is included in binder

11 Salaries & Wages Documentation One of largest expense categories in most Senior Corps budgets Critical to document properly Documentation differs for different types of organization

12 Budget The budget is the sponsor organizations funding plan for the year. It is officially approved by the agency who signs the grant application. What does it include? Your budget must include all costs (cash or in-kind) needed for your program to meet your work plan goals and objectives You will include both CNCS funds and your agencys matching funds in the budget (cash or in-kind). CNCS funding is based on the number of volunteers or Volunteer Service Years (VSYs) that your program manages.

13 When Do Grantees Need to Request Budget Approval? The only current restrictions on the movement of Federal or required non-Federal cash and/or in- kind within a budget for a grantee are: Any changes in the stipend line must have prior approval from State Office/Field Financial Management Center Changes that impact area of coverage for service must have prior approval. Prior approval is required for any reduction to non- Federal funds/in-kind that results in that projects failure to meet match non-Federal share requirements, (except when a waiver is granted by CNCS)

14 Group Activity 1.Discuss restriction on fundraising, budget rescission, reporting volunteer hours and change in reporting 2.Create a list of questions/issues to discuss 3.Create a list of tools that would assist you address issues

15 We will gather in this room with this same group on Thursday at 10:45 to wrap-up and discuss issues and questions


Download ppt "Key Concepts for Senior Corps. Session Objectives Provide an opportunity for participants to network in program specific group Discuss key fiscal and."

Similar presentations


Ads by Google