Grant Accounting
Name the 3 ways a funder disburses funds to a grantee
Up Front
Requests for Reimbursement (RFR)
Unit Cost Basis
Name the 4 stakeholders in Budgeting
Board of Directors, Finance Committee, Executive Director and Key Organizational Staff
What are the 3 types of Cost Allocation?
Direct Costs, Shared Direct Costs and Indirect Costs
Name two simple steps to take for internal controls
More than one check signer
Outside payroll service
Board Review
Design processes
Define responsibilities
Who plays the role of financial leader?
The Executive Director
Name to two primary types of Match
Cash and In-Kind
What should the budget be based on?
The Organization's Strategic Plan
Which costs benefit multiple funding sources, such as a caseworker who works under 3 different grants?
Shared Direct Costs
Dividing or allocating tasks among various individuals making it possible to reduce the risk of error and fraud
Segregation of Duties
What 3 Financial Statements should be included in a Board Packet?
Income Statement (P&L)
Statement of Financial Position (Balance Sheet)
Cash Flow Projection
What is the threshold for Single Audits?
$750,000
What word describes when items are budgeted with associated codes in the accounting system to ensure that reports can be easily generated and transactions entered correctly
Crosswalk
What is the most commonly used mechanism to determine how shared costs should be distributed?
Timesheets
Name 3 common types of embezzlement
Petty Cash
Improper Pay
Disbursements
What are the two classifications of net assets?
Net assets with donor restrictions
Net assets without donor restrictions
What are the 3 types of Indirect Costs?
Negotiated Rates
ICAP
DeMinimus Rate
What 3 categories typically spend the vast majority of the budget?
Salaries, Fringe Benefits and Occupancy
A written account to explain the method(s) used to distribute allowable costs to various funding sources
Cost Allocation Plan
How long should your organization keep bank reconciliations?
According to the Organization's Retention Policy
What is Cash Basis Accounting?
Under this accounting basis, revenue is only recognized when cash is received
Another name for the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards
Who gives the final approval of the budget?
The Board of Directors
Name 2 of the 5 Cost Allocation most common errors
Inadequate Processes; Allocating Based on Budget; Improper Methodology; Delayed Allocation; Not Reviewing your CAP
This should be required for anyone to access the accounting system on the organization's computer
A username and password
What is the timeframe for an allocation basis?
It should be representative of the time period in which costs were incurred