Grant Accounting
Name the 3 ways a funder disburses funds to a grantee
Up Front, Requests for Reimbursement (RFR) and 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 Allocations?
Direct Costs, Shared Direct Costs and Indirect Costs
What is used as the easiest way to control disbursements?
Checks
Name the 3 types of Internal Controls
Payroll, Bank Reconciliations, Procurements
Who plays the role of the financial leader?
The Executive Director
Name the 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 grants?
Shared Direct Costs
This ensures that all entries for the month have been recorded and accounts have been properly reconciled
Month-End Closing
Dividing or allocating tasks among various individuals making it possible to reduce the risks of error and fraud
Segregation of Duties
What 3 Financial Statements should be included in a Board Packet?
Income Statement, Balance Sheet and 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 the 2 classifications for employees based on the Fair Labor Standards Act (FLSA)
Exempt and Non-Exempt
Name 3 common types of embezzlement
Petty Cash, Improper Pay and Disbursements
What are 3 types of Revenue Restrictions?
Unrestricted, Temporarily Restricted and Permanently Restricted
What are the 3 types of Indirect Costs?
Negotiated Rates, ICAP and De Mimimus Rate
What 3 categories normally 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
If you use Petty Cash, what is used to track the expenses?
A Petty Cash Log and supporting documents, such as receipts
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
The Super Circular
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 and Not Reviewing your CAP
How often should Balance Sheet Accounts be reviewed?
At least on a monthly basis
This should be required for anyone to access the accounting system on the organization's computers
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