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Writing a federal proposal is a multi-step process with every tier requiring an equal level of intense consideration. The federal budget piece is probably the most detailed and specific item on the federal proposal to-do list. Illinois ResourceNet’s face-to-face workshop will tackle the topic of federal budgets and help attendees sort through this daunting section of the federal proposal. In addition, this session describes the principles used in developing a budget narrative. Illinois ResourceNet’s instructor will explain the importance of managing your organization’s finances to improve your success in applying for a federal grant. Attendees will walk away knowing how to plan and monitor financial activity, while establishing a solid line of communication between program staff and budgeting staff. This course helps to prepare organizations to manage the detailed federal budget section of their proposals.
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2. Federal Grant Budgeting
Session Objectives: to understand
The threshold levels of financial management necessary before
applying for Federal grants
Direct vs. Indirect Costs
Matching/cost sharing
Allowable Federal rates
Accounting compliance requirements
Budget completion and budget narrative principles
3. Preparing your grant budget
4. Lets define soundfinancial management 5. It includes
budgeting, creating effective tracking systems and reporting the
organizations financial activity and plans. 6. When carried out
effectively, financial management enables an organization to plan
and monitor financial activities, and show that all financial
resources are responsibly applied to an organizations charitable
mission.Source: ACH Region V
7. Planning and Monitoring:
Thresholds for applying for Federal grants:
Budgeting
Financial recordkeeping
Financial reports
Financial accountability
8. Budgeting Can you answer yes?
We have an annual organization-wide budget that is monitored
(planned vs. actual) every month
The budget includes expenditures for all salaries, services, space,
supplies, etc.
The budget includes revenue from all income categories
The board analyzes, discusses, modifies, if necessary, and approves
the annual budget
9. Financial RecordkeepingCan you answer yes?
10. The organization has a computerized bookkeeping system 11. We track separately fundraising, program and general management expenses and we use a project cost accounting or fund accounting system 12. Supporting documentation of all financial transactions is systematically filed and retained 13. Cash balances are reconciled monthly 14. Person(s) maintaining financial records are knowledgeable and skilled in the area 15. Financial data is backed up on a regular basis with a copy of electronic data maintained off-site