GLI High Impact Company – 2013
Inc.Credible Award Winner – 2008 Winner – 2013
Business of the Year – 2005
Entrepreneur of the Year – 2000
BUDGET Who We Are
Start with the basics Use conservative assumptions Solicit feedback from trusted advisors Don’t forget the balance sheet Direct versus Indirect Costs Management of Subcontracts
BUDGET MGMT How We Help
Consider Accounting Platform
QuickBooks – rudimentary
MAS 90 – comprehensive, but pricey
Local or cloud
Build Internal Controls
Separation/Segregation of duties
Process documentation
Redundancy
REPORTING How We Help
Designing the Chart of Accounts
Track by Grant / Department / Program
Budget versus Actual
Reforecast, the new Budget
Financial Statement Layout
Variance reporting
Common sizing (%)
Accurate and timely
SAMPLE REPORT How We Help
PROGRAM A
Grant 1 Grant 2
TOTALS Act Bud Var
GRANT 1 Act Bud Var
GRANT 2 Act Bud Var
22,000 50,000 28,000 22,000 50,000 28,000 6,000 25,000 19,000
6,000 25,000 19,000
Matching Funds 12,000 15,000 3,000 Program Cost Administrative
MATCHING FUNDS Act Bud Var
12,000 15,000 3,000
40,000 90,000 50,000 20,000 45,000 25,000 6,000 25,000 19,000 12,000 15,000 3,000 2,000 5,000 3,000 2,000 5,000 3,000
0
0
0
0
0
0
AUDIT How We Help
Know the Requirements and Cost
Federal funds > $500,000?
Shop for the right CPA partner
Know Your PBCs
GL reports by grant/source
Timely payments; match to grant draws
OPTIONS How We Help
- DIY ($$$$$) Low cost; high effective cost
- DIY + CPA / Bookkeeper ($$$$$) Moderate cost; sacrifice controls
- Hire Employee ($$$$$) High cost; inefficient
- Outsource ($$$$$) Pay for what you use; controls Platform included
Q&A How We Help
Chuck.Woods@OPMfinancial.com Rebecca.Daigrepont@OPMfinancial.com (502) 893-3055