Marin County. Area Agency on Aging. Fiscal

Transcription

1 Marin County Area Agency on Aging Fiscal For Contractors

2 Fiscal Index I. Definitions A. Matching B. Non-Matching C. In-Kind D. Program Income E. Indirect costs II. Budget A. Connection to Area Plan B. Reporting Requirements C. Sample Budget III. Invoices A. Due Dates B. Changes (Improvements) C. Important Reminders D. Sample Invoice

3 Fiscal Index continued IV. Property and Inventory A. Purchase B. Inventory Control and Security C. Disposal V. Closeout A. Due Dates B. Requirements

4 Fiscal Index continued VI. Fiscal Monitoring A. What to expect B. Back up, back up, back up! C. How to prepare VII. Contract Resolution A. How it differs from Fiscal Monitoring B. What to expect

5 Fiscal Definitions Section I A. Matching Contributions Local cash and/or in-kind contributions by the Contractor, subcontractor, or other local resources that qualify as match for the contract funding. For Title III B, III C, & III D PROGRAM MATCH is 10% For Title III E PROGRAM MATCH is 25% For Title V PROGRAM MATCH is 10% For Title III B, III C, & III E ADMIN MATCH is 25%\ B. Non-Matching Contributions Local funding that does not qualify as matching contributions and/or is not being budgeted as matching contributions, such as overmatch.

6 Definitions Continued C. In-kind Contributions These contributions hold the value of non-cash items donated to support the program (e.g., goods, services, etc.). If you have volunteers, you must have a sign in sheet with the position they are performing. This will be your back up to support in-kind match. D. Program Income Revenue generated by the Contractor or subcontractor from contractsupported activities, such as payment by a client for a meal served.

7 Definitions continued E. Indirect Costs Expenses to your agency that are not directly accountable to one particular program or project. It is sometimes thought of as overhead or administrative costs. Such as Payroll services Insurance Executive Director salary Your Indirect Costs are not to exceed 10% of your total cash costs You do not have to charge Indirect Costs.

8 Budget Section II A. Area Plan Budget The Area Plan and the Area Plan Budget must match. The CDA monitors units of service along with the Area Plan Budget. Your AAA contract amounts are reported in the Area Plan Budget, including your Match, Non-Match, Program Income, etc. Any large variance in expenditures or units requires explanation in Area Plan and budget. Your Budget Your budget is a helpful tool to monitor your current spending, estimate future spending, and determine variances. Large variances should be addressed as those will need attention and may need reporting to the CDA. If you feel you will be unable to spend all of your funding, please let us know as soon as possible as we may have suggestions or the money may be allocated elsewhere.

9 Budget continued B. Reporting Requirements For FY 2015/2016 you are only required to submit a 12 month budget. However, you are not allowed to spend more than ¼ of your contract amount in the first 3 months of the contract period. If you are underspent during the first 3 months, you may carry that amount over in to the following 9 months. Be sure to plan accordingly. Budget Templates are sent out at the beginning of the fiscal year by . Completed budgets are ed to the assigned AAA Project Coordinator and assigned Fiscal Staff for review. A hard copy must be mailed in.

10 Budget continued. C. A sample budget is available. There are different budgets for different titles under the Older Americans Act.

11 Invoices Section III A. Due Dates Invoices are due 10 days after the end of the month. B. Changes The invoice template should more closely reflect your submitted budget. The invoice template now will contain a line for indirect costs. The June 2016 tabs will serve as your Final and Closeout invoice.

12 Invoice continued C. Important Reminders 1. Do not go back and change an invoice that you have already submitted. If you need to make an adjustment, make it in the current month or wait for the Final/Closeout invoice. 2. When submitting your invoices, please submit the template electronically. 3. Use the invoice template as a tool to Track and monitor your expenses vs. budget See how much money you have remaining Track your units Do you need to change your budget?

13 Invoice continued D. Late Invoices Late invoices can cause interruption and errors in our monthly reporting to the CDA and a delay in payment from them which could have an impact on you!

14 Property & Inventory Section IV. A. Purchase of Property with AAA Funds 1. Must notify program/fiscal prior to purchase of property worth more than $500 for approval a. Property must be defined and described b. If more worth more than $500, two price quotes are needed B. Inventory Control and Security 1. Inventory and Control Form should be submitted within 30 days of purchase. 2. Proof of Purchase should accompany the Inventory and Control Form.

15 Property and Inventory continued B 2 continued a. Date acquired b. Property description c. Property identification d. Cost or other basis of valuation e. Fund source f. Rate of depreciation 3. Fiscal will do yearly inventory during Fiscal Monitoring for report to CDA.

16 Property and Inventory continued C. Disposition of Property and Equipment 1. Form is required whenever property is: a. transferred b. sold c. damaged d. stolen e. abandoned 2. Records Retention for disposition, replacement, destruction At least 7 years or resolution of active AAA audit whichever is later.

17 Closeout Section V. A. Due Date The Closeout for fiscal year is July 11, 2016 B. Requirements 1. These Final Closeout invoices are where to make changes from previous months, truing up actual costs and match/non-match amounts. 2. Your total expenses on your Final/Closeout invoice should match the expenses on your in-house general ledger. 3. Please send an electronic copy and mail an original signed copy.

18 Fiscal Monitoring Section VI This is a mandatory action required by the CDA contract. It is for us to review and determine whether or not you are compliant with the CDA and our policies. What to expect We will choose a month or 2 and look at reporting related to that time period to make sure there is paperwork to support what was reported We will check on your listed inventory We may want to see payroll records We will want to see policies & procedures

19 Fiscal Monitoring continued Back up, back up, back up! We will definitely be asking to see back up to support expenses and match. How to prepare The best thing you can do to prepare is to be organized and to have as much ready before-hand as possible. We will try to do the same. Fiscal Monitoring will happen sometime during the fiscal year and we will give you ample time for preparation.

20 VII. Contract Resolution Different from Fiscal Monitoring Done after the fiscal year ends Does not require site visit Overview of entire fiscal year Less detailed/intensive What to expect Request for Independent Audit Request for general ledger that reflects your AAA program (should match Final/Closeout Invoice)

21 Contact Information Program Lee Pullen Ana Bagtas Michele McCabe Amy Dietz Fiscal Jennifer McClain Denise Dressler AAA Website