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Financial Monitoring of Subrecipients - What Makes Sense Now?

Webinar • Tuesday, November 5, 2019 • 2:00-3:30 p.m. ET

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Webinar Details

Prerequisites: Some knowledge of federal grant management and audit requirements is helpful

Recommended Field of Study: Specialized Knowledge and Applications

Program Knowledge Level: Basic

Advanced Preparation: None

Credit Information

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The federal government makes a big deal about the responsibility of primary grant recipients and other “pass-through entities” to monitor their subrecipients. Many grant statutes impose program designs that require extensive subgranting. And, even where subawards are not required, grant applications are often constructed with consortia and other cooperative arrangements in which one organization takes the lead, then subawards funding to its “partners.”

To protect all the funding involved, the federal government states that pass-through entities must “monitor the activities of the subrecipient as necessary to ensure that the subaward is used in compliance with Federal statutes, regulations, and the terms and conditions of the subaward; and that subaward performance goals are achieved.” Thus, compliance monitoring and performance monitoring clearly are required. But how financial monitoring exactly fits in is never really explained.

This lack of detail has led to a patchwork of resource-intensive activities being conducted — many of which go beyond what is required — by pass-through entities often in the name of “internal control.”

In the face of this troublesome policy and practice ambiguity, what should pass-through entities sensibly do and what should subrecipients expect? This webinar will provide the answers. The session will explain:

  • The requirements and monitoring prerogatives of pass-through entities
  • How federal policies on documentation, reporting, records retention and single audits really can fit together logically
  • Ideas for avoiding “micro-management” and imposing unduly burdensome requirements
  • How concepts like “reasonable assurance,” “risk management” and “differential accountability” can be used to enhance subaward oversight
  • How a pass-through entity can organize its subrecipient “universe” based on due diligence
  • Methods of ensuring that your financial monitoring does not duplicate what is required during the Single Audit process
  • When desk reviews, site visits or agreed-upon procedures audits are warranted
  • How findings that result from financial monitoring should be handled
  • When — and how — pass-through entities and subrecipients can comfortably step away from overly burdensome approaches

Join Bob Lloyd, principal of Federal Fund Management Advisor™, for this informative and practical look at a high-profile federal grants management activity that currently generates more than its share of frustration.

Who Should Attend?

  • From prime recipient organizations and pass-through entities
    • Finance directors
    • Grant and contract managers
    • Sponsored projects administrators
    • Internal auditors
    • Monitoring specialists
    • Subrecipient administrators
  • From subrecipient organizations
    • Finance directors
    • Subaward administrators
    • Program managers
    • External auditors

Hand-out Materials:

Attendees will receive presentation slides as well as access to background materials.

Allowable Charges

The costs of webinars sponsored by Federal Fund Management Advisor™ are allowable charges to your federal grants and subgrants. The cost principles issued by OMB under its uniform guidance (and applicable to all types of awardees) state, “The cost of training and education for employee development is allowable” (2 CFR 200.472).

Attend this Live Webinar and Earn up to 1.5 CPE Credits

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This comprehensive resource blends age-old conventional wisdom with the historic changes in OMB’s uniform guidance. You'll benefit from the advice of experts on time and effort reporting, procurement under grants, direct charging certain costs, single audit preparations, subrecipient monitoring and much more. The 500+ page softbound book is a valuable management guide, compliance document and training tool for busy grants managers, program directors, financial officers and auditors at nonprofit organizations, educational institutions, and state and local governments.

This valuable resource will help you and your grants management team:

  • Understand the differences between direct and indirect costs
  • Make the subrecipient vs. contractor determination
  • Realize the full impact of OMB’s emphasis on internal controls
  • Understand which familiar elements of time and effort reporting have been retained in the uniform guidance ... and which are new
  • Know the nuances of requirements for subrecipient assessment and monitoring
  • Understand contract clauses in agreements for procurement under grants
  • Apply the general tests of allowability
  • Understand special issues confronting pass-through entities contracting with foreign organizations
  • Know which clauses flow down when crafting a subaward
  • Understand what is meant by a 10% de minimis indirect cost rate
  • Audit the vulnerabilities in your grants management operation
  • Understand what is meant by audit "resolution"
    ...and much more

A Practical Guide to Federal Grants Management is the best insurance policy there is for limiting your organization’s risk of disallowed costs, loss of federal funding and public relations nightmares. Add it to your order today!

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