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Presented by the Office of Economic Opportunity. Changes Ahead!. Adapting to Changes in Fiscal Monitoring of OEO Grants . Presenters:. Thomas Welch, Senior Manager of Audits Diana Graham, Auditor III. Objective:.

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Presented by the Office of Economic Opportunity

Changes Ahead!

Adapting to Changes in Fiscal Monitoring of OEO Grants.

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  • Thomas Welch, Senior Manager of Audits

  • Diana Graham, Auditor III

Objective l.jpg

  • To discuss the changes made in regards to the fiscal administration of OEO grants. As well as, collect feedback on possible improvements that would assist subrecipients of OEO grants.

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Reminders and Updates of OEO Fiscal Policy

  • OEO’s Scope of Authority (has not changed)

  • Increased Emphasis on Internal Controls.

  • Program Income

  • Reimbursement of Expenditures

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Changes to the Fiscal Administration of OEO Grants

  • Full General Ledger Review

  • Interest Earned on Funds

  • Review of Information Reported to the Board

  • Signature of Reports

  • Inventory of Assets

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OEO’s Scope of Authority

As defined by OMB Circular A-110 the OEO has the following scope of authority.

See Handout 1.

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Increased Emphasis on Internal Controls

  • Documentation of signatures by preparers and approvers on transactions.

  • Documentation of date of preparation.

  • Ensure work is performed in a timely manner.

  • Ensure compliance with rules and regulations.

  • Review of supporting documentation.

  • Emphasis on the importance of timely reconciliations.

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Program Income

  • OMB Circular A-110 and the OEO Fiscal Manual have certain requirements for program income. (see Handout 2)

  • Remember: The price charged for the rental of equipment should be relative to the fair market value of the rental of such equipment from any other business.

  • The revenue generated should be separated out from other grant revenue.

  • Agency records should clearly identify all program income generated.

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Reimbursement of Expenditures

Reimbursement does not preclude disallowed cost noted by the Audit Division during an on-site audit of reimbursable grants administered by OEO.

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Full General Ledger Review

  • Reasons for reviewing the full general ledger:

    • To ensure expenditures are being properly accounted for on the records of the Agency.

    • To determine the financial stability (the big picture) of the Agency.

    • To assist in assessing the strength of internal controls around the posting of transactions to the Agency’s books.

  • Allowed per OMB Circular A-110 (See Handout 1)

  • Note: OEO will not test transactions from non-OEO grant accounts. Review of transactions outside of OEO grant accounts will only be based on the determination that such transactions may be miscoded to non-OEO accounts and should have been charged to OEO accounts.

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Interest Earned on Funds

  • See Fiscal Manual Revisions (Handout 3) for complete procedures on properly accounting for interest.

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Review of Information Reported to the Board

  • Section 676B(a)(2) of the CSBG Act, requires the following:

    “(Boards) fully participate in the development, planning, implementation, and evaluation of the program to serve low income communities.” (Will be reflected in the Board minutes)

  • Per Information Memo Transmittal No. 82 dated March 23, 2005,

    “as part of the implementation portion of this responsibility, the Board is supposed to receive frequent reports by the Agency’s fiscal staff on the overall agency’s fiscal status”.

    See Handout 4.

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Review of Information Reported to the Board (Continued)

  • So….

    • Financial reports will be reviewed to ensure the reports provided to the Board are adequate so that the Board is capable of making knowledgeable decisions.

    • Review of the Board minutes and by-laws will be performed to ensure the Board’s compliance to such and the terms outlined in the CSBG Act.

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Signature of Reports

  • No change for reports sent to OEO.

  • Reports kept on file at the Agency:

    • Should be signed by the preparer.

    • Should be signed by an independent approver certifying the accuracy of the report.

    • Should be dated by both parties.

    • Should be available for review during the audit by OEO.

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Inventory ofAssets

  • Changes made to the Fiscal Guidance Manual. (Handout 3)

  • Assets over $500 purchased in whole or portion with OEO funds must be on the inventory listing of the Agency.

  • All assets provided by OEO regardless of value must be reported on inventory.

  • Minimum capitalization raised to $5000 or the limit established by the Agency if it’s lower.

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Inventory ofAssets (continued)

  • Inventory listing to be submitted annually with the year end external audit to OEO.

  • OEO will (as always) audit this record to ensure its accuracy.

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Where can I find this information?

This presentation as well as the revised Fiscal Guidance Manual is on our website athttp://www.oepp. the fiscal guidance section.