best practices financial resource management february 2011 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Best Practices: Financial Resource Management February 2011 PowerPoint Presentation
Download Presentation
Best Practices: Financial Resource Management February 2011

Loading in 2 Seconds...

play fullscreen
1 / 31

Best Practices: Financial Resource Management February 2011 - PowerPoint PPT Presentation


  • 127 Views
  • Uploaded on

Best Practices: Financial Resource Management February 2011. Core Principles for Financial Resource Management. Maintain public trust Establish internal and external accountability practices Ensure risk management and mitigation

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Best Practices: Financial Resource Management February 2011' - nash


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
core principles for financial resource management
Core Principles for Financial Resource Management

Maintain public trust

Establish internal and external accountability practices

Ensure risk management and mitigation

Minimize risk of support groups and volunteers through education/training

Identify clear roles of Extension and support groups

core principles for financial resource management1
Core Principles for Financial Resource Management

Document and communicate best management practice policies and procedures

Ensure that external resources invested in Extension programs are used in the manner intended

Ensure compliance with A&M System policies

potential agency risks
Potential Agency Risks

Failure to be accountable for resources invested in our agency

Vulnerability in the mismanagement of funds generated by external support groups

key elements of best practices
Key Elements of Best Practices

State/Federal law requires that funds raised or given in support of all Extension programs be handled in a manner of public trust.

Financial responsibility is the responsibility of the entire organization.

key elements of best practices1
Key Elements of Best Practices

Securing external funds for program enhancement is an acceptable way to expand Extension programming.

Planning, controls, and documentation are major components for managing program finances, assets and taxes.

determination of funds
Determination of Funds

Texas AgriLife

Extension Service

Support

Group

Texas AgriLife Extension Service

External Support Group

determination of funds1
Determination of Funds

Texas AgriLife

Extension Service

Texas AgriLife Extension Service

stakeholder accountability expectations agency funds
Stakeholder Accountability ExpectationsAgency Funds

Contracts, Grants and User Fees:

  • TAMUS Policies and Procedures
  • Director authorized
  • On-site reviews / Audits
  • Fiscal accountability
type of agency funds
Type of Agency Funds
  • Designated Funds
    • workshops / conferences
    • publication sales
    • services / labs
    • gifts – restricted / unrestricted
  • Restricted Funds
    • contracts & grants
agency events
Agency Events

Options for handling agency events internally:

  • Extension Conferencing Services
    • http://agrilifevents.tamu.edu
  • Unit / District Offices – submit revenue to AgriLife Cash Management Office
    • http://agrilifeas.tamu.edu/fiscal/cash-mgmt/index.php
contracts grants
Contracts & Grants

A grant proposal cannot be requested nor received on behalf of Extension without the Extension Director’s approval.

All Extension grants will be administered through the AgriLife Contracts and Grants office.

agency compliance record retention
Agency Compliance & Record Retention

Agency subject to open records act

Funds held by agency are subject to state, federal and local audit

Documentation should be held in compliance with state record retention schedule.

agency tax exemptions
Agency Tax Exemptions
  • Agency purchases are exempt from state sales tax
  • Texas sales and use tax exemption certification required
    • Sales tax not reimbursable
    • Agency may short pay invoice
    • Employee responsible for correcting with vendor
  • Travel using agency funds qualify for Texas hotel occupancy tax exemption certificate
determination of funds2
Determination of Funds

Support

Group

External Support Groups

stakeholder accountability expectations external support group funds
Stakeholder Accountability ExpectationsExternal Support Group Funds

Contracts, Grants and User Fees:

  • Cash Management Practices
  • Support Group controlled
  • Support Group accountable
key elements of best practices2
Key Elements of Best Practices

Support funds generally are:

  • user fees
  • sales and registration fees
  • personal and corporate contributions
  • grants/contracts
key elements of best practices3
Key Elements of Best Practices

External support group funds are…

  • Not the property of Extension
  • Not controlled by the agency or its employees
best management practices external support groups
Best Management Practices External Support Groups
  • An external committee/group determines:
    • what proposals are signed and submitted on behalf of the external entity.
    • may not propose or commit Extension resources or personnel without prior approval by:
      • Extension educator
      • Immediate supervisor
      • AgriLife Contracts and Grants office
best management practices external support groups1
Best Management Practices External Support Groups

Where Extension staff have access to grant funds received by another entity e.g.,

  • county
  • foundation
  • local 501(c)(3) group
  • support group

. . . access to fund should be outlined in writing with allowable expenditures clearly defined.

best management practices external support groups2
Best Management Practices External Support Groups
  • Support funds may be held by nonprofit status organizations, i.e.:
    • 4-H Council
    • 4-H Volunteer Leaders Associations
    • Master Gardeners Associations
    • Extension Program Council
    • Extension Program Area Committees
  • Legal ownership of funds and property must reside with the association/organization.
best management practices external support groups3
Best Management Practices External Support Groups
  • Clarifying Extension and support group roles will help:
    • safeguard funds
    • prevent misunderstandings
    • protect Extension and its employees
  • A written record of ownership should be prepared with the owner and kept on file in the Extension office.
best management practices external support groups4
Best Management Practices External Support Groups

Extension employees may facilitate registration and the collection of fees for activities and competitions

In no case will Extension employees receipt, control or make deposits for support group funds. Volunteers or county support staff where necessary, may conduct the process.

best management practices external support groups5
Best Management Practices External Support Groups

Individuals responsible for handling external support funds must do so in an open, responsible and trustworthy manner.

Administrators, faculty, staff, club managers, and treasurers must carry out their respective responsibilities as defined by the rules and guidelines for handling finances and assets.

best management practices external support groups6
Best Management Practices External Support Groups
  • Extension does have an interest in ensuring that support groups do not improperly use their relationship or association with the agency when collecting monies or receiving donations.
  • Care should be taken to ensure…
    • use of donated funds match the purpose
    • utilized in a timely manner
best management practices external support groups7
Best Management Practices External Support Groups

Each county Extension program area should have a committee or task force to direct financial resource management.

No Extension employee will have custody, signature authority, or online access of an external support group bank account or certificate of deposit.

best management practices external support groups8
Best Management Practices External Support Groups
  • External Support Group Responsibilities
    • Clearly define individuals in group that have fiscal responsibility of funds.
    • Identify a treasurer to maintain records of financial transactions for the organization
    • Recommend annual review of financial records by outside group.
best management practices external support groups9
Best Management Practices External Support Groups
  • Review of external support accounts helps to ensure:
    • Committee has internal controls in place
    • Established by-laws
    • Proper record keeping and authorizations
    • Separation of duties
    • Development of annual budget
    • Proper tax forms filed
best management practices external support groups10
Best Management Practices External Support Groups
  • All external support groups must have a set of by-laws that include:
    • Provisions for receipting and disbursing funds
    • Planned disposition of external support group assets if the group disbands
additional resources
Additional Resources

Best Management Practices: Texas AgriLife Extension Service Financial Resource Management Manual

Contact your immediate supervisor