Written position descriptions that describe the responsibilities of all key employees A written policy manual specifying approval authority for financial transactions and guidelines for controlling expenditures Written procedures for the recording of transactions, as well as an accounting manual and a chart of accounts Adequate separation of duties to assure that no one individual has authority over an entire financial transaction Hiring policies to ensure that staff qualifications are equal to job responsibilities and that individuals hired are competent to do the job Access to accounting records, assets, blank forms and confidential records is adequately controlled, such that only authorized persons can access them Procedures for regular reconciliation of its financial records, comparing its records with actual assets and liabilities of the organization Accounting records/source documentation Cash management procedures Cost allocation plans Procurement procedures Property controls Annual Audit Audits Project sponsors receiving a total of $500,000 or more in federal and/or state funds are required to have annual audits conducted in compliance with OMB A-133 standards. Those project sponsors with less than $500,000 in federal and state funds should complete annual financial statements. Annual audits and financial statements, whichever is appropriate, must be within six months following the end of the project fiscal year. sponsor’s Time sheets Employee time sheets should reflect actual hours (not percentages) work and be based on the cost allocation plan. Time sheets should be signed and dated (or equivalent electronic approval) by the employee and the supervisor having first-hand knowledge of the work performed. If the expenditures are paid for by more than one source (e.g., federal, United Way, private donations) the split costs should be accurately tracked within the project sponsor's accounting system. Financial Management Training The Office of HIV/AIDS Housing (OHH) has worked with the HOPWA technical assistance staff at ICF International to develop a Financial Management Online Training course. This is a new approach to training that allows grantees, project sponsors and other community partners to access vital information remotely. This tool is designed to provide important information about the regulations and practices of the HOPWA program and to benefit a variety of staff. The training covers many topics including: HOPWA financial management standards, management of personnel and non-personnel costs, HOPWA rental assistance and reporting, auditing and oversight of
Written position descriptions that describe the responsibilities of all key employees A written policy manual specifying approval authority for financial transactions and guidelines for controlling expenditures Written procedures for the recording of transactions, as well as an accounting manual and a chart of accounts Adequate separation of duties to assure that no one individual has authority over an entire financial transaction Hiring policies to ensure that staff qualifications are equal to job responsibilities and that individuals hired are competent to do the job Access to accounting records, assets, blank forms and confidential records is adequately controlled, such that only authorized persons can access them Procedures for regular reconciliation of its financial records, comparing its records with actual assets and liabilities of the organization Accounting records/source documentation Cash management procedures Cost allocation plans Procurement procedures Property controls Annual Audit Audits Project sponsors receiving a total of $500,000 or more in federal and/or state funds are required to have annual audits conducted in compliance with OMB A-133 standards. Those project sponsors with less than $500,000 in federal and state funds should complete annual financial statements. Annual audits and financial statements, whichever is appropriate, must be within six months following the end of the project sponsor’s fiscal year. Time sheets Employee time sheets should reflect actual hours (not percentages) work and be based on the cost allocation plan. Time sheets should be signed and dated (or equivalent electronic approval) by the employee and the supervisor having first-hand knowledge of the work performed. If the expenditures are paid for by more than one source (e.g., federal, United Way, private donations) the split costs should be accurately tracked within the project sponsor's accounting system. Financial Management Training The Office of HIV/AIDS Housing (OHH) has worked with the HOPWA technical assistance staff at ICF International to develop a Financial Management Online Training course. This is a new approach to training that allows grantees, project sponsors and other community partners to access vital information remotely. This tool is designed to provide important information about the regulations and practices of the HOPWA program and to benefit a variety of staff. The training covers many topics including: HOPWA financial management standards, management of personnel and non-personnel costs, HOPWA rental assistance and reporting, auditing and oversight of
HOPWA%20Program%20Application%20Guidelines.docx