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Accounting Systems

Accounting Systems. QuickbooksMIPBlackbaudMAS 90CougarGreat PlainsOther. MAS 90Accounting Software. Grant/Fund Accounting ?. What is it?Is it required by generally accepted accounting principles (GAAP)?. Whose dollars paid for what?. State Contract. Federal Grant. Foundation Grant. . . . .

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Accounting Systems

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    1. Accounting Systems Section 4

    3. Grant/Fund Accounting ? What is it? Is it required by generally accepted accounting principles (GAAP)?

    4. Whose dollars paid for what?

    5. Grant/Fund Accounting

    6. 2 CFR Part 215 OMB Circular A-110 Standards for Financial Management Systems Records that identify adequately the source and application of funds for federally-sponsored activities. These records shall contain information pertaining to Federal awards, authorizations, obligations, unobligated balances, assets, outlays, income and interest.

    7. Effective control over and accountability for all funds, property and other assets. Recipients shall adequately safeguard all such assets and assure they are used solely for authorized purposes. Comparison of outlays with budget amounts for each award. Whenever appropriate, financial information should be related to performance and unit cost data.

    8. 2 CFR Part 215: OMB Circular A-110 Standards for Financial Management Systems Written procedures for determining the reasonableness, allocability and allowability of costs in accordance with the provisions of the applicable Federal cost principles and the terms and conditions of the award. Accounting records including cost accounting records that are supported by source documentation.

    10. Statement of Financial Accounting Standards No. 117

    12. Accounting system that does not segregate funds

    13. Properly Segregate Funds

    14. Financial Statement Reporting of Fund Accounting External Reporting Must conform with Accounting Standards (GAAP) FASB 117 Requires Funds to be combined Reported as net Internal Reporting Designed for requirement of Grantor Designed for Board decision process Agency management

    15. Accounting Segments Grant/Funds Americorps United Way Americorps Match United Way Non Match Programs Americorp Head Start Fundraising Administration Natural Classification Salaries Rent Restricted/Non Restricted

    16. Accounting Systems Summary An accounting system should: Account for each award/grant separately Maintain Federal/non-Federal matching funds separately from grant funds Identifying costs by program year Identifying costs by budget category Differentiating between direct and indirect costs (administrative costs) Record in-kind contribution as both revenue and expense Allow management to easily obtain financial reports at both the summary and detailed levels Correlate to financial reports submitted to Commission

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