Key Focus Areas for Senior Corps

1. Key Focus Areas forSenior Corps Financial and Grants Management Institute - March 18-20, 2008 (updated 2010)

2. Basics of Financial Management • Accounting system with detailed chart of accounts • Proper documentation of expenditures • Appropriate time and activity reporting • Procedures to ensure costs are allowable • Written allocation plan • Regular review of budget to actual expenses • Strong internal controls • Written policies and procedures • Risk based monitoring • Effective Volunteer Service Years (VSY) management

3. Policies & Procedures Grantees should be sure that they have policies and procedures to address the following: • Record retention requirement • A-133 audit requirements and resolution issues, • Property standards • Closeout procedures

4. Reporting Volunteer Hours • Volunteer hours should be reported on a cumulative basis over the Budget year (the one year period) not the project period (the three year period) • For example • Year 1 • 1st FFR 21,028 • 2nd FFR (21,028 + 18,972) = 40,000 • Year 2 & 3  beginning balance should be zero

5. Requirement Stipended Grantees should develop a policy for Management of Volunteer Service Years for: Foster Grandparent Program (FGP) and Senior Companion Program (SCP) Grants

6. Restriction on Fundraising • Fundraising by Senior Corps Project Directors is not a prohibited activity. However, charging fund raising time and other costs to the federal or required non-federal share of the grant is notallowed. • Sponsoring organization Executive Directors and other senior staff, as appropriate, must work with their Senior Corps Project Directors to assure compliance with the Cost Principles. Sponsors are the legal entity for the grant and have responsibility for oversight. • Note: See separate CNCS FAQ’s on this issue

7. Salaries & Wages Documentation • One of largest expense categories in most Senior Corps budgets • Critical to document properly • Documentation differs for different types of organizations

8. Budget The budget is the sponsor organization’s funding plan for the year. It is officially approved by the agency which signs the grant application. What does it include? • Your budget must include all costs (cash or in-kind) needed for your program to meet your work plan goals and objectives • You will include both CNCS funds and your agency’s “matching funds” in the budget (cash or in-kind). CNCS funding is based on the number of volunteers or Volunteer Service Years (VSYs) that your program manages.

9. When Do Grantees Need to Request Budget Approval? The only current restrictions on the movement of Federal or required non-Federal cash and/or in-kind within a budget for a grantee are: • Any changes in the stipend line must have prior approval from State Office/Field Financial Management Center • Changes that impact area of coverage for service must have prior approval. • Prior approval is required for any reduction to non-Federal funds/in-kind that results in that projects failure to meet match non-Federal share requirements, (except when a waiver is granted by CNCS)