Financial Management

1. Financial Management Carmen Gandulla, Director City of Jersey City, NJ Division of Community Development

2. Jersey City- NJ Jersey City was established in January of 1820 Jersey City has a population of approximately 270,753 people as of 2017 and has the largest and most dense population in Hudson County. The population has been steadily increasing since 2010. The City measures 14.79 miles square. #JCMakeitYours https://www.youtube.com/watch?v=Uazk21-BImU

3. FUN FACTJersey City- NJ The Statue of Liberty’s Address is 1 Communipaw Avenue, Jersey City.Ellis Island’s Address is2 Communipaw Avenue,Jersey City #ladyliberty #sheisours

4. Funding History

5. Funding History:The Last Five Years

6. Investment goals Today’s Objectives • Reviewing Financial Management Concepts • Defining Financial Management • What Do Grant Managers Do? • FM=PM /CM • IDIS vs. Your Own FM Reporting • Workout Plan • Jersey City’s Methods & Strategies • Resources • Terminology

7. Investment goals • Financial management is the systematic application of procedures, form, rules of conduct and standards. As grantee or subrecipient in receipt of Federal funds, your financial management practices must comply with cost principles established by OMG . (Integrity Bulletin)

8. Investment goals • Financial management is the process of protecting and using Federal Funds effectively, efficiently, and transparently. It is achieved through systematic application of procedures, forms, rules of conduct, and standards. (HUD Exchange FM Training)

9. Investment goals • The planning, directing, monitoring, organizing and controlling of the monetary resource of an organization. • Fiscal Management is the process of keeping an organization running efficiently within its allotted budget. • Financial Analysis provides a means of making flexible and correct decisions at appropriate and most advantageous of time. • Finance is part science and part art. (Barrons Business Review Book)

10. Investment goals How does this apply to Community Development Programs?

11. Areas offm

12. Areas offm

13. Areasoffm

14. Investment goals • How does this apply to • Community Development Programs? • The planning, directing, monitoring, organizing and controlling of the monetary resource of an organization. • Fiscal Management is the process of keeping an organization running efficiently within its allotted budget. • Financial Analysis provides a means of making flexible and correct decisions at appropriate and most advantageous of time. • Finance is part science and part art.

15. Investment goals • How does this apply to • Community Development Programs? • The planning, directing, monitoring, organizing and controlling of the monetary resource of an organization.

16. What Do Grant Managers DO?Pre-Award

17. What Do Grant Managers do?Post-award

18. Investment goals • How does this apply to • Community Development Programs? • POST AWARD • Fiscal Management is the process of keeping an organization running efficiently within its allotted budget.

19. Investment goals Post Award: You become a Financial Grant Manager & Compliance Manager

20. Post Award: • Follow this Formula • Project Management • = • Financial Management • / • Compliance Manager • Project management must equal Financial management divide by Compliance management. Investment goals

21. Post award

22. Investment goals

23. Investment goals

24. Investment goals

25. Investment goals

26. Investment goals

27. Investment goals • Applying Financial Analysis • In • Community Development Programs • Financial Analysis provides a means of making flexible and correct decisions at appropriate and most advantageous of time.

28. Investment goals • Financial Analysis provides a means of making flexible and correct decisions at appropriate and most advantageous of time. • What is the Difference Between IDIS vs. Your Own FM Reporting?

29. IDIS

30. IDIS

31. IDIS

32. IDIS

33. IDIS Reports

34. IDIS Reports

35. What is the Difference Between IDIS vs. Your Own FM Reporting?

36. AREAS of fm

37. AREAS of fm

38. AreaS of fm FOR CDBG Work Out Plan

41. What is the Difference Between IDIS vs. Your Own FM Reporting?

42. Jersey City’s Methods & Strategies

43. Jersey City’s Methods & Strategies • JC’s Status: • Program Administration • Shovel readiness/Project Selection • Project Management Issues • Poor Sub-recipient management • Staff capacity • Staff turnover • Staff Knowledge • Financial management Issues • No overall method of FM • Outstanding Audit Requirements

44. Jersey City’s Method & Strategies • Conducted a SOAR Analysis Strengths – are positive attributes internal to the organization or situation that are within your control. Opportunities-are external factors that the organization or project should (or could) develop . Aspirations – address what the organization wants to be doing, who the company wants to serve, and where the company will operate Results –results define the methods of identifying and tracking progress. Results are the means of ensuring progress is being made and the overall plan of the company is being followed.

45. Jersey City’s Methods & StrategiesSOAR Analysis Opportunities-are external factors that the organization or project should (or could) develop

46. Jersey City’s Methods& Strategies Strengths – are positive attributes internal to the organization or situation that are within your control. Opportunities-are external factors that the organization or project should (or could) develop

47. Jersey City’s Methods& Strategies

48. Jersey City’s Methods& Strategies

49. Jersey City’s Methods & Strategies

50. Jersey City’s Methods & Strategies Aspirations – address what the organization wants to be doing, who the company wants to serve, and where the company will operate