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Good Financial Management: A Well-Oiled Machine

The “Financial Management: A Well-Oiled Machine” prezi introduces the core concepts of financial management in a visual format that shows the connections among and between topics.

HUD Exchange

on 20 February 2017

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Transcript of Good Financial Management: A Well-Oiled Machine

Financial Management
Curriculum Objectives
Identify strong financial management practices for Federal programs

Define the key components of financial management

Describe how the key components fit together for efficient and effective financial management

What is Financial Management?
Financial Management is the process of protecting and using Federal funds:
Imagine that a financial management system
is a machine, and the components are its parts.
Good Financial Management Systems
Promote integrity, transparency and accountability

Plan, monitor, and document all transactions

Adhere to regulations

Strengthen programs

A strong financial management system incorporates these standards throughout all of its operations.
Cost Principles

& Records

To determine cost eligibility, ask yourself:

Is a Federal requirement

Includes planning for both revenue and expenditures

Provides an ongoing check

for reasonableness

Assures funds will be available

when needed

Is included in written agreements

Promotes accountability

Match/Cost Sharing and Program Income
Match is a recipient contribution

Program income is money generated by the HUD-funded activity

Both are program-specific and require documentation

Procurement Procedures
Must be fair, open, and well documented

May require RFQs, proposals, or formal sealed bids

Assure market price or better
Internal Control System Components:
Accurate listings of duties and procedures
Segregation of duties
Secure records system
Accounting and Records ensure that program costs are:

Incurred for the proper period

Actually paid

Expended on eligible items

Expended from the appropriate grant source

Approved by appropriate personnel

Fund Accounting
Fund accounting groups resources into funds based on the sources and the uses of those resources.
About Reporting
The best recipient reports go above and beyond what is required by law to improve organizational management and accountability

Local reports must be tailored to provide information that demonstrates compliance with program objectives

Understand Federal financial management requirements
Develop and use an effective system for managing funds
Identify and implement sound financial management

Understand program-specific requirements for a variety of formula grants
Internal Controls Include:
1. Input documentation to compare to the budget.

2. Match procurement to the correct approvals.

3. Record and report accurately.
Expenditure request procedure:
HOME must report match

Community Development Block Grant (CDBG) must comply with and report on the 70% low-moderate expenditure

CPD Programs report in the Consolidated Annual Performance and Evaluation Report (CAPER), Financial Status Reports, and IDIS
How to use Prezi
HUD CPD Programs
HOME Investment Partnerships Program
Community Development Block Grant Program
Emergency Solutions Grants
Housing Opportunities for Persons with AIDS Program
After this presentation, you will be able to:
Specific standards of good financial management systems are outlined in the code of federal regulations.
OMB has revised the relevant circulars into 2 CFR, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
These new regulations, referred to as the
apply to:
New awards
Incremental funding changes to existing awards
Audits of fiscal years
All after December 26, 2014

Is the cost
by our funding sources?
Is the cost
Can the cost be assigned or
to a specific funding source?
Organizational structure and separation of duties
Policies and procedures, including hiring policies
Reconciliation of budgets and records
Each CPD program has its own specific reporting requirements. For example,
Who must complete and submit an A-133 Audit?
Organizations expending more than $500,000 in Federal funds must complete and submit an A-133 audit (this amount increases to $750,000 under the new consolidated circular).
An audit is important, but it is not adequate by itself. All aspects of your financial management system must be functioning well and working together to keep your programs running.
Cost Principles



Internal Controls

and Records


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Continuum of Care Program
Promote integrity
Plan spending
Adhere to regulations
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