Our FML Grant Accounting team will work with your organization to ensure improved reporting capabilities and reduce risk to meet regulatory requirements. Some of the consequences of non-compliance for a grant can result in payment withholds, suspension of award performance or even termination of a grant. At FML we can provide a range of accounting, audit and compliance services to suit your organization’s grant accounting needs. We provide these services to Companies at any stage within the grant process.
Accounting System Set Up – FML can personally train your staff about accounting procedures, controls, policies and different tools needed to have an acceptable accounting system so they will be able to code expenses properly to your company’s chart of accounts, distribute labor in the general ledger, produce accurate job cost reports, make deposits and pay bills.
Risk and Compliance Support – In this today’s business environment, the Office of Management and Budget’s (OMB) Super Circular requires businesses to maintain accounting controls, a strict accounting system and job cost records to be audited. FML’s team will perform a risk and compliance analysis on the current accounting system to assess its compliance with the Super Circular and other grant related requirements.
Indirect Rate and Costing Support – FML can sit down with your company’s management and provide an indirect rate projection calculation based on a suitable rate structure and review a completed calculation. With a final rate structure in place, the business can stay on a positive cash flow path. In addition FML can provide support for preparation of annual Incurred Cost Submissions as required by the applicable funding agency and business representation during the audit and negotiation phases.
Grant Audits – Federal grant awardees are subject to audit if expenditures exceed $750,000. Our audit team has extensive knowledge and experience in detecting deficiencies in grant compliance and reporting. We can also support your company from an audit support function when a government agency or another CPA firm performs an audit of your grant(s).
Other Services – FML is prepared to help out with other factors that might affect grant accounting in your company including bookkeeping services, assistance with ongoing services needed to remain Super Circular and grant compliant, government invoicing, preparation of grant reporting documents as well as other services relating to the grant process.