FML’s Grant Accounting team will work with your organization to ensure improved reporting capabilities and risk reduction while meeting regulatory requirements. Some of the consequences of non-compliance for a grant can result in payment withholding, suspension of award performance, or even the termination of a grant. At FML, we provide a range of accounting, audit, and compliance services tailored to suit your organization’s grant accounting needs, available to companies at any stage in the grant process.
Accounting System Set Up – FML can personally train your staff regarding accounting procedures, controls, and policies, as well as demonstrate different tools necessary to an adequate accounting system. This helps ensure that every individual involved in the grant process at your organization can 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 – Currently, the Office of Management and Budget’s (OMB) Super Circular requires businesses to maintain accounting controls, a strict accounting system, and job cost records in case of an audit. FML’s team will perform a risk and compliance analysis on your current accounting system to assess its compliance with the Super Circular and other grant related requirements.
Indirect Rate and Costing Support – FML will 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, your business can stay on a positive cash flow path. Additionally, FML offers 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 assist your organization with other factors that might affect grant accounting in your company including bookkeeping services, assistance with ongoing work 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.