Overview

This two-day, recipient-focused course provides a comprehensive understanding of how federal grant funds must be managed from award acceptance through closeout. It examines the financial requirements embedded in federal regulations and award terms and translates them into day-to-day financial administration practices.

Participants learn how to establish and operate financial management systems that meet federal standards, manage allowable costs, track expenditures, draw down funds appropriately, and maintain documentation that withstands audit and oversight review. The course emphasizes preventing common financial management failures that lead to questioned costs, audit findings, and repayment obligations. Through practical examples, case-based exercises, and applied discussion, participants strengthen their ability to manage federal funds responsibly while supporting program delivery and organizational sustainability.

Syllabus

Module 1: Financial Management Requirements for Recipients

Identify recipient financial management responsibilities under 2 CFR 200.
Understand required financial system standards.
Recognize common financial management failures.

Module 2: Budgeting and Award Financial Setup

Interpret approved budgets and award financial terms.
Establish grant accounts and cost centers.
Align budgets with program operations.

Module 3: Allowable Costs and Cost Principles in Practice

Apply allowability, allocability, and reasonableness standards.
Identify unallowable costs and common mistakes.
Document cost decisions defensibly.

Module 4: Internal Controls and Segregation of Duties

Understand internal control requirements for recipients.
Identify risks related to weak controls.
Implement practical control activities.

Module 5: Procurement and Financial Transactions

Apply procurement standards to purchasing decisions.
Distinguish procurement from subawards.
Manage vendor payments compliantly.

Module 6: Cash Management and Drawdowns

Manage payment systems and drawdowns correctly.
Avoid cash management violations.
Reconcile drawdowns to expenditures.

Module 7: Financial Reporting and Monitoring

Prepare accurate financial reports.
Reconcile financial and program data.
Respond to monitoring requests.

Module 8: Audit Readiness and Financial Documentation

Identify documentation auditors expect to see.
Prepare for Single Audit or program-specific audits.
Address audit findings related to financial management.

Module 9: Managing Changes, Corrections, and Adjustments

Handle budget revisions and prior approvals.
Correct errors and mischarges appropriately.
Maintain defensible audit trails.

Module 10: Financial Closeout and Record Retention

Complete financial closeout requirements.
Resolve final cost issues.
Apply record retention rules.

Taught by

Seitu Stephens, J.D.

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