Record of Financial Compliance Form

Record of Financial Compliance

Documents Package

The objective of financial compliance is to meet the administrative requirements that apply to programs funded by First 5 LA. These requirements apply to all First 5 LA funded programs, as described in Section 6.8, Records and Audits, of the Grant Agreement.

All compliance requirements and related objectives described in the Record of Financial Compliance Controls and Grant Agreement Requirements Form and other additional attached worksheets are established procedures for programs funded by First 5 LA. These documents are used to assist in determining whether internal controls set forth by funded agencies are sufficient to achieve the objectives needed to ensure financial and program compliance.

Documents:

· Record of Financial Compliance Controls and Grant Agreement Requirements

· Control Objective 1: Personnel Position Assigned to First 5 LA Program

· Payroll Reconciliation Worksheet

· First 5 LA Inventory List

Instructions:

For each of the Control Objectives (1 – 7) please indicate under the corresponding column the control procedures and what supporting documents are in place to support your answers.

All financial compliance inquiries may be addressed to the First 5 LA Finance Department attention:

Angelica S. Herrera Yessenia Henriquez

(213) 482-7552 (213) 482-9399

E-mail: E-mail:

RECORD OF FINANCIAL COMPLIANCE CONTROLS

AND GRANT AGREEMENT REQUIREMENTS

Record of Financial Compliance Form

RECORD OF FINANCIAL COMPLIANCE CONTROLS

AND GRANT AGREEMENT REQUIREMENTS

Record of Financial Compliance Form

Agency Name:

Program Name:

Grant Agreement No.:

Grant Agreement Period:

RECORD OF FINANCIAL COMPLIANCE CONTROLS

AND GRANT AGREEMENT REQUIREMENTS

Record of Financial Compliance Form

Compliance Requirement(s)
The specific requirements for special tests and provisions are unique to each First 5 LA program and are found in the provisions of grant agreement pertaining to the program. In providing the answers, identify the steps to ensure objectives are met. /
Control Objectives / What control procedures address the control objectives? / Supporting Documents / F5LA /
1. Who is responsible for:
A. Personnel assigned to the First 5 LA Program as indicated in the approved budget
B. Knowledge of First 5 LA Supplanting Policy and what procedures are in place to document changes in assigments of personnel
C. Training of personnel
D. Review of expenditures/income reports
E. Program monitoring
F. Use of a checklist
G. Provide a list of all positions assigned to First 5 LA (vacant and filled positons), use attached form
2. Only allowable costs are charged to First 5 LA
Consider for examaple the following points of focus:
A. Does the agency have a policy requiring review of expenditures?
B. Is there involvement in the budget and budget modification process by a person knowledgeable of the program?
C. What are the qualifications of the person preparing the monthly expediture reports for First5 LA?
D. Is the responsibility for reviewing First 5 LA expenditures assigned to a person knowledgeable of the grant agreement requirements?
E. What procedures does the agency have to ensure that required documents (invoices, budget modifications) are adhering to the appropriate deadlines?
3. Financial Monitoring
A. Does the agency have a policy and procedure manual defining the monitoring process?
B. Is the monitoring process performed by a person knowledgeable of the grant agreement requirements?
C. What are the procedures performed to ensure that only charges from obligations of the funding period are charged to the grant agreement?
D. What procedures does the organization have to ensure that all obligations are incurred within the grant agreement period?
4. Contractors Monitoring
A. Has an individual been assigend to monitor subcontractors expenditures?
B. What are the procedures to ensure that contractors adhere to the provisions of the grant agreement?
C. Is an individual assigned to monitor contractors compliance and to follow-up on audit reports and other reports filed?
5. Records Keeping
A. Are procedures in place to retain records for at least four years after the end of the grant agreement period?
B. Who is responsible for maintaining the inventory log, as required in the grant agreement?
C. Are periodic reviews conducted to ensure that equipment purchased with First 5 LA funds are used for the original authorized purpose?
6. Recorded transactions and activities are expended only for allowable expenses
For example:
A. What procedures prevent or detect unallowable expenses?
B. Is there a review of activities performed to ensure that only allowable expenses are charged to the approved budget?
C. Is there an individual assigned responsibility for the review of contractors activities for allowability?
7. Sustainability
A. What other funding sources have the agency applied for?
B. What is the agency’s sustainability plan?
C. Is the agency aware of MAA/TCM?
D. Has the agency met with any foundations?
E. Has the agency appointed an individual to take the lead on sustainability/leveraging?
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RECORD OF FINANCIAL COMPLIANCE CONTROLS

AND GRANT AGREEMENT REQUIREMENTS