Training on Financial Management for USAID Funding
Training on Financial Management for USAID Funding covers a wide range of guidelines for the financial management of USAID funding and it is intended to improve NGO staff members’ capacity to efficiently administer their programs and uphold donor compliance. This training on financial management for USAID funding will assist individuals and organizations establish, implement, and maintain strong financial management systems to be eligible for USAID funding, reduce audit risk, and build successful collaboration across the organization.
Target Participants
Training on Financial Management for USAID Funding is ideal for anyone managing a USAID grant or cooperative; that is, Finance, compliance, and program staff who manage budgets and reconcile activity costs with program budgets.
Course Duration
Online 7 Days
Classroom-based 5 Days
What you will learn
By the end of this course the participants will be able to:
- Identify the fundamentals of the accounting system needed to qualify for USAID financing.
- Accurately compile and evaluate financial statements
- Prepare for and coordinate the audit procedure per financing regulations.
- Create and maintain budgets that support the success of your programs.
- Implement strategies for recovering indirect costs.
Overview of USAID Funding
- Introduction to USAID, its regulations, and organizational set-up
- Funding Framework
- Working effectively with USAID
- Best practices with Agreement Officer
Financial Management Fundamentals
- The importance of good financial management
- Elements of a strong financial management system
Cost Proposals (Budgets) to Support Program Descriptions
- Budget notes development
- Budget review – comparing budget and program description
- Relationship between budget and chart of accounts
- Cost Share
Daily Transactions and Internal Controls
- Petty cash
- Daily entries
- Job cost accounting
Timekeeping Systems
- Personnel activity reports
- Payroll journal
- Managing time and facilitating collaboration
Managing Risk
- Preventive controls
- System of authorization
- Segregation of duties
Document / File Systems
- Filling system options
- Monthly closings
Budget Management
- Monthly “Budget vs. Actual” reporting
- Quarterly “Budget vs. Actual” reporting
- Budget management practices
- Pipeline reporting
Indirect Costs/Rates and Shared Cost Allocation
- Overview
- Provisional and final indirect rates
- Indirect rate calculation methodologies
- Accounting system requirements
- Shared cost allocation methodologies
Financial Statements
- Purpose and uses of audited financial statements
Donor Audits
- Preparing for an audit
- Areas of audit risk
- Supporting & managing the audit
- Corrective action plans
