New Grant Awardees. When companies are awarded their first grants, they are required to establish internal policies, procedures, and controls to ensure they are appropriately managing the granting agencies’ funds. We provide clients with both a comprehensive setup package as well as on-going bookkeeping, operational, and grant compliance support. These services include:
1) Submit payment requests to granting agencies and establish government invoicing protocols.
2) Establish Policies & Procedures Manual to be Grant-Compliant.
3) Establish Employees Manual to be Grant-Compliant.
4) Establish timekeeping system.
5) Establish policies for record-keeping.
6) Establish policies for purchases, ensuring separation of duties to maintain grant compliance.
7) Maintain Chart of Accounts that categorizes bookkeeping entries by project and facilitates booking expenses into direct, indirect, and unallowable categories.
– provide full-service bookkeeping services
– maintain accounting system and depreciation schedules
– provide monthly financial statements for Company sign-off
– provide financial information required for grant close-outs
– run payroll and pay payroll taxes
2) Grant Compliance
– review all expenditures and account bookings for compliance with terms of the award(s)
– perform indirect rate calculations
– ensure compliant segregation of duties
– advise on contractual arrangements with partnering institutes and subcontractors
– assist with audit preparation
– provide financial reporting as required by the agencies