Accounting & Grant Compliance

Eva Garland Consulting provides comprehensive accounting services including QuickBooks file setup, ongoing bookkeeping and monthly financial reporting; fractional CFO services; and audit support. We specialize in supporting the accounting needs of grant funded and research & development stage companies.

Accounting Setup Services

Whether you are a newly formed company or if you have just experienced a fundraising milestone, such as an awarded grant or equity investment, the EGC team will help you set up a financial system that is appropriate for your company.  We provide expertise on establishing your Corporate Structure (LLC, S Corp, C Corp); deciding on your accounting method (cash or accrual), and establishing a chart of accounts that is appropriate for your business.

Ongoing Bookkeeping, Accounting, and Financial Reporting

The EGC accounting team provides a “one stop shop” for all of our clients’ ongoing accounting and financial reporting needs.  Our services include bookkeeping, financial statement preparation, journal entries, account reconciliations, full payroll support, 1096/1099 and W2 preparation.

Fractional CFO Services

For companies who are not ready for a full-time CFO, we provide Fractional CFO Services on an as-needed basis.  Our services include:

  • Review of your company’s historical financial performance and guidance on financial decisions
  • Support with government audit requirements
  • Preparation of pro forma financials, under different business scenarios, for management and BODs
  • Strategic support in making financial decisions that will impact your future business direction

Our Compliance team provides expertise in Federal Government regulations impacting awarded grants and contracts.  We support our clients in establishing compliant corporate infrastructures and grant accounting systems; fulfilling Federal reporting requirements as well as granting agency reporting requirements; conducting indirect rate negotiations; and preparing for audits.

Set-Up Package for New Grant Awardees

Our comprehensive Grant Compliance Set-up Package assists your company in establishing internal protocols and a grant accounting system that will enable you to achieve full compliance with the terms of your awarded grants and contracts.  We start with of a full gap analysis of your existing corporate policies and accounting system.  For any gaps that we identify, we work with your team to implement systems and procedures that ensure full compliance.   Our service is unique in that our Grant Compliance and Accounting teams collaborate closely to help you meet all agency requirements as well as ensure that your accounting system is appropriate for your business operations.

Our Setup Package for new awardees includes:

  • Conduct gap analysis of existing protocols
  • Establish process for invoicing, receiving, and tracking grant funds
  • Develop Policies and Procedures to include:
    • Asset Management
    • Billing System
    • Cost Tracking and Allowability
    • Delegation of Signing Authority
    • Invention Disclosure
    • Purchasing
    • Record Keeping
  • Implement Timekeeping System
  • Establish Project-Based Accounting System
  • Review all contractual agreements for compliance

Audit Support

Grant funded companies may be audited at any time, and there are certain trigger points when audits are required (for example, receiving $750K or more in Federal Government funding during your company’s fiscal year.) Our team specializes in supporting clients who are undergoing Yellow Book, Cluster of Programs, CAAR, and DCAA audits.  Our services include preparation of financial packages to provide to auditors and full support in addressing questions that arise during the audit.

Indirect Rate Negotiation

Maximizing your indirect rate will ensure that your awarded funds go as far as possible to support your technology development and commercialization efforts. Our Compliance team assists clients throughout the process of:

  • Determining eligibility for a rate negotiation;
  • Preparing the rate negotiation package; and
  • Communicating with auditors from Granting Agencies.

Our clients are typically awarded indirect rates that are far higher than the standard amounts granted by the agencies, which can provide them with hundreds of thousands of dollars in additional funding.

Ongoing Compliance Services

Our ongoing compliance services are designed to support your company throughout the Period of Performance of your grant award. These services can be combined with our ongoing accounting services in our monthly Compliance and Accounting Package. Ongoing compliance services include:

  • Reviewing all transactions and contracts for compliance with the terms of the grant award(s).
  • Completing all reporting requirements (FFRs, research misconduct reports, grant closeout documents)
  • Advising on budget allowability, allocability and reallocation of funds
  • Implementing strategies to reduce the likelihood of an audit