Establishing a Fiscal Foundation DFSS 2009 Annual Fiscal Conference – Fiscal Indicators

Establishing a Fiscal Foundation DFSS 2009 Annual Fiscal Conference – Fiscal Indicators

WELCOME Fiscal Indicators for Youth Development Agencies

Fiscal Literacy: Overview of Fiscal Indicators Youth Development Agencies

Kenya Merritt – DirectorTerry Sims – Accountant Technician

Arthur Baron – Accountant


What we will discuss today?

The relationship between the following Indicators to your agency’s established foundation.

• Budgeting Indicators

• Invoicing Indicators

• Tracking and Reporting Indicators

• Additional Indicators

UNDERSTANDING YOUR FISCAL COREEstablishing a Fiscal Foundation

DFSS 2009 Annual Fiscal Conference – Fiscal Indicators

What is an Indicator?

A signal for

attractingattention

UNDERSTANDING YOUR FISCAL COREEstablishing a Fiscal Foundation

DFSS 2009 Annual Fiscal Conference – Fiscal Indicators

Budget Development

Critical Questions in Program Budget Development

• Who are you serving?

• What is the proposed program?


Budget DevelopmentCritical Questions in Program Budget Development

• When does your program operate?

• Where is your program located?

• How much does it cost?

• How are you going to pay for it?


Budget Development

• Out of School• Mentoring• Counseling• Training• Summer Only• Regional Consortium Centers (RCC)• Youth Career Development Center (YCDC)


• What are the demographics of your participants

• Low – Moderate Income only/Mixed income model

• Age of participants

• Number of participants


Budget Development

• How much staff do you need

• What is your staffing ratio

• Programmatic Staff

• Administrative Staff


Budget Development

• When does the program operate

• Daily

• Partial Week

• Summer Only

• As Scheduled


Budget Development

• Where will the programs operate

• Rent space

• Own space

• Free facilities


Budget Development

• How much does it cost and how are you going to pay for it

• Single source

• Multiple sources

• Private donors


Budget Development

Indicators

Your agency develops its budget based on the maximum award amount listed in the RFP

Budget is based on projected program costs

Your agency does not know how many children they will serve until the RFP


Budget Development

Indicators

Your agency wide budget mirror its DFSS program budget

Budget includes funding from other sources

Agency staff is allocated based on time spent on the program


Budget Development

Budget Exercise


Invoicing Development

• Monthly vouchering is contractually required – Section 5.2

• Voucher submission – fiscal report for CYS

• Invoicing should mirror program operations

• CFO and/or signature authority is knowledgeable of invoicing process


75.72%

86.79%

99.87%95.92%

99.44%

76.24% 77.51%

100.00%99.52%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

2005 2006 2007

Fiscal Year

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Agency A Agency B Agency C



• Your agency uses the correct forms.– Youth Development voucher forms can be downloaded

from the following: (http:cys.mycopa.com)

• Are you sending them to the correct department?– All youth development vouchers should be submitted

to CYS Fiscal Youth Unit – 1615 W. Chicago, 4th Floor Chicago, IL 60622

• Are they signed and originals submitted?



Invoicing Indicators

• Your agency vouchers bi-monthly, quarterly or even annually

• Your agency consistently misses the voucher deadline of the 15th of the following month


• Your agency consistently receives deletions that are not understandable

• Your agency does not have a process in place to address and/or respond to deletions in a timely manner

• Your agency does not have a plan for incurring program expenses



• Your agency vouchers bi-weekly when personnel is budgeted.

• Your agency prepares a monthly expense plan, including programmatic and administrative costs projections



• Your agency has a process to log expenses on the invoice form as they are incurred

• Your agency develops a soft file (scan copy) that includes a copy of each voucher and supplemental documentation



• Your agency monitors payments versus your request

• Your agency requests an explanation for deletions, if you do not understand them.

• Your agency resubmits for valid costs within one week from the notification of deletions and track payments



• Your agency submits for new personnel titles, non-personnel not budgeted or different allocations.



Invoices Exercise


• Monthly fiscal reports are presented to Program Staff, Executive Staff and the Board of Directors

• Grant Utilization is not monitored

• Fiscal Statements/Reports are not reviewed and analyzed

• Fiscal records are not accurately maintained


Tracking and Reporting Indicators

• Fiscal documentation received from CYS is compared to internal fiscal reports

• Payments are cross-referenced using data from the web




• The fiscal staff develops reports for Executive Agency staff including the Board of Directors and Program Staff

• Monthly expenses are compared to budgeted costs and spending plan to determine if budget revision is warranted (projections should also be included)

• Fiscal staff are knowledgeable of OMB Circulars and CYS procedures


• Fiscal documentation to substantiate expenses are kept electronically and on file in an organized manner

• Fiscal calendar is developed to ensure deadlines are met



Sample Tracking Systems


Additional Indicators

• Key fiscal staff position(s) are vacant and remain vacant in excess of 3 months

• Budgeted positions remain vacant • Fiscal Staff are not aware of processes and/or staff

are not in receipt of correspondence from CYS


• It’s a priority to hire key fiscal staff and other budgeted positions

• New fiscal staff contact FSS Fiscal Youth Unit for an appointment within 2 weeks of start date for technical assistance

• Budget revisions are submitted in a timely manner and approved by the Youth Services Coordinator



• Fiscal staff communicates regularly with the Executive Staff and Program Staff regarding any received correspondence from trainings/meetings

• Fiscal staff monitors COPA, CitySpan and the City of Chicago websites for updated information.

• Fiscal and Executive staff knowledgeable of OMB Circulars (Cost principles A-122) and CYS fiscal procedures



Communication Tools

• Staff attends the 3rd Thursday trainings

• Staff are aware of the various tools of communication:– Web (http://cys.mycopa.com)– Email ([email protected])– Fiscal Hotline (312.743.7475)


• Office of Budget and Management – City of Chicago– Oversees CDBG RFP– Mayoral Recommendations– Manages CDBG Grant

• Youth Division– Reviews budget/budget revisions– Monitors agency’s fiscal performance

• Comptroller’s Office– Approves budget/budget revisions– Monitors agency’s fiscal performance

Partnerships


Important Dates

– 15th of each month prior month voucher due

– March 17 Youth Ready Chicago RFP

– April Financial Statements are mailed

– May 2009 Application Period


– September Financial Statements are mailed

– October Budget Revisions are due

– October Mayoral Recommendation released

– January 15th Final vouchers including resubmissions are due


Important Dates

Enjoy the remainder of the Conference

Continue to build your fiscal foundation

Documents

Establishing a Fiscal Foundation DFSS 2009 Annual Fiscal Conference – Fiscal Indicators