Community Business Resouce Council

Financial Integrity

 
     
 
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Financial Integrity

CBRC adopt internal financial controls to ensure financial integrity and capacity to receive capital funding. These controls should include a comprehensive and up-to-date accounting and financial policies. These policies are designed to document sound internal controls and financial management practices and should conform to all of the latest OMB, GAO, IRS, and FASB regulations, standards, and requirements that addresses more than 240 specific policies in the following seven areas:

 

General Policies and Procedures Accounting department structure, ethics, conflicts of interest, fraud, security, general ledger, chart of accounts, etc.

 

Revenues and Cash Receipts Processing — Revenue recognition, contributions, billing, accounts receivable, processing of cash receipts, lockboxes, credit card payments, etc.

 

Expenditures and Cash Disbursements — Purchasing, solicitation of quotations from vendors, accounts payable, employee expense reports, travel and business entertainment, check preparation, payroll, etc.

 

Asset and Liability Accounts — Cash, bank reconciliations, investments, inventory, prepaid expenses, property and equipment, depreciation, leases, accrued expenses, note payable, etc.

 

Financial and Tax Reporting — Interim financial statements, annual financial statements, filing of information and tax returns, public access to returns, unrelated business activities, etc.

 

Financial Management — Budgeting, external audit, selecting auditors, finance committees, audit committees, insurance, record retention and destruction, functional expense reporting, expense allocations, etc.

 

Federal Grants and Contracts — Administration of federal awards, special procurement requirements, cash draw-downs, selection and monitoring of sub-recipients, equipment purchased with federal funds, close out procedures, charging of direct and indirect costs, cost sharing and matching, etc.

 

Click Here to Download a Copy of our Accounting & Finance Policy & Procedure Manual

 

 

 

 

 
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