Basic Bookkeeping for Tribal Organizations:
Federal Grants and Contracts Accounting
Finance

Whether you’re a new bookkeeper, contract officer or department manager, you’re responsible for maintaining your tribe’s financial records. Failure to record accurate information may cost your tribe thousands of dollars in disallowed costs and unnecessary audit time to correct the problems.

This class focuses on maintaining accurate accounting records for grants and contracts; reading and interpreting revenue expense and invoice documents; classifying cost data for bookkeeping purposes; financial statement basics; and the use of budgets. You’ll learn how to maintain a variety of financial records and how to spot potential recordkeeping errors before they become expensive audit mistakes. In addition, you’ll examine grant and cost rule changes and how they affect your organization. The class also includes a comprehensive, practical scenario to illustrate the entire process.

Taught by Indian Country finance expert Kurt Tucker, CPA,* this is one training opportunity that you can’t afford to miss. Register today.

*Instructor subject to change.

Topics that will be covered include:

Regulations and Compliance Requirements Tribal government accounting system Special reporting requirements Federal regulations Financial standards objectives Accounting Basics The use of accounts/account structure Accounting equation and transaction accounting Elements of financial statements Exercise — Preparation of basic financial statements The accounting cycle Designing and Developing an Accounting System Selecting a basis of accounting Cash basis: Trial balance Modified and full accrual basis What is the GAAP for your organization? Centralized Accounting Department Account code structure Fund code Program code Sample account code structures Developing Account Forms and Procedures for Record Handling Standards for financial management records Supporting documentation Filing procedures for financial records/forms Journals Ledgers Requirements for Grant Accounting and Reporting Developing and maintaining a grant accounting system General Accounting Office (GAO) requirements OMB requirements Standards for financial management systems Professional pronouncements Cash management system Basic Cost Principles Grant accounting vs. cost accounting Direct and indirect costs Allowable and unallowable costs Elements of a Grant Accounting System Operating controls Accounting and compliance controls Documentation Record keeping Audit trail and reporting Deferred revenue and grants receivables Encumbrance accounting Grant close-out and yearend procedures Automated Accounting System Basics of an automated system

Simplified Financial Record-Keeping System Daily cash activity Analysis procedures Accrual conversion Financial statements and reports Major Accounting System Components (General Ledger Postings) Cash receipts/grant receivables/deferred revenue transactions Cash disbursements/accounts payable transactions Payroll transactions Long-term debt transactions Fixed asset transactions Conversion from cash to accrual basis of accounting Computerized journals and reports Considerations GAO standards for governmental auditing Testing methods System review Ensuring compliance with internal control system Programs for Testing Recorded Transactions Cash receipts Cash disbursements Purchasing, receiving and accounts payable Illustrative test procedures Payroll Billing and receivables Property and equipment Evaluation of test results Testing Account Balances and Audit Procedures General procedures Balance sheet accounts Costs and expenses Program funding Indirect costs Internal Controls Questionnaire and guide Preparing for the Audit Model accounting system Preparing for the audit Understanding the audit Anticipating questions and problems Completion of a balance “tie-in” sheet Creating lead schedules Practical Exercises Case study Transactions throughout the life cycle of a grant or contract Designing/creating a chart of accounts Preparing basic financial statements for a grant