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Best Practices: Financial Resource Management February 2011

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Title: Best Practices: Financial Resource Management February 2011


1
Best Practices Financial Resource
Management February 2011
2
Core Principles for Financial Resource Management
  • Maintain public trust
  • Establish internal and external accountability
    practices
  • Ensure risk management and mitigation
  • Minimize risk of support groups and volunteers
    through education/training
  • Identify clear roles of Extension and support
    groups

3
Core Principles for Financial Resource Management
  • Document and communicate best management practice
    policies and procedures
  • Ensure that external resources invested in
    Extension programs are used in the manner
    intended
  • Ensure compliance with AM System policies

4
Potential Agency Risks
  • Failure to be accountable for resources invested
    in our agency
  • Vulnerability in the mismanagement of funds
    generated by external support groups

5
Key Elements of Best Practices
  • State/Federal law requires that funds raised or
    given in support of all Extension programs be
    handled in a manner of public trust.
  • Financial responsibility is the responsibility of
    the entire organization.

6
Key Elements of Best Practices
  • Securing external funds for program enhancement
    is an acceptable way to expand Extension
    programming.
  • Planning, controls, and documentation are major
    components for managing program finances, assets
    and taxes.

7
Determination of Funds
  • Texas AgriLife Extension Service
  • External Support Group

Texas AgriLife Extension Service
Support Group
8
Determination of Funds
  • Texas AgriLife Extension Service

Texas AgriLife Extension Service
9
Stakeholder Accountability Expectations Agency
Funds
  • Contracts, Grants and User Fees
  • TAMUS Policies and Procedures
  • Director authorized
  • On-site reviews / Audits
  • Fiscal accountability

10
Type of Agency Funds
  • Designated Funds
  • workshops / conferences
  • publication sales
  • services / labs
  • gifts restricted / unrestricted
  • Restricted Funds
  • contracts grants

11
Agency Events
  • Options for handling agency events internally
  • Extension Conferencing Services
  • http//agrilifevents.tamu.edu
  • Unit / District Offices submit revenue to
    AgriLife Cash Management Office
  • http//agrilifeas.tamu.edu/fiscal/cash-mgmt/index.
    php

12
Contracts Grants
  • A grant proposal cannot be requested nor received
    on behalf of Extension without the Extension
    Directors approval.
  • All Extension grants will be administered through
    the AgriLife Contracts and Grants office.

13
Agency Compliance Record Retention
  • Agency subject to open records act
  • Funds held by agency are subject to state,
    federal and local audit
  • Documentation should be held in compliance with
    state record retention schedule.

14
Agency Tax Exemptions
  • Agency purchases are exempt from state sales tax
  • Texas sales and use tax exemption certification
    required
  • Sales tax not reimbursable
  • Agency may short pay invoice
  • Employee responsible for correcting with vendor
  • Travel using agency funds qualify for Texas hotel
    occupancy tax exemption certificate

15
Determination of Funds
  • External Support Groups

Support Group
16
Stakeholder Accountability Expectations External
Support Group Funds
  • Contracts, Grants and User Fees
  • Cash Management Practices
  • Support Group controlled
  • Support Group accountable

17
Key Elements of Best Practices
  • Support funds generally are
  • user fees
  • sales and registration fees
  • personal and corporate contributions
  • grants/contracts

18
Key Elements of Best Practices
  • External support group funds are
  • Not the property of Extension
  • Not controlled by the agency or its employees

19
Best Management Practices External Support Groups
  • An external committee/group determines
  • what proposals are signed and submitted on behalf
    of the external entity.
  • may not propose or commit Extension resources or
    personnel without prior approval by
  • Extension educator
  • Immediate supervisor
  • AgriLife Contracts and Grants office

20
Best Management Practices External Support Groups
  • Where Extension staff have access to grant funds
    received by another entity e.g.,
  • county
  • foundation
  • local 501(c)(3) group
  • support group
  • . . . access to fund should be outlined in
    writing with allowable expenditures clearly
    defined.

21
Best Management Practices External Support Groups
  • Support funds may be held by nonprofit status
    organizations, i.e.
  • 4-H Council
  • 4-H Volunteer Leaders Associations
  • Master Gardeners Associations
  • Extension Program Council
  • Extension Program Area Committees
  • Legal ownership of funds and property must reside
    with the association/organization.

22
Best Management Practices External Support Groups
  • Clarifying Extension and support group roles will
    help
  • safeguard funds
  • prevent misunderstandings
  • protect Extension and its employees
  • A written record of ownership should be prepared
    with the owner and kept on file in the Extension
    office.

23
Best Management Practices External Support Groups
  • Extension employees may facilitate registration
    and the collection of fees for activities and
    competitions
  • In no case will Extension employees receipt,
    control or make deposits for support group funds.
    Volunteers or county support staff where
    necessary, may conduct the process.

24
Best Management Practices External Support Groups
  • Individuals responsible for handling external
    support funds must do so in an open, responsible
    and trustworthy manner.
  • Administrators, faculty, staff, club managers,
    and treasurers must carry out their respective
    responsibilities as defined by the rules and
    guidelines for handling finances and assets.

25
Best Management Practices External Support Groups
  • Extension does have an interest in ensuring that
    support groups do not improperly use their
    relationship or association with the agency when
    collecting monies or receiving donations.
  • Care should be taken to ensure
  • use of donated funds match the purpose
  • utilized in a timely manner

26
Best Management Practices External Support Groups
  • Each county Extension program area should have a
    committee or task force to direct financial
    resource management.
  • No Extension employee will have custody,
    signature authority, or online access of an
    external support group bank account or
    certificate of deposit.

27
Best Management Practices External Support Groups
  • External Support Group Responsibilities
  • Clearly define individuals in group that have
    fiscal responsibility of funds.
  • Identify a treasurer to maintain records of
    financial transactions for the organization
  • Recommend annual review of financial records by
    outside group.

28
Best Management Practices External Support Groups
  • Review of external support accounts helps to
    ensure
  • Committee has internal controls in place
  • Established by-laws
  • Proper record keeping and authorizations
  • Separation of duties
  • Development of annual budget
  • Proper tax forms filed

29
Best Management Practices External Support Groups
  • All external support groups must have a set of
    by-laws that include
  • Provisions for receipting and disbursing funds
  • Planned disposition of external support group
    assets if the group disbands

30
Additional Resources
  • Best Management Practices Texas AgriLife
    Extension Service Financial Resource Management
    Manual
  • Contact your immediate supervisor

31
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