Bob Lloyd to Present Webinar on How to Leave a Federal Grant Audit Trail

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Federal grants expert Bob Lloyd will identify the specific federal requirements on grant documentation in a February 9 webinar presented by Federal Fund Manager.

Federal Fund Management Advisor is pleased to announce its February 9 webinar, How to Leave a Federal Grant Audit Trail. See webinar details at http://federalfundmanagement.com/webinars/wg203_020912.

“If it isn’t documented, it didn’t happen.” That phrase has probably been uttered more times than you’d care to count by independent auditors conducting examinations of federal grant recipients and subrecipients under Office of Management and Budget Circular A-133. And while it might be arguable whether it’s true in all circumstances, the fact remains that the best way to satisfy an auditor’s inquiries about federal award charges is to leave a clear “audit trail” of documentation that they can accept as sufficient.

Since auditors can question any costs they deem to be “unsupported,” grant documentation is a serious matter. The problem is that the federal requirements on the subject aren’t much help. For example, the administrative policies of OMB Circulars A-102 and A-110 ambiguously state only that accounting records must be “supported by source documentation." All the federal cost principles cryptically add is that costs must be “adequately documented.” Any other hints about what’s adequate are scarce and buried deep in the federal grant rules. So, with so little to go on, how can a federally funded organization make sure it is leaving an effective audit trail?

Participants will learn common sense best practices that will help develop credible, reliable and sufficient support in a timely manner for charges like:

  • Employee compensation
  • Professional services
  • Travel
  • Equipment purchase and utilization
  • Supplies
  • Space occupancy
  • Third party in-kind contributions

The webinar will be presented by Bob Lloyd, a respected authority on policies and practices affecting the award, administration and oversight of federal grants, contracts and subawards. Mr. Lloyd has nearly 40 years of experience in federal award implementation. Prior to starting his management consulting practice in Washington, D.C., in 1982, he served as the executive director of the Grants Management Advisory Service and held staff positions in two large federally funded organizations. Since then, he has been a consultant, trainer or advisor to award and audit units in sixteen federal award-making departments and agencies, and to recipient and subrecipient organizations and their professional advisors located in all 50 states, the District of Columbia, several U.S territories and 18 foreign countries. He is the principal author of several reference works on federal grants management and audits, and currently serves as contributing editor to Federal Grants News and Federal Auditing News, published jointly by Atlantic Information Services, NACUBO and NCURA. He also is a Charter Life Member of the National Grants Management Association and served on its Board of Directors for five years.

After a 60-minute presentation, a concluding 30-minute question-and-answer session will allow webinar participants to pose individual questions to Mr. Lloyd.

Visit http://federalfundmanagement.com/webinars/wg203_020912 for more details and registration information.

Federal Fund Management Advisor is a new organization that sponsors Federal Funding webinars and delivers free Federal Funding E-Strategies. Go to http://www.FederalFundManagement.com to read the latest E-Strategy, “The Federal Cost Principles — Use Them as a Grant Budgeting Tool “and more in the E-Strategy Archives.

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Shelly Beaird-Francois
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