What are project's responsibilities for financial management and cost-fund accounting?

Monitoring Financials

• Project Leaders are responsible for determining if a project has enough funds to cover costs. Including:
  • hiring an employee or independent contractor;
  • payroll changes;
  • new or expanded operations;
  • spending restricted funds;
  • comparing actuals to a budget pre-approved by a funder, etc.  
• Reviewing project's General Ledgers on a monthly basis and submitting reclassifications before month close.
• Producing relevant back-up documentation when the General Ledger is in dispute and a reconciliation is warranted .
• Projects are responsible for correcting timesheets when payroll is misallocated.  
  • If corrected timesheets are not needed, projects are still responsible for producing reasonable back-up documentation to support reclassifications.  
• Projects must use appropriate grant codes and program codes when funding is received and expended.  

Creating Budgets

• Drafting project's budgets and financial narratives. Finance advisors will provide feedback as needed. 

Tracking Expenses

• Ensuring funds are correctly allocated in NetSuite.  
• Projects share the responsibility to comply with restricted fund spending limits. The fund and award administration team  are available to assist in the understanding of such restrictions as outlined in a grant agreement . 

Financial Reports

• Projects must allow 15 business days for all unique financial report requests outside of standard financial statements. Projects are expected to share in the responsibility of creating those reports. Community Partners cannot guarantee to meet every ad hoc report request.

Financial Grant Tracking

• Projects must submit grant reports and track programmatic data for grant report purposes.  
• Submitting public sector invoice requests 20 business days prior to deadline and providing timely answers to requests for information from the invoicing team (If a project creates invoices, they must be submitted to Community Partners for review, approval, and signature. Projects may not sign invoices.)