ANN Las Vegas Regional Conferences for Nonprofits GRANTS MANAGEMENT. Making QuickBooks Work for You. May 9, 2014

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1 GRANTS MANAGEMENT Making QuickBooks Work for You May 9, 2014 Contact Info Jennifer Olsen, CPA (702) AllianceForNevadaNonprofits.com 1

2 Agenda Grants 101 QuickBooks s Using the Class Function Exploring the Customer Center Entering Budgets Data Entry to its Fullest P&L Reporting Questions Types of Grants Grants can be awarded by: Federal, State, County, and City departments These can be directly funded by the department. Funds can be received by the department as pass through funds from higher government departments. Federal grants have different audit standards. Private Organizations United Way, MGM Resorts Foundation, Reynold s Foundation, Speedway Charities Other Sources Banks, Corporations, Individuals AllianceForNevadaNonprofits.com 2

3 Types of Grants Grant funding can be received in multiple ways: Reimbursed unrestricted revenue when received Advanced unearned revenue until the expenditure has been made Allocated restricted revenue until spent Grant Reporting Reports are usually requested throughout the lifecycle of a grant. Program Progress Reports Financial Status Reports Request for Reimbursement AllianceForNevadaNonprofits.com 3

4 Grant Reporting The grantor often requires transparent proof of incurrence to be submitted with the invoice: Backup QuickBooks Profit & Loss Vendor invoices or receipts Pay stubs and functional timesheets/activity logs Cleared checks Grant Tracking Have a spending plan Spend the award evenly throughout the year. Spend it until it runs out. DON T DOUBLE DIP! Promote transparency Monitor If you don t use it, you lose it! Appropriate spending affects future awards. COMPLIANCE COUNTS! AllianceForNevadaNonprofits.com 4

5 Grant Tracking Track each grant separately and formally so that there is a paper trail. Approved budget and subsequent modifications Grant period Approved expenses incurred The same expense cannot be covered by multiple funding sources Reimbursements/payments received Amount left to expend and expenditure rate Utilize your Software Make QuickBooks work for you! P&L Statement (by chart of account) P&L by Class (by program) P&L by Job (by funder) AllianceForNevadaNonprofits.com 5

6 Use the Class list to track Program spending to better form future budgets Use the Customer Center to set up Grants (Exhibit A) Create a Customer for each grantor Create a Job for each grant AllianceForNevadaNonprofits.com 6

7 Enter the grantor approved budget using Budget by Customer/Job (Exhibit B) Use the Customer/Job field to identify the grantor for each income and expense applicable to the grant when performing data entry (Exhibit C) AllianceForNevadaNonprofits.com 7

8 Generate a P&L by Job to view the activity that was allocated to the grant (Exhibit D) Wrapping Up QUESTIONS AllianceForNevadaNonprofits.com 8