Course Overview
As USAID funding plays a significant role in implementing development programs worldwide, mastering financial management is imperative for project managers, finance officers, and administrative staff. This course offers a comprehensive overview of financial management principles specifically tailored to USAID's requirements. Participants will learn about budgeting, financial reporting, compliance with federal regulations, and best practices for effective financial oversight. Through interactive sessions, case studies, and hands-on activities, participants will leave equipped with the knowledge and tools necessary to excel in managing USAID-funded projects.
Course Duration
5 Days
Who Should Attend
Financial Management for USAID Funding Course is ideal for anyone managing a USAID grant or cooperative; that is, Finance, compliance, and program staff who manage budgets and reconcile activity costs with program budgets.
Course Level: IntermediateCourse Objectives
By the end of this course, participants will:
- Identify the fundamentals of the accounting system needed to qualify for USAID financing.
- Accurately compile and evaluate financial statements
- Prepare for and coordinate the audit procedure per financing regulations.
- Create and maintain budgets that support the success of your programs.
- Implement strategies for recovering indirect costs.
Course Outline:
Overview of USAID Funding
- Introduction to USAID, its regulations, and organizational set-up
- Funding Framework
- Working effectively with USAID
- Best practices with Agreement Officer
Financial Management Fundamentals
- The importance of good financial management
- Elements of a strong financial management system
Cost Proposals (Budgets) to Support Program Descriptions
- Budget notes development
- Budget review – comparing budget and program description
- Relationship between budget and chart of accounts
- Cost Share
Daily Transactions and Internal Controls
- Petty cash
- Daily entries
- Job cost accounting
Timekeeping Systems
- Personnel activity reports
- Payroll journal
- Managing time and facilitating collaboration
Managing Risk
- Preventive controls
- System of authorization
- Segregation of duties
Document / File Systems
- Filling system options
- Monthly closings
Budget Management
- Monthly “Budget vs. Actual” reporting
- Quarterly “Budget vs. Actual” reporting
- Budget management practices
- Pipeline reporting
Indirect Costs/Rates and Shared Cost Allocation
- Overview
- Provisional and final indirect rates
- Indirect rate calculation methodologies
- Accounting system requirements
- Shared cost allocation methodologies
Financial Statements
- Purpose and uses of audited financial statements Donor Audits
- Preparing for an audit
- Areas of audit risk
- Supporting & managing the audit
- Corrective action plans
Customized Training
This training can be tailored to your institution needs and delivered at a location of your choice upon request.
Requirements
Participants need to be proficient in English.
Training Fee
The fee covers tuition, training materials, refreshments, lunch, and study visits. Participants are responsible for their own travel, visa, insurance, and personal expenses.
Certification
A certificate from Ideal Sense & Workplace Solutions is awarded upon successful completion.
Accommodation
Accommodation can be arranged upon request. Contact via email for reservations.
Payment
Payment should be made before the training starts, with proof of payment sent to outreach@idealsense.org.
For further inquiries, please contact us on details below:
