Participants will gain a basic understanding of the Federal grants process for state and local governments, and applicable GFOA Best Practices. This course will include current Federal grant programs such as American Rescue Plan Act funding, as well as ongoing programs such as Community Development Block Grants. Generally accepted accounting principles (GAAP) and Federal Funds accounting and financial reporting for grants, and the Federal Funds Single Audit process, will be addressed as well.

Who Will Benefit: CFO, Controller, Accountant, Auditor, Purchasing Manager, Grants Manager or Specialist

• Recognize the types of grants encountered in the state and local government environment and their classification, recognition and measurement in accordance with generally accepted accounting principles (GAAP).
• Identify the sources of requirements governing U.S. Federal financial assistance for state and local governments, including grant agreements and Uniform Guidance (UG).
• Gain familiarity with the contents of UG specific to allowable costs/cost principles, internal control, procurement, subrecipient identification and monitoring, and central service and indirect cost recovery.
• Understand the Federal Funds Single Audit process, including the role of the Schedule of Expenditures of Federal Awards, major program determination, findings, and corrective action plans.