Unable to find or keep qualified staff to manage your grant?
Financial Lifecycle of Government Funding
Let Lumix guide you.
Lumix Advisors can walk you step-by-step through the rules, policies, and procedures needed to:
fulfill your government grant obligations and achieve grant compliance
retain your funding, and
strengthen your eligibility for future grant awards.
Or choose Lumix to outsource some or all of your financial and regulatory grant compliance.
As a mission-based organization, you know that government grants are key to expanding your capacity and reach. But they come with a host of special (sometimes contradictory) requirements. Lumix experts guide you through:
Core accounting Efficient processes for accounts payable/receivable, payroll, time-keeping, financial reporting, annual audits, and tracking direct and indirect costs.
Award setup Required policies, procedures, templates; uniform data-collection for program reports; separation of lobbying and conference activities; exporting a range of accounting/grant data; staff training on general grant requirements as well as how to use reporting and similar platforms; tracking compliance with special conditions as well as with OMB Uniform Guidance.
Award management Best practices for drawdowns, invoicing, and budget modifications; using the FFATA Subaward Reporting System (FSRS); identifying allowable direct costs; salary/benefit/leave allocations; leveraging the modified total direct cost base; staffing limitations; cost allocation plan; tracking program income and matching costs; drafting and filing quarterly programmatic and financial reports
Financial strategies Spend-down strategies for maximizing funds; identifying factors that affect cash flow; calculating/applying for/monitoring NICRA (indirect costs); monitoring budget vs. actuals; SAM registration/maintenance; audit checklist template preparing for the extensive Single Audit and submission in the Federal Audit Clearinghouse.
NICRA Understanding the difference between direct and indirect costs; best practices in calculating indirect cost rate; using de minimis 10% rate; indirect cost rate examples and leveraging; preparation and submission of proposed NICRA; monitoring year-in-progress indirect cost rate formula.
Subrecipient/contractor monitoring Contractor/vendor procurement; risk assessment; subaward agreements and budget compliance; invoicing formats and rules; processes for monitoring, recording, and reporting on subaward activity, including budget adjustments; developing reporting channels for prime FFATA compliance; creating a reference toolkit to house all subrecipient policies and procedures
Award-closing procedures Pacing expenditures for full and appropriate use of funds; identifying need for no-cost extensions and submitting timely requests; creating thorough accounting records of grants for final financial reports and future audits
Award oversight (audits/site visits/inspections) Understanding which red flags trigger inquiries and how to avoid them when managing your grants; responding effectively to grant compliance inquiry letters; anticipating site-visit queries; preparing detailed, organized records of grant activity and financials for prompt response
Let Lumix handle the details
so you can change the world.
Contact us at 240-395-4500 for a free consultation to see how Lumix can transform your organization and give you peace of mind and help you achieve grant compliance.
Listen to one of our satisfied clients!
“I have seen the Lumix team come into an organization and provide clear and timely information to properly manage federal, local and private awards. In my previous role as Deputy Director of an organization that received most of its income from federal awards, we were barely managing grants with excel spreadsheets and month old reports that were outdated by the time we saw them. Directors had to specifically ask about the transactions making up the balance in an expense account, and this started a lengthy process of correcting improperly coded transactions. The systems that Lumix installed allowed Directors to approve an expense under a federal award as soon as it entered the system with the ability to make immediate corrections. Lumix also set up a time keeping system that enabled us to closely monitor our staff’s time and ensure that we stayed within the hours that were budgeted for each award. The systems allow Directors to compare their approved award budget to spending, with numbers updated daily. The result was great visibility, control and the ability to accurately and easily plan for the complete use of the award without overspending. The systems also allowed the organization to implement controls for compliance with award regulations. Agency auditors were very pleased with the systems and the organization thrived financially!”
Jeffrey R. Dion, CEO
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