Modules

The following modules are intended to provide background information for FMI participants. Participants are encouraged to complete all five modules prior to the live sessions on May 10-11, 2012. After you view each module, check your understanding by taking a brief "knowledge check." The knowledge checks cover 5-10 questions related to each module's content.

MODULE 1:
Perkins Financial Management and Reporting

This module provides an overview of the financial status report and the Consolidated Annual Report (CAR) reporting process. Topics include:

  • Statutory and regulatory requirements for financial management and reporting
  • Allowed, unallowed, and indirect costs
  • The interim and final financial status report
  • Using the CAR to complete and submit financial status reports

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MODULE 2:
Maximizing Your Program’s Federal Dollars

This module provides an overview of the statutory requirements of the Perkins IV law and its regulatory requirements. Topics include:

  • Performance-based funding
  • Fiscal monitoring findings and solutions
  • Funding strategies and tools, including budget matrices
  • Use of reserve funds, floors and ceilings
  • Use of fiscal data for program management and improvement

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MODULE 3:
Maintenance of Effort Matching Requirements

This module provides an overview of the regulations and requirements around maintenance of effort in State administrative match. Topics include:

  • Policy implications related to maintenance of effort
  • An overview of the issues surrounding maintenance of effort
  • Matching requirements mandated by Perkins IV
  • Key elements overlooked in maintenance of effort

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MODULE 4:
The Single Audit Process

Understanding and applying OMB Circular A-133 to the OVAE audit process is an important part of the responsibility of recipients of Perkins IV grants. This module is designed to improve understanding of the single-audit process. Topics include:

  • The single-audit process
  • OVAE’s audit resolution process
  • Common audit findings, including early prevention and intervention tips
  • Record keeping and interaction with auditors
  • Audit monitoring with internal controls

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MODULE 5:
Effective Subrecipient Monitoring for Career and Technical Education Programs

Being able to identify risks and apply them to the subrecipient montoring process is an important result of the auditing process and its findings. This module provides an overview of risk-based subrecipient monitoring. Topics include: