Session 2

In this session, attendees will first learn the key components of establishing and maintaining strong internal controls. Establishing strong internal controls safeguards your cash and other valuable assets and ensures that you will achieve your program’s objectives through effective and efficient operations, reliable financial reporting, and compliance with laws and regulations. Attendees will then participate in a break-out discussion to enhance their learning.

After brief presentations by OCFO on classifications, standards, and types of costs, attendees will engage in a learning activity focused on these practices. Grantees will gain an overview of the cost principles laid out in the Code of Federal Regulations (CFR) and then learn the difference between allowable costs and unallowable costs. This topic is particularly important since grantees must ensure use of award funds is consistent with the approved grant application and is reasonable and necessary to achieve the goals and objectives of the grant.

Prior to the session, attendees will have access to training and learning materials on internal controls, allowable and unallowable costs, and financial management systems.

After attending the session and reviewing the training materials, attendees will complete a Knowledge Check to assess learning.