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					          Chapter 4

          Financial Management


Context

      For many directors, finance management is not the most enjoyable part of the
      Tech Prep director’s job, but it is one of the most critical.


      A director must oversee consortium expenditures to ensure that money is spent
      in accordance with all laws, rules, regulations and guidelines AND in a way that
      maximizes the resources available and results produced for the consortium. A
      well thought-out budget and an effective money tracking and monitoring
      process are the most valuable financial management tools you can create. A
      comprehensive, well constructed budget encompasses all expenses associated
      with the consortium. A classic consortium financial management mistake is to
      create budgets on a grant-by-grant basis, rather than designing one central
      financial management tool.


      Effective, rational budgeting and intelligent
      financial management are crucial to
      accomplishing the strategic objectives
                                                              Figure 4.1 – Chapter Highlights
      defined for your consortium. The systems
      you adopt should help you manage                        Financial Management Fundamentals
      finances with the minimum amount of
                                                              Budget Development & Tracking
      pain, frustration and anguish possible.
                                                                 Budget Building
      (See Figure 4.1 – Chapter Highlights.)
                                                                 Budget Tracking
                                                              Grant Closeout
      Since money is concerned, the bottom line
                                                              Bottom Line
      for financial management is powerfully
      persuasive. Putting a good financial                    Tools to Use
      management system in place assures
      accountability, maximizes use of fund and
      helps you manage the process over the
      longrun.




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      A careless approach to financial management is not an option. As director, you
      have fiduciary responsibility for the federal and state tax dollars entrusted to
      your care.


      Fiduciary responsibility is an interesting concept: it means to hold, manage or
      keep something for others, or that something has value because others trust
      those who manage or back it. Both aspects are important to the longterm
      success of Tech Prep endeavors. The purpose of this chapter, therefore, is to
      emphasize the core issues and basic steps involved in financial management
      and budget development.



Financial Management Fundamentals

      Your consortium’s budget is inextricably linked to your strategic plan, since the
      budget is the financial vehicle for plan implementation. Plan implementation
      includes both basic consortium management costs and specific costs associated
      with specific strategic programs and objectives. As a result, you may want to
      build the budget in tandem with your strategic plan.


      Budgets are used to project and track two types of money streams: money
      coming in and money going out. Money coming into the program is called a
      revenue stream or funding source. Most consortia have multiple funding
      sources, and these may include a variety of anticipated grant funds along with
      local matching financial support. (See Figure 4.2  Budget Basics.)


      Money going out of the consortium is referred to as an expense, and expenses
      also fall into two categories. Fixed expenses or base operating expenses include
      salaries, benefits, space rental, phone and fax costs, supplies, equipment
      maintenance and other
      outlays required to
      support basic day-to-day
                                                             Figure 4.2  Budget Basics
      operations. Variable
      expenses include the              Revenue Streams         Fixed Expenses    Variable Expenses
      fluctuating and                   Tech Prep grants        Salaries          Mini-grant awards to
      sometimes difficult to            (federal & state)
                                                                Fringe benefits
                                                                                  schools
      pinpoint costs                    Federal initiative                        Pathway development
                                                                Space rental
      associated with the               funds                                     expenses
      design and                        State initiative funds  Phone & fax fees      Teacher stipends

      implementation of a               Local matching          Office supplies       Meeting costs

      specific strategic                funds (cash-match       Reproduction
                                                                                      Reproduction costs

      objective, program or             funds from partners)                      Marketing materials &
                                                                Postage
      pathway.                                                                    events
                                                               Travel                Student pre-college
                                                               Membership dues       testing
      Because grant funds
                                                               Indirect expenses     Student tracking
      constitute the primary                                                         expenses




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                          revenue stream for most Tech Prep programs, the grant funding cycle drives the
                          financial management and budget process. This cycle involves these key stages:
                                    Budget Development  Create a budget for the upcoming fiscal year (FY),
                                     which starts on July 1st.
                                    Funding Approval & Budget Tracking  Receive notification of the funds
                                     available for the fiscal year. Work with the fiscal agent to create
                                     appropriate grant accounts and an expenditure tracking/monitoring
                                     system, using the fiscal agent’s financial management system.
                                    Grant Closeout  Compare and balance the consortium’s expenses v. the
                                     budget at the close of the fiscal year.




                                       Figure 4.3  Financial Management Timeline by Fiscal Year
   Focus




                        Jan                    Feb         Mar                    Apr                       May                Jun
   Budget Cycle




                                                                        For Next FY:
                                For Next FY:                         Complete Worksheets                              For Next FY:
                          Determine Need to Revise                       Build Budget                               Develop Monitoring
                              Grant Agreement                           Build Narrative                               Spreadsheets
                                                                       Complete Forms
                                                                  For Current FY:
   Ongoing




                                                                Update Spreadsheets
                                                                   Monitor Outgo
                                                            Execute Monthly Drawdowns
                                                           Confirm Fiscal Agent's Accounts
   Focus




                        Jul                    Aug         Sep                    Oct                       Nov                Dec
   Budget Cycle




                     For Previous FY:
                  Complete Closing Affidavit                       (No major Budget Cycle tasks required)
                   Complete Board Report


                                                                  For Current FY:
   Ongoing




                                                                Update Spreadsheets
                                                                   Monitor Outgo
                                                            Execute Monthly Drawdowns
                                                           Confirm Fiscal Agent's Accounts




 Budget Development

                          A truly effective budget projects all sources of revenue, along with all fixed and
                          variable expenses. The budget also serves as the core tool for establishing and
                          maintaining an effective financial management system. Again, the budget must
                          be based on the consortium’s multi-year strategic plan and reflect the costs



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           associated with plan implementation. Refer to Figure 4.4  Budgeting Tips &
           Process Overview for additional guidance.


           Tackle budget development in a systematic, disciplined manner to make the
           process manageable and less overwhelming. Use past budgets as working
           models and as useful references for details about both fixed and variable costs.
           Work from the big picture down to the specifics, then channel the specifics back
           into the process to refine the big picture. Develop the overall operating budget
           as one integrated piece, even though eventually portions of this category may be
           applied to or funded by different revenue or grant sources. Avoid a piecemeal
           approach, because this is more likely to produce inaccurate forecasts and shift
           your focus away from vital strategic choices about critical functions to fund 
           or not fund.




                           Figure 4.4  Budgeting Tips & Process Overview
                                             Budget Developm ent Process
                Make sure your numbers match.
                                                                Step 1
                Allow sufficient time to obtain all
                 essential signatures on key               D etail R evenue
                 budget forms.                                 S tream s

                Create and use your own
                 financial management system
                 and proactively manage the                     Step 2
                 consortium budget.                         Identify Fixed
                                                              E xpenses
                Avoid a piecemeal approach to
                 budget development.
                Let the strategic plan and                     Step 3
                 consortium priorities drive budget        Identify V ariable
                 development.                                 E xpenses
                Check your math.
                Don’t make it harder than it has
                 to be.                                        Step 4
                                                         Assign E xpenses to
                                                         R evenue S tream (s)


                                                                 Step 5
                                                         C om plete Tech P rep
                                                           G rant Agreem ent
                                                                 Form s




           If you already have a well constructed budget and financial management
           system, you have a solid track record to use in building your current budget.
           Your budgeting efforts are likely to be more accurate and less painful. If your




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           consortium doesn’t have an effective budget system, begin building it now,
           using the process below.



      Budget Building


           A high-level, step-by-step budget development process is described below. Use
           this model to support your own budget creation efforts. See Figure 4.4 –
           Budgeting Tips & Process Overview for important reminders.


           Step 1: Detail Revenue Streams


           Identify all known revenue streams. Include federal and state funds, anticipated
           special grant funds, and funds provided by local matching financial support.


           Step 2: Identify Fixed Expenses



                                       Figure 4.5 - Fixed Expenses Example
             Expense Categories            Calculations        Annual Cost           Per Month (1/12)
           Salaries & Benefits
           Position 1    Salary       $51,500 x 4% + $51,500       $ 53,560                      $4,463.33
                         Benefits         $53,560 x 30%            $ 16,068                         $1,339
           Position 2    Salary       $43,000 x 4% + $43,000       $ 44,720                      $3,726.67
                         Benefits         $44,720 x 30%            $ 13,416                         $1,118
           Position 3    Salary       $26,000 x 4% + $26,000       $ 27,400                      $2,283.33
                         Benefits         $27,400 x 16%             $ 4,384                       $365.33
           Total         Salary                                    $125,680
                         Benefits                                   $33,868


           Operating Expenses
           Rent                             12 months               $12,000                         $1,000
           Phone Service (4)           12 mos. x $80/mo. x 4         $3,840                             $320


           Total Indirect Expenses                                  $15,840                         $1,320


           Indirect Costs
           FY 20xx                   $139,000.00 x 5%            $ 6,950.00                         $ 579
           Sub-Region                $ 87,142.00 x 5%               $ 4,357                         $ 363
           Total Indirect Costs                                     $11,307                             $942




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                     Fixed expenses include all known base operating expenses. Refer to Figure 4.5 
                     Fixed Expenses Example for a list of common fixed expenses. To pinpoint
                     projected operating expenses, review the operating costs from past years and
                     add the expected percentage increase where appropriate. Use the Fixed
                     Expenses Worksheet to estimate both the monthly and annual cost of each line
                     item, as the sample below illustrates. (A blank Fixed Expenses Worksheet is
                     included in Tools to Use.)


                     Use the ODE Object Code Descriptors Fact Sheet (see Tools to Use) to ensure
                     that you are you are assigning expenses to the appropriate budget category.
                     This fact sheet also lists allowable and non-allowable expenses.


                     Step 3: Identify Variable Expenses



                                         Figure 4.6 - Variable Expenses Example
   Project         Salary &       Teacher       Meeting      Supplies/        Repro        Payment to       Other        Total
                   Fringes        Stipends       Costs      Instruction      Printing        Other
                  Lead Staff                                 Materials                      Schools

Asset Testing                                               500 Tests x     Instruction                     Postage     $1,550
                                                              $2.50 =          $100                          $200
                                                              $1,250

Pathway Dev      Faculty $3,000 20 teachers 6 mtgs x 3         $750         Document         Teacher        Postage     $19,590
                                 x 20 hours pathways =                       Repro           subs: 20        $300
Health, Hort,    18% of $3,000   x $20 per   18 x $200                       $1,000        teachers x 2
Auto                = $540         hour =    = $3,600                                      days x $60 =
                                   $8,000                                                     $2,400


TP               Faculty: 10 x     College        400        Hands-on       Invitations;    Transport:                  $7,365
Awareness         $75 = $750       Faculty     Lunches x    Activity $800    Programs       20 buses x
Days (4)                          stipends:     $3.50 =                        $950        $75 = $1,500
                 18% of $750 =   10 x $75 =     $1,400
                    $135            $750                                                     Teacher
                                                                                            subs: 18 x
                                                                                           $60 = $1,080

IT Validation/   Faculty: 10 x   30 teachers   50 x $20 =    Instruction                                  Consultant/   $5,485
IT Pathway        $75 = $750       x $75 =      $1,000          $950                                      Facilitator
Planning                           $2,250                                                                   $400
                 18% x $750 =
                    $135

Market - TP                                                                 2000 copies                     Postage     $3,840
Newsletter                                                                   x $0.30 =                       Bulk
                                                                               600 x 4                      $1,440
                                                                             times per
                                                                               year =
                                                                               $2,400

Totals              $5310         $11,000        $6000         $3750          $4450           $4980         $2340       $37,830




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           Variable expenses include the costs associated with projects and activities
           identified in the strategic plan to support the consortium’s goals. Refer to Figure
           4.6  Variable Expenses Example for a list of common variable expenses.
           Variable expenses, by definition, vary from one year to the next. They are tied to
           the type, scope and demand of the projects and reflect the number of people to
           be served.


           Use the Variable Expenses Worksheet to estimate the costs of each line item. To
           help pinpoint variable expenses, refer to budget reports from similar projects in
           past years and add the expected percentage increase where appropriate.
           Carefully consider precisely what each project will require  the number of
           people served, key project activities, information dissemination demands  and
           use these insights to detail specific costs. The more accurate your estimates are,
           the more you will be able to maximize your funds.


           Use the ODE Object Code Descriptors Fact Sheet (see Tools to Use) to ensure
           that you are assigning expenses to the appropriate budget category. This fact
           sheet also lists allowable and non-allowable expenses.


           Step 4: Assign Expenses to Revenue Streams


           Once you’ve compiled a comprehensive picture of expenses, assign specific
           expenses to specific funding sources. Consortia may have multiple funding
           sources, including Tech Prep grants from the state, federal and/or state funds
           from special initiatives with strong Tech Prep ties, and cash-match funds from
           partners. (See Figure 4.7  Funding Sources.)


           Some sources have restrictions that preclude using the funds for certain types
           of expenses, so as you link expenses to revenue, keep this in mind.


           Use the worksheet (Attachment 4.d  Worksheet: Consortium Budget) to link
           expenses with specific revenue sources. This approach will help identify any
           omissions or duplications, and ensure all key items have been addressed and
           are tied to an appropriate funding source. It will also spotlight funding
           shortfalls, if your consortium lacks sufficient funds to cover all planned
           activities.


           If this happens, you have two choices. You can prioritize key activities and
           eliminate less vital ones to balance your budget, or you can choose to seek
           additional funding support.




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                                     Figure 4.7  Funding Sources
            Federal & State Funds   Currently, a consortium receives two grants:
                                          Federal grant  Slated for basic operating expenses.
                                           Funding is based on consortium size, and it may vary from
                                           year to year.
                                          State grant  Based on performance measures (student
                                           enrollment, non-remediation rates). Funding level is fixed or
                                           constant, so as the number of TP students increases, the
                                           per-student rate falls. In 1997, the first year of funding, the
                                           per-student rate was $700. Today, it’s $178.


            Consortium Cash         Money paid to the consortium, required by the grant to indicate
            Contributions           institutionalization of Tech Prep. Cash contributions include:
                                    membership dues, college coverage of a percentage of personnel
                                    costs, industry donations, etc. Mandated requirement ended in
                                    2000, but many consortia (65%) continue a cash-match policy to
                                    leverage funding.


            Other Grant Funds       Additional funds from a variety of sources. Two common types:
                                          Tech Prep funds for targeted projects, such as closing the
                                           skill gap grants sponsored by ODE/OBR to provide
                                           incentives for new program development in these areas.
                                          Competitive grants for TP-related initiatives, such as
                                           EECAP, Expanded Enrollment and NSF technology
                                           education grants.



           Step 5: Complete the Tech Prep Grant Agreement Forms


           Once all the crucial financial data is compiled and you’ve finished the steps
           above, it’s time to complete the grant, which consists of two parts: the Budget
           Narrative and the Grant Agreement Forms.


           Both the narrative and agreement forms detail expenses by object code
           categories. Use the ODE Object Code Descriptors Fact Sheet (see Tools to Use) to
           ensure that you are putting the correct expenditures in the appropriate budget
           category. This fact sheet also lists allowable and non-allowable expenses.


                Budget Narrative

                   Start with the Budget Narrative (see the example in Tools to Use). If
                   you’ve used the budget worksheets provided in the attachments, you
                   can simply extract the right figures from the fixed and variable
                   worksheets, and these expense items will have the same budget codes
                   and category titles required by the narrative. The narrative is designed
                   to link expense categories to specific activities. Include sufficient detail
                   to give state personnel a clear but not exhaustive understanding of how
                   grant dollars will be spent. For example, if you plan to provide mini-




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                  grants to schools in the consortium, detail how many schools will
                  receive funds, the amount and the name of the expenditure.


               Grant Agreement Forms

                  Once you’ve completed the Budget Narrative, fill in the Grant Agreement
                  Forms (see the example in Tools to Use). Have someone else check your
                  math to confirm that line items add up to the stated sub-total and all
                  sub-totals add up to the grant total. Finally, verify that the category
                  figures and totals detailed in the Budget Narrative and Grant Agreement
                  Forms match.


               Fiscal Agent Signoff

                  All grant agreement forms must be signed by the fiscal agent before they
                  can be submitted. Plan sufficient time for this step to be completed in
                  advance of the submission deadline. In large institutions, particularly,
                  this step can take some time.



      Budget Tracking


           An effective financial management system involves more than diligent
           budgeting. Once you receive funding approval, you will need to be able to track
           current budget v. expense figures, allocate expenses to the proper grant
           accounts and monitor expenditures accurately. The system need not be
           complex, but it must be functional for you as a manager and decision-maker.
           Some fiscal agents are slow to post expenses, so their data may lag behind your
           need to have current, accurate figures. You also need to verify that the fiscal
           agent’s figures are accurate as posted, so to do this, you need to independently
           track your own figures.


           As you create your own internal budget tracking system, remember that any
           reports you generate must be meaningful to you, the fiscal agent and the state.
           The most effective budget tracking systems, therefore, often blend reporting
           codes and categories, as described in Monitor Expenditures below.


           Step 1: Create Grant Accounts


           When you receive funding approval, contact and work with the fiscal agent to
           create accounts for grant revenues and expenses. Typically the grant account(s)
           will have a distinct identification number, and revenues and expenses will have
           accounting codes associated with the main account. Unless your fiscal agent is
           a secondary school, the fiscal agent account codes will differ from the USAS
           codes used by ODE.




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           Most fiscal agents take responsibility for creating grant accounts, but policies
           differ by institution. At smaller technical and community colleges, starting the
           grant accounts process may be as simple as walking down the hall to the
           business office. At larger institutions, the process may involve multiple layers of
           review and approval. Allow adequate time for the fiscal agent to create the
           accounts before the start of the fiscal year. The alternative  starting the fiscal
           year with no funding or operating solely on a verbal guarantee  is neither
           pleasant nor professional.


           Step 2: Monitor Expenditures


           Because funds must be accounted for and monitored against two systems (the
           fiscal agent’s and the state’s), Tech Prep expenditure monitoring can be a
           challenge.


           The fiscal agent will track and report expenses using their accounting system
           and codes. The state will request reports based on their accounting system and
           codes (as illustrated in the grant agreement forms). When the grant is over, it
           will need to be closed using the procedures and accounting codes of both
           systems.


           To manage this, set up your own internal monitoring system to track
           expenditures in a way that’s useful for both systems. Several consortia
           successfully manage this by coding and tracking expenditures using the state
           codes for main expense categories and fiscal agent codes for subcategories. (A
           sample spreadsheet is illustrated in Tools to Use and the digital version of this
           Excel spreadsheet is available from the Greater Cincinnati Tech Prep
           Consortium.)


           Step 3: Request Funds on a Monthly Basis


           At the start of the fiscal year, each consortium receives 30% of their total
           annual grant funds. The US Department of Education now requires that
           consortia formally request funds on a monthly basis, and this is known as a
           monthly draw-down. The fixed and variable worksheets you created in the initial
           budgeting process will provide the projections for these draw-downs.


           Step 4: Revise the Budget


           Not all consortia will need to revise their budget. However, budget revisions are
           required if expenditures in any subcategory (line item) exceed the budgeted
           amount by ten percent. Budget revisions must be detailed on the Request for
           Line Item Budget Revision form (see Tools to Use). These requests can be
           submitted any time during the funding period, even up to the point when you



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           submit the Closing Affidavit. (See Grant Closeout below.) The consortium’s
           approved budget or most current approved revision must match the Closing
           Affidavit in order for the grant to be successfully closed.


           The real value of monitoring expenses on a disciplined basis is the control and
           flexibility you gain. Accurate financial information allows you to manage your
           resources wisely throughout the year, and to make informed, intelligent choices
           about expenditures and purchases. All too often, directors are frantically
           spending money in the last month or two of the grant, because they didn’t know
           how much they had left in each account. With forethought and planning, they
           would have chosen different purchases or projects.



 Grant Closeout

           Grant closeout occurs toward the end of the fiscal year. Both ODE and the fiscal
           agent have procedures in place to manage this process.

           Each ODE Tech Prep grant must complete a Closing Affidavit (see Tools to Use).
           Closing Affidavits are sent to each consortium in June. The grant must be
           closed out by August 15, and until these forms are completed, submitted and
           accepted, no funds for the next fiscal year will be released to the consortium.

           An internal monitoring system will expedite the closeout process. Without it, the
           fiscal agent’s financial expenditure reports must all be translated into state
           budget categories, which can require a great deal of last-minute maneuvering.
           Some fiscal agents will do this translation process for you, but many require the
           Tech Prep directors to do this on their own. Remember, the consortium’s
           approved budget or most current approved revision must match the Closing
           Affidavit in order for the grant to be successfully closed.



 Bottom Line

           The links among financial management and the Tech Prep goals, Director’s
           Profile and Baldrige Criteria are obvious. In all instances the emphasis is on an
           integrated, useful system that ensures accountability, maximizes use of fund
           and helps you manage the process over the longrun.


           A comprehensive, well constructed budget encompasses all expenses associated
           with the consortium and helps you manage revenue streams and outlays to
           maximize goal attainment. The budget process actually consists of several
           stages, including development, tracking and reconciliation or grant closeout.




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           A systemized approach means that you design and use one central financial
           management tool and avoid the classic mistake of budgeting on a grant-by-
           grant basis. It also means you understand the accountability associated with all
           aspects of financial management and commit to managing these functions
           proactively.


           Effective, rational budgeting and intelligent financial management are crucial to
           accomplishing the strategic objectives defined for your consortium. Take
           advantage of the tools and worksheets created for this purpose. Set up the
           necessary data management systems and integrate quarterly or monthly budget
           management and tracking reviews into your schedule. Because in the final
           analysis, a well thought-out budget coupled with an effective money tracking
           and monitoring process are the most valuable financial management tools you
           can create.



 Tools to Use

           To supplement the information covered in this chapter, you will want to explore
           these resources and references and study the attachments that follow.
           Additional examples, forms and best practices are available through the Tech
           Prep Curriculum Services site.



            Web Sites          Audit forms: regents.state.oh.us/techprep


            References         Budget Monitoring Spreadsheet: Greater Cincinnati Tech Prep
                                Consortium (Excel format)


            Attachments        4.a  Example: Fixed Expense Worksheet
                               4.b  Example: Variable Expense Worksheet
                               4.c  Fact Sheet: Object Code Descriptors
                               4.d  Worksheet: Consortium Budget
                               4.e  Example: Budget Narrative
                               4.f  Forms: Grant Agreement (Federal & State)
                               4.g  Example: Consortium Budget Monitoring Spreadsheet
                               4.h  Form: Request for Line Item Budget Revision
                               4.i  Form: Closing Affidavit




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