ACCOUNTING BASICS FOR TRIBES – RENO, NV $680.00
Why I Should Attend?
Indian tribes and tribal organizations often have difficulty complying with the Single Audit Act, and have difficulty completing their annual audits within the required deadlines. Consequently, many tribes and tribal organizations are designated by federal awarding agencies as “high risk” tribes. Sanctions are imposed on the tribes which subsequently affect their chances of receiving future federal grants and contracts. Most common cause for these problems is the lack of fully trained and qualified finance and accounting staff. Lack of proper training impacts the tribes’ annual audit report. Because of the lack of training, some transactions are incorrectly recorded, requiring account reconciliations and adjusting entries. Without reconciled accounts, the resulting income statements and trial balances will not be correct.
The course focuses on fund categories, such as: when to use different fund types, basis of accounting, when to capitalize a purchase, how to record a capital asset in both the fund account and government-wide reporting, power of financial reporting, purpose of budgeting and basic understanding the budgeting process. The course provides basic overview of managing federal grant awards, with a focus on the financial reporting aspects of grants management. It provides highlights of the differences between the two basic types of federal-funded programs that tribes operate: (1) Discretionary Grant Programs & (2) Entitlement Programs.
Who Should Attend?
Tribal finance and accounting staff, tribal program managers and project accountants, tribal boards of directors, tribal council members, tribal administrative personnel.