The training enables one to have aeliberate appreciation of the federal regulations and grant management rules governing the use of HIDTA funds. At the end of the training, participants are well aware of the major deadlines, regulatory demands, and grant provisions. This makes certain that offices within HIDTA are always in compliance with federal requirements for purpose of agreeing with federal directives; penalties, or reduction of funding.
2. HIDTA Financial Management Systems—to achieve mastery of and sustain excellence in HIDTA’s Financial Management Systems.
It helps to improve the knowledge of staff in order to work with the automated financial management systems. These systems ensure that tracking and reporting is automatic no more manual work and that the data being reported on is uniform. Trainees learn how to:
Reduce your expenses and make sure to code them under the right line of service.
Prepare reports that will provide a picture of expenditure and the budget.
Ensure federal grant regulations are met through the use of the above automation.
Through these systems, the staff is able to minimize their activities in relation to the accounts and generally enhance the efficiency of undertaking financial activities.
3. But the problem that causes some turbulence is the fifth step which involves efficient budgeting and forecasting.
Budgeting remains an essential part of the financial management since the organization has two sources of its funding. TRAINING EMPHASIZES THE NEED FOR HIDTA STAFF TO BE ABLE TO ANTICIPATE SPENDING REQUIREMENT AND CONTROL BUDGETS. Participants learn how to:
Draw up and operate reasonable forecasts of expenditure from historical records fronted marketing expenditures.
Use funds appropriately aim at not stretching them or underspending them.
It is important to make certain that expenditures are consistent with the object of the program and federal regulation.
It is crucial to know how to create good working budgets, and this training aims at preparing participants on how they can do it better and avoid the common pitfall of spending too much or not spending at all.
4. Improving Financial Reporting
Another key concept under discussion in the training is the financial reporting. Facilitated by the NHAC, the Financial Management System Training introduces the staff to techniques for creating sound financial reports. That assists in increasing the level of transparency, and HIDTA managers can forward lacking documents to federal authorities and other stakeholders.
This subject will teach you how to create various financial reports inclusive of the monthly, quarterly, and annual ones.
Get to know how to clear accounts and right balance them.
Keep the accounts as clean as possible in a way that no audit will be a problem and all requirements fulfilled.
These enhanced reporting processes help to decrease the amount of time spent on administrative work, but provide sound, current financial data.
5. Best Practices for Internal Controls
The training also seeks to drill the message of internal control as a means of financial sanity. HIDTA offices can learn how to establish strong internal controls, including:
Segregation of duties: Please make sure no single person handles every single financial responsibility so as to avoid frau or mistakes.
Regular audits: Examining own client records to check and reverse any inaccurate entries made in preparation for external audits.
Documentation: Evidently maintaining records which imply all financial dealings to be as much clearer and transparent as possible.
They assist the HIDTA programs to operate under considerable accountability and avoid cases of fraud within the financial transactions.