Financial Compliance Management for USAID Projects
Overview:
Introduction:
This training program is designed to equip participants with the essential knowledge and skills needed to manage financial compliance in USAID-funded projects. Through it, participants will learn the key principles of financial documentation, budgeting, reporting, and audit readiness, specifically tailored to USAID funding requirements.
Program Objectives:
By the end of this program, participants will be able to:
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Apply USAID’s financial compliance regulations.
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Prepare accurate financial reports aligned with USAID standards.
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Manage budgets effectively within USAID guidelines.
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Ensure audit readiness by establishing compliant internal controls.
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Recognize and mitigate risks of non-compliance.
Targeted Audience:
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Financial Managers and Accountants in USAID-funded projects.
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Grant Managers and Compliance Officers.
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Project Managers working on USAID grants.
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Internal Auditors for USAID-supported organizations.
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Administrative Officers involved in USAID projects.
Program Outline:
Unit 1:
Overview of USAID Financial Compliance Standards
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Introduction to USAID’s financial compliance requirements.
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Understanding the roles and responsibilities in USAID project compliance.
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Overview of USAID’s cost principles and allowable vs. unallowable costs.
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Key USAID compliance terms and definitions.
Unit 2:
Financial Documentation and Reporting for USAID Projects
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Types of financial reports required by USAID and their timelines.
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Creating accurate and compliant financial records for audits.
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Best practices in cost allocation and expense tracking.
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Developing supporting documentation that meets USAID’s standards.
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Understanding USAID’s requirements for financial transparency.
Unit 3:
Budgeting and Cost Management in USAID Projects
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How to build and manage a compliant project budget for USAID grants.
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Methods for cost-sharing and handling in-kind contributions.
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Managing budget revisions and realignments within USAID guidelines.
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Tracking direct and indirect costs per USAID’s NICRA (Negotiated Indirect Cost Rate Agreement).
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Ensuring accountability through budget-to-actual variance analysis.
Unit 4:
Internal Controls and Audit Preparedness
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Tools for establishing internal controls to safeguard project funds.
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Preparing for USAID audits: What to expect and how to prepare.
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When and how to implement systems to monitor compliance and detect discrepancies.
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Strategies for addressing and correcting audit findings.
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Maintaining records and documentation for audit readiness.
Unit 5:
Risk Management and Fraud Prevention
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Identifying and mitigating financial risks in USAID-funded projects.
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Recognizing common types of fraud and abuse in grant funding.
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Tools and strategies for creating a compliance-focused culture.
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Developing a proactive risk management framework.