Monthly Webinar | It’s Not Written Down, Does It Exist? Reviewing the Most Critical Grant Policies You Should Have Now-Video Recording

Video Transcription

Video Summary

This NGMA webinar, presented by Rachel Werner of MyFedTrainer and moderated by Carly Henrickson from Crow LLP, focused on the critical importance of having documented grant management policies, especially in the evolving federal funding landscape. Rachel emphasized that internal controls, rooted in 2 CFR 200, form the foundation for compliance in grant administration and extend beyond policies to include separation of duties, safeguarding assets, authorization processes, documentation, and monitoring.<br /><br />The session highlighted ten essential grant policies that all organizations receiving federal funds should have, with particular emphasis on those prone to audit findings like ethics and fraud reporting, time and effort documentation, code of conduct/conflict of interest, subrecipient monitoring, budget and cash management, allowable costs, procurement, and recordkeeping. Rachel stressed the challenges organizations face in updating policies due to shifting federal requirements, lack of dedicated personnel, and uncertainty about where to start. She advocated for a prioritized, incremental approach tailored to an organization's specific risks and needs.<br /><br />Numerous practical insights were shared, such as aligning policies with COSO internal control frameworks, involving key stakeholders for policy development and approval, conducting gap analyses, and maintaining clear communication and documentation to withstand audits and prevent disallowed costs. Examples of concise, compliant policy language were provided.<br /><br />Throughout the webinar, participants engaged actively via Q&A and polls, revealing common concerns like balancing financial versus operational policies, navigating new executive orders, and reconciling reporting deadlines. Rachel encouraged attendees to leverage resources like NGMA, stay informed, and foster a culture of compliance to ensure grant success and accountability. The session underscored that if policies are not written and implemented, they effectively do not exist, risking compliance and funding integrity.

Keywords

Grant Management Policies

Federal Funding Compliance

2 CFR 200

Internal Controls

Audit Findings

Ethics and Fraud Reporting

Subrecipient Monitoring

Budget and Cash Management

Procurement Policies

Compliance Culture