Financial and Fiscal Monitoring Services

The Vendor is required to provide to conduct independent financial and fiscal monitoring reviews, and fiscal integrity reviews of the board, its sub-recipients, (workforce and childcare operators), and contractors in the nine-county rural capital area.
- Monitoring services
• Perform review of fiscal requirements.
• Perform on-site and field work and desk reviews for financial and fiscal reviews, and fiscal integrity reviews.
• Develop financial and fiscal risk assessment tools to identify high risk areas, develop monitor plans, and submit annually at the beginning of the contract year and revise as needed.
• Meet in person or via conference call with area leadership regarding their work and reports.
• Consult with area management to address fiscal and program compliance plans or other compliance issues identified by state or federal funding agencies.
• Coordinate monitoring plans and activities with area staff.
• Develop a timeline for monitoring reviews and reports submission to area.
• Conduct entrance and exit conferences.
• Develop a follow-up plan to ensure implementation of corrective action.
• Develop recommendations for resolving compliance issues.
- Areas to review
• The monitoring areas to review will be based on the applicant’s risk assessment results and previous financial monitoring observations and findings.
• Financial monitoring should focus on the adequacy of internal controls over cash management, financial reporting, disbursements, and, if applicable: procurement, lease agreements, and property management.
• Review procedures should assess whether cash draws align with actual expenditures, financial reports accurately reconcile to the general ledger, and expenditures are reasonable, necessary, allowable, properly documented, correctly allocated, and accurately recorded.
• Monitoring should also evaluate compliance with procurement requirements, including appropriate procurement methods, competition requirements, cost and price analyses, contract award documentation, fiscal integrity reviews, and adherence to contract terms.