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Yet Another Presentation on Risk. US Department of Education Phil Maestri. 2012 AEFFA Annual Conference Nashville Tennessee. When Can You Get off High-risk?. Audits on time Clean opinions Minimal findings Working controls Subgrantee monitoring. Metro Nashville Public Schools. - PowerPoint PPT Presentation
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Yet Another Presentation on Risk
US Department of EducationPhil Maestri
2012 AEFFA Annual ConferenceNashville Tennessee
• Audits on time• Clean opinions• Minimal findings• Working controls• Subgrantee monitoring
When Can You Get off High-risk?
Metro Nashville Public Schools
• April 28, 2008 – high risk designation
• Partnership with TDE• Re-establish financial and
procurement systems• New and strong internal controls• November 18, 2011
• MOA agreed to continuing actions• Removed HR designation
New Expectations
• Risk-based analysis• Data-driven decision making• Financial-focused monitoring
What’s the Point of Risk Assessment?
• Not to rank or rate for punishment
• Identify• What do we do next?• Who needs help?• Best use of scarce resources
• Remove obstacles to mission achievement
RMS’ new toolRisk Predictors
Grant Policy/Monito
ring Standards - Manage grant
portfolios using risk-based standards
Decision Support –
Appropriate tools and analytics are easily available
to program offices to
properly conduct risk analysis
Risk-based Grants Oversight
Align with strategic
plan
Financial Monitorin
g
Program Risk
Elements
Measure Success
Needs for T/A or
oversight
Gathers data
Decisions across
programs
Why Financial Monitoring?
• Always been a requirement of program offices
• EDGAR Part 80 financial system requirements
• Assurances you signed• Increased attention on
accountability
Challenges at ED
• Lack of resources• Programs lack financial
expertise• Lack of standardized protocols
across programs
What’s Happening Now?
• Increased attention by program offices on financial monitoring
• Training within ED on financial monitoring skills
• Some offices use contractors• Whole new set of challenges
Where We’re Headed
• Standard protocol for financial monitoring
• Potentially only one program looks at financial issues and shares findings across programs
• Reduce redundancy for you• Reduce burden for both
Financial Monitoring Highlights
• Review of policies• Funds distribution• Indirect cost rates and
calculations• Cash management and interest
earned• Procurement and property
management• Time distribution• Internal controls
Next steps
• Not finalized yet• Solicit informal comments• Procedures within ED
Want to Help?
• Contact: • Jeanette Lim: [email protected]• Iyauta Moore:
Questions?