Comparing Budget to Actual

Comparing Budget to Actual

Who Completes This Task: Budget Administrator (Accountant may assist)

Process

A comparison of actual expenditures to budgeted expenses must be completed.

Criteria

• All grants should do this prior to drawing down funds.

Steps

After the month’s accounting is completed, before drawing federal funds.

1. Run an SPPS Financial Guideline Report for the month for the grant’s budget
   1. Provides a summary of the budget
2. Run an SPPS and a Financial Activity Report for the month for the grant’s budget
   1. Provides budget details
3. Open or pull up the most recent approved grant budget, verify guideline budget matches
4. Review the guideline report, focusing on:
   1. Budgeted FTE – any grant funded salaries should be identified in each budget line
   2. Revised Budget - this is what is budgeted for each line item
   3. The calculated balance of the budget minus Year-to-Date Activity and encumbrances
5. Review the activity report, focusing on:
   1. Any expenses that shouldn’t be there
   2. Any incorrect dollar amounts
6. Work with the grant’s accountant to make any changes
7. Once the report is verified accurate, email the accountant to approve the draw for funds

Documentation Required

• Email from confirming the month’s expenses as accurate and allowable
  • From budget administrator to accountant
  • Include a copy of the expenses (a pdf or xls of the month’s activity)
  • Include the name and CFDA number of the grant