2.2 Enter Budget Info in the Funding Stream Record


Entering Budget Info is optional (not required). 


Overview: 

Funding Stream enhancements were implemented in June 2016 in order to meet the following goals:


1. Create a Control Panel for configuration and reporting information related to a Funding Stream record including:



    • Program Summary Information
    • Participant Application Setup & MOU Setup
    • Rubric Setup for Applications
    • Participation Counts by Type of Care
    • Budget Summary
    • Personnel Detail by major category
    • QI Dollars Detail rolled up from Requisitions by Status
    • Internal Coaching Detail rolled up from Requisitions by Status
    • External Coaching Detail rolled up from Requisitions by Status



2. Provide enhanced budget and audit controls




    • Prevent accidental over-obligation of funds or coaching hours
    • Give grant lead access to financial and program information in one place
    • Close periods at the point of Reconciliation and submission of grant invoices to funders



3. Provide an approximated value for internal coaching services provided to participants via Requisitions.



To meet these goals, the Funding Stream record now contains 100% of your approved budget by category. This allows the systems to do checks against approved budget categories to determine if key activities, such as sending an MOU to a new Participant, should be prevented due to insufficient funds or coaching hours. 


For FY16-17 Office of Early Childhood Funding Streams, you need to verify the information needed in the SR, ITQA, CCAP QI, and RTT QI Funding Stream records. The following are steps specific to this fiscal year that must be completed BEFORE sending any MOUs to participating sites.


Step 1: Review the Funding Stream Entries

The first step is to lookup your FY16-17 funding streams and review the existing information for accuracy. You can quickly walk through the Program Summary, Application Setup, and Rubric Setup as these are consistent across all Councils (with the exception of the identified Grant Lead and Special Approver which should be verified and updated as needed).


Once you've reviewed the first four tabs, you will come across the Budget Summary tab. Each of the Detail tabs to the right of the Budget Summary have a corresponding entry in the Budget Summary page.


First, start by identifying the Budget Contact (Test Council Contact below). For now, you can skip over the two Date fields, which will be very important throughout the year as your reconcile and submit financial reports to funders. The Total Approved Budget (from Contract) has been populated for you, and the Total Budget (Summation) is a rollup of all of the budget categories below. You will also notice a Total Budget Variance - this field will help ensure that your budget entries are accurate and represent 100% of your whole approved budget.






Step 2: Enter Personnel & Fringe

As you continue on the Budget Summary tab, you will notice that the Total Personnel Budget and Total Fringe Budget fields are blank. Please enter in these figures, and then click Save. 



Once saved, navigate to the Personnel Detail tab. You'll notice that the Personnel Variance and Fringe Variance are negative by the amount you just entered on the Budget Summary. Complete the worksheet by adding the budgeted amounts by personnel category and the fringe rate. You will notice that the fringe will calculate for you, and you variance should decrease to Zero. Once the variance is zero for Personnel and Fringe, you are ready to move on to the QI Dollars Detail tab.






Step 3: Enter QI Dollars Detail

This tab includes many calculated fields that roll up the values of Requisitions based on their Statuses of Preliminary and Approved. The only two fields you need to complete are the Other Direct QI Budget field and the QI Dollars Reserved for Participants Assignment Budget. The % of QI Budget will automatically calculate as you enter the information. IMPORTANT: OEC has given guidance that discretionary QI should not exceed 20% of the total Direct QI Budget.


Take a look at the full QI Details tab - there is a lot of helpful information! Once you hit Save, Sugar will automatically generate your new QI Dollar Pooled Requisition and provide a link under the Pooled Requisition panel:


This Pooled Requisition will maintain an accurate balance based on your full Approved Budget. It will also ensure that you can only transfer additional funds to participants if you have sufficient funds available. If you don't you can complete a Budget Modification to move funds to add to the discretionary pooled requisition upon approval from your program officer. This new feature is meeting the second goal highlighted above, and will give users a better sense of the dollars available versus the dollars committed to participants in real time.


Step 4: Enter Coaching Information

Coaching information is stored on two tabs: Internal Coaching Details and External Coaching Details. Internal Coaching Details is to be used to enter planned coaching hours available to assign to participants that are to be provided by coach personnel. You'll notice that when you enter in the number of hours, a Projected Coaching Rate will automatically calculate. This is to meet the third goal highlighted above and give an approximate value to internal coaching Requisitions. It will also automatically generate your self-balancing Pooled Internal Coaching Requisition and provide a link.






If you use a contractor for External Coaching Services, you can input the total hours along with the coaching rate to calculate your External Coaching Budget and update your Pooled External Coaching Requisition. This number will update your Budget Summary as well.





Step 5: Verify Budget Entries

Now that you are done entering your Personnel, QI, and Coaching Details, you can return to the Budget Summary and verify all budget entries. You will know your done when your Total Budget Variance = $0.00, and then you are ready to send MOUs to participants!



Curious about some of the formulas? See attached for a color coded view of the Budget Summary tab. = )


Up Next:

Using the Funding Stream Record to Set Goals, Monitor Participants, and Monitor Activities
How to Reconcile & Update Actuals on the Funding Stream Record