2.2 Enter Budget Info in the Funding Stream Record
Entering Budget Info is optional (not required).
- 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.
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.
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.
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. = )