Monthly Monitor
Review Financial System Ledgers
Every month, use the Monthly Monitoring Checklist and your financial reporting system to review income and expenditures in your account.
Monthly Monitoring Checklist
- Are only allowable costs for the rate charged in the account?
- Do all billing documents include: period of charges, approved rate, and units billed?
- When billing against an account, is billing within the account start and end period?
- If billing is against a Contracts & Grants Award, is billing within the award period, and consistent within award terms and conditions?
- Are approved rates being billed consistently?
- Do you have all backup documentation/copies for billing documents?
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Here’s How
Watch Deb describe how she monitors her rate
Quarterly Monitor
Every quarter, use the Quarterly Monitoring Checklist and financial reporting system to perform analytical reviews of estimated income/expenditure trends of your account.
Quarterly Monitoring Checklist
- Is the rate covering costs? Are you on track to break even?
- Is there a substantial unanticipated increase or decrease in expenses or decrease in income that will affect the rate outcome by more than 5%?
- Have all customers been billed and income received?
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Is Rate covering Cost?
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NO-
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Contact your Control Unit
They may suggest:
- Submitting a modified mid-year rate
- Preparing a deficit resolution plan
- Preparing customers for an increased rate
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Have all customers been billed and income received?
YES-
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NO-
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The Unit should try to collect outstanding balance.
If attempts to collect have proved unsuccessful,
report to Control Unit |
Next: Step 12 Is Rate Covering Cost?
