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Monitoring and Reconciling Project Finances

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Monitoring and Reconciling Project Finances

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Questions and Answers

What is the main purpose of maintaining a reconciliation process between spreadsheets and the accounting system?

To monitor multi-fund, multi-year projects

To prevent graft or other inappropriate activities

To verify the accuracy of program costs and identify areas for improvement (correct)

To eliminate the use of subsidiary ledgers

Why is it important to verify program numbers two ways?

To detect and prevent graft or other inappropriate activities (correct)

To reduce the need for subsidiary ledgers

To prevent errors in the accounting system

To ensure that the program is attractive to donors

What is a result of reconciling the spreadsheets or subsidiary ledgers with the accounting system?

The elimination of all errors in the accounting system

The identification of areas for process improvement (correct)

The reduction of costs associated with the program

The increase in the attractiveness of the program to donors

What is a characteristic of a program that requires special attention to verification?

A program with significant dollars and a high risk of graft or other inappropriate activities Signup and view all the answers

What is the benefit of operating with 'eyes wide open' regarding real costs?

Verifying the accuracy of program costs and identifying areas for improvement Signup and view all the answers

What is a benefit of using a system to track projects effectively?

It provides a clear and summarized view of project data, allowing for effective management Signup and view all the answers

What is the result of drilling down into specific project details?

Confidence in the summarized project data and a clear understanding of project details Signup and view all the answers

What is the role of administration in promoting clarity in project management?

To give permission for staff to fight for clarity in project management Signup and view all the answers

What is the benefit of summarized project data?

It allows the board or committee to see the overall program and monitor the effect of changes to projects Signup and view all the answers

What happens when complex systems are used to track projects?

Meetings become more difficult and create more questions than answers Signup and view all the answers