In this module, we delve into the critical accounting policies and procedures that grantees of the State of Illinois must develop and maintain. You will learn the importance of documented, accurate, and detailed accounting policies for the successful implementation of grant programs. We will cover essential policies such as maintenance of accounting records, property control, procurement, travel, and more. This module emphasizes the need for clear, accessible policies to enhance internal controls, maintain accountability, and ensure consistent grant reporting. By the end of this module, you will understand how to create and implement robust accounting policies that support effective grant management.

Key Lesson Concepts:

• Importance of documented accounting policies and procedures
• Key policies to develop: accounting records, property control, procurement, travel, etc.
• Role of accounting policies in enhancing internal controls and preventing fraud
• Ensuring accountability and consistency in grant reporting
• Accessibility and approval of policies by the organization's board or governing body
• Training personnel on accounting policies during onboarding and annually
• Maintaining clear and comprehensive policies to guide effective use of grant funds