Are admin expenses and overhead rate the same thing?

 Summary [TLTR]:  Admin, when talking about Functional Expense allocations may not coincide with the Term “overhead” use by a funding source. You need to find out what the grant application or funder means by Overhead.

 First and foremost, in the nonprofit world, is the functional allocation percentages.  You see these functional expense breakouts on your IRS Form 990 and your financial statements.  Program Expense, Management & General (aka Admin) and Fundraising.   There is a slew of guidance on breaking these out in GAAP (Generally Accepted Accounting Principles) and by the IRS (form 990 instructions-revenue rulings etc.)   This is the Percentage the “Charity Rating Agencies” use.  Funders and grantors use these agencies to help determine the contributions or grants they are making.  You have heard of GuideStar, Charity Navigator, Charity Watch etc. As with all allocations there are a lot of assumptions and flexibility (i.e.  how much of Salary, Rent, other expense should be in Program vs. Admin).  In smaller nonprofits, much is allocated because everyone does everything. You know what I mean…

When dealing with some grants (especially government grants) or in some other places, they may ask about overhead percentage (or even use the would Admin, but in a different light).  This really could vary from thing to thing.   But this Overhead percentage and the Function Expense allocation (see above) may not coincide.   For example, part of your occupancy (rent) will definitely be in Program Expenses.  But a specific grant or government funder may consider occupancy 100% overhead.  Overhead, in some circumstances, really pulls out anything that is not a very direct cost.  But you have to look at the specifics of whoever is asking.  There could still be allocations.  But different. Maybe a grant allows the salary of a specific person (executive director) to be max 10% allocated to program (and the rest be Overhead).

Since Overhead is not a standard term, you must look at the definition that the specific grant is using. A good tool to figure out what a specific funder means by overhead is to find the report you will send them (they will probably require a quarterly or annual report of some sort).  That is what they will look at to see if you are meeting the requirements. Find that and the instructions.  That will explain what overhead is in that case. 

This article was originally part of response to a question in the r/nonprofit sub reddit. See all our reddit responses here   JV CPA-  Reddit Questions Answered

WHAT TO EXPECT DURING A CPA AUDIT

This list from NYS that was made specially for “Fire Districts” (FD) is actually pretty good for audits in general.

https://www.osc.ny.gov/files/local-government/publications/pdf/cpaauditprocess.pdf

WHAT TO EXPECT DURING A CPA AUDIT

Planning Phase:

I. Auditors will ask you to sign an engagement letter summarizing terms and

conditions of audit, including:

a. Method of accounting - Accrual versus cash basis

b. Generally accepted auditing standards

c. Government auditing standards

d. Fees and payment terms

II. Preliminary planning meeting with management/financial

personnel

a. Gather historical documents

i. Charter, By-Laws, etc.

b. Gather information regarding internal controls

i. Cash receipts

ii. Cash disbursements

iii. Payroll

iv. Property and equipment acquisition

v. Other

c. Communication with FD Board and/or Finance Committee

d. Discussion about fraud risk and fraud risk assessment

e. Discuss/negotiate the level of assistance from FD to auditors

i. If you provide assistance, this will keep your audit fees lower

f. Establish timetable for completing the work

i. Planning

ii. Fieldwork

iii. Financial statement completion

III. Auditor will ask you to sign confirmations

a. Bank accounts

b. Investments

c. Significant amounts receivable

d. Revenue contract with Town

e. Legal representation letter to your attorney

f. Other

Fieldwork Phase

I. Auditors will typically spend several days on-site at FD

a. Will need physical space to work

b. Will need access to records

c. Will need access to FD personnel who can answer their question

II. Auditors will want to review:

a. Board minutes

b. Finance reports issued by you during the year

c. Copy of your annual budget

d. General ledger

e. Journal entries

f. Bank statements and cancelled checks

g. Original invoices for assets and expenses

h. Payroll records

i. Contracts

j. Major leases

k. Bank loans and mortgages

III. Auditors should want to physically inspect certain assets

a. Major equipment (new and older items)

b. Building

c. Major construction projects

d. Possibly look at major inventories/supplies

IV. Auditors will usually ask many questions

a. Explanations for key transactions

b. More backup to support transactions

c. Reasons for fluctuations between your budgeted and actual results

Financial Statements, Reports and Wrap-up Phase

I. Auditors will provide you with proposed changes (adjusting entries) to your records

a. You need to agree or disagree

b. Possible to "pass" on minor proposed adjustments

c. Auditors will ask you to sign a "Management Representation Letter" at end of audit to codify various questions and answers provided during the audit

i. Usually signed by key member of management and at least one Board member

II. Auditors will provide draft financial statements for your review andapproval

III. Auditors should provide other written reports

a. Letter on reportable conditions (internal controls) and/or management letter suggestions

i. Major internal control weaknesses, if any, will be identified with recommendations for improvements

ii. Other comments may cover minor internal control weaknesses or efficiency tips

b. Communication letter to Finance Committee or Board

i. Summarizes the results of the audit, including:

1. Accounting policies

2. Accounting estimates

3. Audit adjustments recorded

4. Describe any difficulties dealing with management

5. Other

IV. Auditors should be invited to present their reports to Board or Finance Committee

a. Board or Finance Committee members should ask questions

V. Good communication between auditors, Board and FD personnel will increase the chances of a smooth and effective annual audit

Grant Making: WHAT IS EXPENDITURE RESPONSIBILITY?

This is from a 2019 article from The New York Community Trust called  Grants and Other Distributions from Donor-Advised Funds written by Jane Wilton

This is an excellent article summarizing grant making rules. Its focus is on Donor Advised Funds (DAFs), but since DAFs are 501(c)(3) charities, and follow the same rules, this is an excellent read for all Grant Making Organizations. My take-a-way, a clear explanation of Expenditure Responsibility that I can relay to clients.

Full Article HERE

WHAT IS EXPENDITURE RESPONSIBILITY?

Broadly speaking, “expenditure responsibility” is a formalized process for due diligence in grantmaking. It requires (1) advance collection and review of certain information about the grantee (known as a “pre-grant inquiry”), (2) a grant agreement containing certain IRS-mandated provisions (e.g., annual reporting to the funder, a requirement to maintain adequate books and records, a prohibition on use of the granted funds for political campaign activity, and a refunding obligation to the extent funds are not used as required), (3) reporting by the grantee to the sponsoring organization, and (4) reporting by the sponsoring organization to the IRS on Form 990 on the status of the grant and its use by the grantee organization.