Financial Management
BFS offers a variety of compliance related financial management solutions for all levels of goverment and highly regulated industries, including Grant Administration, Subrecipient Monitoring, Technical Assistance, and Turnaround and Solvency services.
Grant Administration
Our Pledge: Grant Accountability Redefined.
Our grant administration involves meticulous risk assessment, financial oversight, and performance monitoring, ensuring strict adherence to 2 CFR 200, GAAP, and relevant regulatory frameworks to build a program that works for you. We help craft comprehensive grant agreements defining responsibilities, reporting criteria, budget constraints, and performance expectations. Whether we use your application evaluators or help you assemble a specific team, BFS facilitates a diverse and equitable evaluation process to ensure that all perspectives are considered, fostering an inclusive environment where merit and innovation thrive. Our commitment to diversity and equity ensures a comprehensive evaluation that not only meets the highest standards but also reflects the richness of varied experiences and insights. At BFS, we believe that embracing diversity in the evaluation process leads to more robust outcomes, driving excellence and fostering a culture of fairness and opportunity for all.
Program Development and Administration:
BFS works diligently with each client to develop grant programs with a defined purpose and specific, measurable, achievable, relevant, and time-bound (SMART) goals. But that’s just the beginning. BFS then helps craft comprehensive grant agreements defining responsibilities, reporting criteria, budget constraints, and performance expectations. Whether we use your application evaluators or help you assemble a specific team, BFS facilitates a diverse and equitable evaluation process to ensure that all perspectives are considered, fostering an inclusive environment where merit and innovation thrive. Our commitment to diversity and equity ensures a comprehensive evaluation that not only meets the highest standards but also reflects the richness of varied experiences and insights. At BFS, we believe that embracing diversity in the evaluation process leads to more robust outcomes, driving excellence and fostering a culture of fairness and opportunity for all. Keep Reading
Program Development and Administration:
Our grants administration process is a meticulously crafted framework encompassing comprehensive risk assessment, stringent financial oversight, and robust performance monitoring. We know the right framework sets your grant up for success and maximum funding. This commitment lays the foundation for a customized program that effectively aligns with your objectives.
Grant Agreement Formation:
BFS excels in the development of detailed grant agreements that define roles, establish reporting criteria, outline budget constraints, and set clear performance expectations. By collaborating closely with our clients, we tailor these agreements to meet specific programmatic needs, fostering transparency and accountability throughout the grant lifecycle. Not to mention establishing the subrogation requirements from your grants to your subrecipients.
Expert Application Review and Facilitation:
Whether leveraging your application evaluators or assisting in the assembly of a specialized team, BFS facilitates a diverse and equitable evaluation process. Our approach ensures all perspectives are considered, cultivating an inclusive environment where merit and innovation thrive. This commitment extends to embracing diversity and equity, resulting in a comprehensive evaluation that not only meets the highest standards but also reflects the richness of varied experiences and insights.
Inclusive Evaluation Culture:
At BFS, we firmly believe that embracing diversity in the evaluation process is pivotal to achieving robust outcomes. Our commitment to diversity and equity not only upholds the highest standards but also contributes to a culture of fairness and opportunity for all stakeholders. This inclusive approach drives excellence, fostering an environment where diverse voices are heard, and unique perspectives contribute to the overall success of the grant program.
Continuous Improvement:
Our grants administration process is dynamic and adaptable, with a commitment to continuous improvement. We regularly review and refine our methodologies, staying abreast of evolving regulations and best practices to ensure that your program remains at the forefront of excellence. This dedication to ongoing enhancement guarantees that our clients receive the most effective and efficient grants administration services available.
By choosing BFS for your grants administration needs, you are selecting a partner dedicated to not only meeting but exceeding your expectations through a holistic and inclusive approach to program development and administration.
Subrecipient Monitoring
Grant monitoring plays a pivotal role in enhancing outcomes and ensuring the judicious use of funds in various projects and initiatives. Through systematic and vigilant oversight, organizations can track the progress of funded activities, evaluate their impact, and identify areas for improvement. Effective grant monitoring involves regular assessments of project milestones, expenditure patterns, and adherence to established timelines. This process not only ensures accountability but also enables timely interventions to address any challenges that may arise during the implementation phase. By fostering transparency and accountability, grant monitoring contributes to the optimization of resources, leading to improved outcomes and a more efficient allocation of funds. It enables organizations to refine strategies, allocate resources strategically, and ultimately maximize the positive impact of grants on targeted communities or objectives. Through a comprehensive approach to monitoring, organizations can foster a culture of continuous improvement and evidence-based decision-making, reinforcing the responsible stewardship of grant funds for the greater benefit of society. Keep Reading
Tailored monitoring to suit your grant's unique needs, because success is not one-size-fits-all. Our grant monitoring involves meticulous risk assessment, financial oversight, and performance monitoring, ensuring strict adherence to 2 CFR 200, GAAP, and relevant regulatory frameworks to build a monitoring program that works for you. At BFS, we redefine Subrecipient Monitoring for governmental bodies, ensuring:
Risk Oversight:
From financial stability to past performance, we intensively monitor and manage high-risk areas.
Agreement Compliance:
We monitor grantee performance including compliance with subrogation requirements for pass-through funds.
Fiscal Reviews:
To ensure proper use of funds, allowability and allocability.
Progress Tracking:
Regular evaluations to help ensure progress towards granny outcomes.
Meticulous Records Reviews:
Diligently verify grantee documents are properly documented for transparency.
Issue Resolution:
Corrective Actions are met with actionable solutions and monitoring for progress.
Open Communication:
We're always available to address concerns and provide guidance.
Closure Assurance:
From financial reports to project wrap-ups, we ensure a thorough and accountable close.
At BFS, safeguarding funds and maximizing grant outcomes is our commitment. Our holistic approach, from diverse evaluation processes to monitoring and compliance measures, not only improves outcomes but also reduces administrative burden transparency. We understand that navigating the grant landscape can be challenging. We are committed to empowering organizations to overcome hurdles and turn grant-related obstacles into opportunities for success.
Technical Assistance, Corrective Action Plans, Close-Out, and More:
BFS offers complete, end to end activities for grants. Keep Reading to learn more about how we handle close out the bumps in the road for your grantees.
Comprehensive Technical Assistance:
Our grant technical assistance program is designed to offer more than just support; it's a partnership for success. With decades of experience, a growing library of publications, and unique products, BFS has the knowledge, experience, and innovation needed to improve grant outcomes and compliance. Our comprehensive technical assistance offerings cover:
Holistic Guidance:
From the initial stages of grant application to post-award management, we offer support to address every aspect of the grant lifecycle.
Tailored Workshops:
Our customized workshops are crafted to address the unique challenges facing grantees today. Gain practical insights and hands-on training to enhance grant compliance and improve outcomes.
Innovative Technologies:
Harness the power of cutting-edge technologies. Our use of AI and data analytics to improve grant program development, identifying potential issues and maximizing your chances of success.
Corrective Action Plan Implementation:
Encountering challenges in the grant process is inevitable but overcoming them is where real success lies. Our corrective action plan implementation includes:
Community-Centric Solutions:
We understand that one size does not fit all. Our solutions are tailored to your community's needs, ensuring relevance, sensitivity, and effectiveness.
Collaborative Partnerships:
By fostering collaborations with other organizations and experts, we bring diverse perspectives to the table, enriching our corrective action strategies and expanding your support network.
Proven Success Stories:
Hear inspiring stories from those who have faced similar challenges and triumphed with our support. We measure success not just in terms of funding acquired but in the positive impact our assistance has on projects and communities.
Grant Close-Out Activities:
Grant closeouts mark the final phase in the lifecycle of a funded project, encompassing the meticulous conclusion of financial, programmatic, and administrative activities. During this crucial stage, our adept team ensures that all grant-related expenditures are accurately accounted for and reconciled, complying with the stringent financial reporting requirements. We meticulously review project outcomes to validate their alignment with the grant objectives, providing a comprehensive summary of achievements. Our commitment to a seamless grant closeout process allows clients to wrap up projects confidently, meeting compliance standards and maximizing the impact of their endeavors.
Continuous Improvement - Your Feedback Matters:
We believe in continuous improvement. Your feedback is invaluable, shaping our strategies and ensuring we evolve to meet your ever-changing needs. Together, we can build a stronger, more resilient grant-seeking community.
Benefits of Using BFS Grants Services
Partnering with BFS Grants Services offers a multitude of benefits for your organization. Firstly, our services drive efficiency. By streamlining your processes and enhancing internal controls, we eliminate redundancies, saving you time, resources, and valuable funds. Most importantly, this is done with compliance in mind, not as an afterthought. This integrative approach creates efficiency, reduces costs, and improves compliance. Secondly, our Grants Services significantly reduce risk. We identify and address compliance gaps, ensuring your organization is protected from potential legal and financial repercussions. With the expertise of our team, we help you navigate the complex regulatory landscape, instilling confidence, and peace of mind. We pride ourselves on our sound relationships with relevant oversight agencies and grantors, and our ability to work with them efficiently and effectively on your behalf. With BFS Grant Services, you can be confident that you are in capable hands and that our approach will assist you in navigating the complex processes of grant compliance, management, and reporting. Keep Reading
BFS Senior Partner's Global Influence in Public Sector Auditing
At BFS, we take immense pride in the impactful contributions of our Senior Partner, who serves as the North American Representative on the Institute of Internal Auditors (IIA) Global Public Sector Advisory Board. This influential role involves providing invaluable input and insights to the IIA, particularly concerning the implications of the International Professional Practices Framework (IPPF) and other guidance within the dynamic realm of the public sector.
Our Senior Partner's active involvement on this global platform signifies not only a testament to her expertise but also to BFS's commitment to shaping the landscape of internal auditing in the public sector. Through her dedicated efforts, she has played a pivotal role in influencing standards, fostering collaboration, and ensuring that the public sector's unique challenges are considered in the development of global auditing practices.
This success story underscores BFS's commitment to excellence, global leadership, and the positive impact we strive to make not only within our organization but across the broader spectrum of the auditing profession.
Highlights of Accomplishments:
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Managed grant funding and administration of approximately $1.4T in State of Texas research funding since 2016 with over 2,000 unique grantees
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Oversees all aspects of facilitating the project and managing project logistics for assigned grant support projects
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Senior Partner overseeing contracts covering 15 major disasters and approximately $103.3 billion in funding over 10 years
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Auditing and oversight of 1200+ grantees annually for eight programs and over $5B in federal funding and over $250M in state blended funding
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Senior Partner overseeing contracts covering $2.3 billion in scientific research, product development, and cancer prevention research awards
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SEA Subrecipient Monitoring, federal compliance, and reporting of over 1500+ grantees and over $5B in federal funding annually, and over $250M in state blended grant funding annually
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Legislatively mandated performance and compliance reviews covering $2.3B in cancer prevention research
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BFS have created and implemented the agency’s federal compliance department covering over $5 billion in federal funds annually (excluding ARRA funding).
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Saved clients $2M in federal IDEA-B MOE grant exceptions to reduce year-over-year MOE baselines while improving outcomes
Turnaround and Solvency Services
Are you struggling to turn the tide of financial decline and restore your organization to stability and growth? Don't despair - with BFS Turnaround and Solvency Solutions, there is hope for a brighter future. Our specialized team of turnaround experts will develop customized solutions to streamline processes, align your team, rebuild stakeholder trust, and put you on the path to long-term success. Keep Reading
Turnaround services refer to a set of strategic and operational interventions designed to revitalize and improve the performance of a struggling or underperforming business. These services typically involve a comprehensive assessment of the company's financial, operational, and organizational aspects, followed by the implementation of targeted initiatives to address identified challenges. The goal is to reverse declining trends, enhance efficiency, optimize resources, and ultimately restore the company to a path of sustainable growth and profitability.
We start by conducting an in-depth analysis of your business to pinpoint the root causes of underperformance across financial, operational, and strategic domains. Leveraging this intelligence, we architect and execute customized interventions to stop the bleeding and reverse negative momentum.
Core solutions include financial restructuring to improve cash flow, operational overhauls to boost efficiency, strategic repositioning to capitalize on new opportunities, leadership alignment to drive execution, and rigorous tracking of KPIs to sustain improvements.
With decades of experience revitalizing companies in various industries, we have the expertise to resolve complex challenges and get you back on track. Our operational overhaul will analyze and reengineer your systems and processes to reduce costs and boost efficiency. We can also redefine your strategy, identify new opportunities, and divest non-essential assets to strengthen your market position.
Leadership and culture are equally crucial, so we address team dynamics, clarify roles, and instill a results-driven mindset. Comprehensive communication plans keep employees, customers, and investors informed and confident in the turnaround. Compliance and risk mitigation are also prioritized to avoid legal and regulatory issues.
Most importantly, we don't stop at implementation. Ongoing performance monitoring and continuous improvement are embedded into every solution to ensure your success is sustainable. Many clients emerge with a transformed organization equipped to thrive for the long haul.
Don't delay—contact us today for a free consultation. Together, we can turn your challenges into opportunities and your struggles into victories. The future of your organization is at stake, so make the call that can change its course for the better.
Success Stories
Picture this: a Local Education Agency (LEA) with $23M in annual funding, navigating the complex landscape of compliance and academic excellence. We worked with the LEA to revamp the entire cultural fabric, redefine the vision, and optimize the management team to ensure a seamless continuum of operations including building compliant academic programs such as Special Education, Bi-lingual programs, meeting the State of Texas curriculum requirements and attendance minutes. Our Turnaround and Solvency Specialists resolved significant fiscal internal control deficiencies resulting from years of mismanagement including resolution of audit findings, and elimination of fraud, waste, and abuse, and unallowable costs charged to federal and state funds. We even implemented State mandated corrective actions covering a number of state and federal funded programs.
At a for-profit entity, we championed game-changing financial management improvements that aligned technology advancements with budgetary limits. We bolstered internal controls, dramatically decreased costs, and reduced contract and delivery risk by renegotiating contracts and implementing operational changes that led to 76% increase in profitability over four years.