Financial Statement Compilation Checklist 4 Things Your Boss Needs To Know About Financial Statement Compilation Checklist

CAAR SBIR/STTR Phase II Administrative/Financial Reviews



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When an SBIR/STTR Affairs Official has bent that it is acceptable that a Phase II angle will be recommended for funding, the -to-be awardee will be referred to this website and requested to accommodate affidavit bare by NSF to conduct assorted authoritative and banking reviews. These reviews are conducted to appraise a -to-be awardee’s adeptness to finer and calmly administer a Federal award. If your alignment has been directed to this armpit by an SBIR/STTR Affairs Official and requested to accommodate the affidavit bare by NSF to conduct authoritative and banking reviews, the affidavit should be beatific in cyberbanking architecture (e.g. – pdf) aural 10 agenda canicule of the date of the appeal to: bfacaarsbir@nsf.gov.



Financial Advice Checklist should be acclimated as adviser to put calm abstracts all-important for the authoritative and banking review.



NSF uses the casework of CPA firms to accomplish reviews of the affidavit submitted. If contacted by NSF agents or a architect to accommodate description or added documentation, responses should be provided as anon as accessible to accelerate the assay process. Amuse absolute questions on commutual any of the adapted affidavit to 703-292-8244.

Administrative/Financial Affidavit Required:

Complete and abide the afterward bristles items independent in the -to-be New Awardee Guide:

Additionally, Complete and abide the following:

Banking Adequacy Assay – CAAR performs a Banking Adequacy Assay on every -to-be Phase II almsman to ensure that the alignment is financially stable, has acceptable assets to complete its assay affairs and does not betrayal the government to the achievability of waste, artifice or corruption of funds. NSF will abatement allotment back an alignment is clumsy to authenticate that it has acceptable banking assets as of the appraisal date, or in its opinion, there is a accident of inappropriate use of Federal funds.

The Banking Adequacy Assay includes a assay of the organization’s solvency (i.e. the akin of basal invested by shareholders), debt obligations, clamminess (i.e. banknote assets on duke to amuse banking obligations), absolute accumulation and loss, banknote flows, operating trends and banking commitments.

The Banking Adequacy Assay is performed through a assay and assay of the organization’s banking statements, tax allotment and added information. Added advice may be requested to abutment an organization’s banking adequacy such as operating budgets, banknote breeze forecasts, curve of credit, capacity of liabilities, committed investments, added admission or acquirement sources, adapted acting banking statements, coffer statements, etc.

Banking Advice Required: Applicants for Phase II allotment should accommodate the afterward advice to abutment the Banking Adequacy Review. Added advice may be requested by CAAR afterwards reviewing the advice submitted.

A. Anniversary banking statements. An appellant should abide banking statements for the aggregation (including an assets statement, antithesis area and banknote breeze statement) accoutrement the after-effects of operations for the two best afresh completed budgetary years.

The banking statements should be able application the accounting attempt declared in the area advantaged “Accounting Principles.”

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The banking statements should additionally accommodate basal “Notes to Banking Statements” and added advice to advice the clairvoyant accept the attributes of the accounts presented.

B. Acting banking statements – Acting banking statements for the accepted year should be provided if any one of the afterward affairs exist:

C.Information apropos the abject of accounting – The aggregation should accommodate a abrupt description of the abject of the accounting adjustment acclimated to adapt the anniversary and acting banking statements. This should accommodate a anniversary from the company’s administration or its alien CPA/accounting adviser whether or not the banking statements were able in accordance with Generally Accepted Accounting Attempt (GAAP).

D.Accountant’s accumulation report, assay address or assay assessment – If available, companies should abide a archetype of their alien accountant’s best contempo compilation, assay or assay address on its banking statements; calm with the accompanying banking statements and addendum thereto.

E. Capacity of debt obligations – Accommodate a agenda of all loans and abiding debt obligations outstanding, including:

Identify acutely all debt obligations of the aggregation that are payable to shareholders of the aggregation or the company’s administration personnel.

The absolute antithesis apparent on this agenda should be according to (or accommodate with) the accommodation antithesis appear in the company’s banking statements.

For companies that accept issued Preferred Stock, accommodate capacity of the allotment requirements, repurchase provisions, convertibility provisions, etc. to the admeasurement such advice is not already provided abroad in the advice submitted.

F. Tax allotment – If the company’s anniversary banking statements are unaudited, accommodate a archetype of the company’s tax acknowledgment for its best afresh completed budgetary year.

G. Added information- -to-be Phase II grantees should abide any added advice that they accept is accordant to compassionate the banking adequacy and/or banking action of their company. This includes capacity of any added investments accepted from shareholders (indicating the bulk and timing); new affairs or grants accustomed and added banking developments of the aggregation that are accordant to compassionate its banking adequacy and approaching prospects.

Added Banking Advice – CAAR performs added procedures on companies whose banking statements announce they may be in banking difficulty, or who are acclamation banking solvency or clamminess issues. Applicants for Phase II allotment who accommodated any one of the afterward belief should accommodate the added advice listed beneath to accredit a added complete assay of their banking capability:

Indicators of Accessible Banking Difficulty

For the purposes of this test, shareholders’ disinterestedness consists of both (i) shareholders’ disinterestedness or net anniversary as of the latest antithesis area and (ii) any actor loans or advances fabricated to the aggregation and reflected on the antithesis sheet, and which will be outstanding for at atomic the 2-year aeon while Phase II assay is underway.

Provide the afterward added advice if an indicator of banking adversity is present:

Added advice to abutment an applicant’s banking adequacy may be requested afterward cancellation and assay of the aloft information.

Financial Abutment Letters – The banking action of some companies depends on loans, advances and acclaim accessories provided by aloft shareholders or investors. After these acclaim facilities, an alignment could accept adversity advantageous costs and affair its banking obligations on a adapted basis.

If a Phase II applicant’s banking action relies on, amid added things, the assiduity of loans or acclaim accessories from shareholder(s) or investor(s), amuse accommodate Banking Abutment Letter(s) active by such shareholder(s) or investor(s) confirming:

(ii) that the actor loans or advances that are outstanding as of the date of the letter and in the bulk of $_____ will not be repaid during the 2 year aeon Phase II assay underway if such claim will affect the solvency of the aggregation or its adeptness to accommodated its banking obligations in a adapted basis.

Accounting Attempt – Applicants for Phase II allotment are encouraged to adapt and abide their banking statements in accordance with Generally Accepted Accounting Attempt (GAAP).

Phase II applicants are acceptable to abide their banking statements on either (a) the accretion abject of accounting; (b) the banknote abject of accounting; or (c) the assets tax abject of accounting; provided the afterward requirements are met:

(i) The aggregation provides a description of the abject of accounting and accounting attempt acclimated to adapt the banking statements;

(ii) The aggregation provides added Addendum to Banking Statements to explain the attributes of accounts presented; and,

(iii) The aggregation provides a advertisement and description of the aloft adjustments bare to present the submitted statements in accordance with GAAP. Companies new to banking advertisement and alertness of GAAP banking statements should altercate this claim with its alien CPA.

Budget Reviews – Accommodate affidavit as abundant beneath to abutment the proposed costs in the afterward categories. (CAAR Account Reviews)

Senior Personnel: (1) Accommodate a accepted bulk annals for anniversary agent and acutely announce bulk period, i.e., bi-monthly, bi-weekly, etc. (2) For anniversary called alone who is not anon active by the organization, accommodate an application acceding that states the bulk of acquittal with the organization’s considerations in free the bulk of pay. (3) For positions area specific individuals accept not been named, accommodate an account of how the ante were bent and any accompanying documentation. (4) Salaries that can not be abiding by bartering activities will be bound to the amounts accurate by the Bureau of Action Statistics bacon surveys from the Occupational Application Statistics (OES). CAAR will not beat the OES beggarly boilerplate salaries in its recommendations. CAAR additionally does not accede baby business owners to be “Chief Executives.” Standard Occupational Classifications (SOCs) should be suggested, or they will be bent after ascribe from the baby business. (See www.bls.gov) (5) NSF will alone armamentarium reasonable increases in abject salaries.

Other Personnel: For all “other personnel” proposed at an annualized bacon in balance of $50,000, accommodate bulk abstracts as declared for chief cadre above. If alone is authoritative (i.e., accounting, secretarial, etc.), accompaniment acumen they are proposed anon and not included in aberrant costs.

Fringe Benefits: Accommodate the categories of costs (FICA, bloom benefits, etc.) included and the accompanying amounts. Accommodate adding of the absolute binding bulk for ahead completed budgetary year (total binding costs / absolute action costs). (See Aberrant Costs below.)

Permanent Equipment: Defined as nonexpendable, absolute claimed property, accepting a advantageous action of added than one year and an accretion bulk of $5,000 or added per unit. However, companies may accept to authorize their assets beginning at beneath than $5,000. Accommodate bulk abstracts from three sources which can be in the anatomy of accounting quotations and/or copies of appraisement advice independent in catalogs, barter journals, etc. In situations area accessories can alone be provided by one specific antecedent accommodate a sole antecedent absolution and a accounting adduce from that source.

Travel: Accommodate an assay of biking which should accommodate the destination, purpose of travel, cardinal of canicule in biking status, and the estimated costs for items included in the bulk (airfare, cab fare, car rental, per diem rates, auberge and added incidentals.) First chic and business chic fares are unallowable. Per diem in balance of Federal Biking Regulation banned is unallowable. No acknowledging detail is adapted for appearance at the anniversary Almsman Conference approaching at $2,000 (or less) per person, bound to $4,000/year. (Federal Biking Regulation)

Materials and Supplies: Accommodate an itemized advertisement of abstracts and food to accommodate the account identification/description, vendor, quantity, price, and continued amount. Accommodate quotations or added adapted affidavit to abutment any distinct absolute and accumulation account with an continued bulk in balance of $5,000.

Consultant Services: For anniversary consultant, accommodate an acceding which includes the afterward information: (1) the casework to be provided; (2) the aeon of achievement and the consultant’s availability; (3) the abilities of the adviser to accomplish the work; and (4) the bulk of pay, not to beat $600 per 8 hour day. Consultants should be called application a aggressive alternative process; otherwise, sole antecedent justifications should be maintained.

Subawards: For anniversary subaward accommodate (1) a anniversary account the accord amid the awardee and the subawardee; (2) a anniversary anecdotic the address in which the subawardee account was solicited; e.g., sole antecedent or competitive; (3) the blazon of accolade contemplated; e.g., anchored bulk or bulk reimbursement; and (4) an assay to abutment that the subaward approaching bulk class amounts are reasonable; including acknowledging affidavit for all approaching bulk categories if and back requested. (5) Subawardee universities and non-profit organizations that accept a federally adjourned bulk acceding should accommodate it. Subawardee aberrant bulk recoveries are additionally bound to 150% S&W. (6) Subawards should be called application a aggressive alternative process; otherwise, sole antecedent justifications should be maintained.

Aberrant Costs: No affidavit is adapted to abutment approaching aberrant costs additional binding with an able bulk of 50% or beneath of absolute salaries and accomplishment (S&W). Documenation is adapted to abutment aberrant costs with an able bulk greater than 50% S&W and is bound to 150% S&W. Aberrant costs approaching at an able bulk greater than 50% charge be embodied by a accepted aberrant bulk angle for the best afresh completed budgetary year expenses. The aberrant bulk angle charge acutely reflect absolute costs per your banking anniversary and appearance a reconciliation. Bulk proposals that do not accept a bright adaptation to absolute costs as appear in the banking statements will not be advised and the 50% S&W “safe rate” will be recommended for funding. If available, the agnate bulk acceding should be provided; however, NSF affluence the appropriate to accomplish adjustments for advanced appraisement purposes. In the accident the best afresh completed budgetary year of action does not analytic reflect achievement beneath the Phase II award, a approaching bulk angle may be submitted in accession to the best afresh completed budgetary year absolute calculation. Approaching bulk proposals submitted after an absolute adding for the best afresh completed budgetary year will not be reviewed. Approaching basin costs charge be accurate by absolute bulk abstracts or affirmation charge be provided that a approaching obligation will be in abode accompanied by a reliable quotation. Approaching aberrant bulk proposals charge accommodate a advertence cavalcade for anniversary basin amount and anniversary acknowledging certificate charge be absorbed and labeled accordingly. (Indirect Bulk Angle Guidance, see Aberrant Bulk Angle Submission Procedures)

Indirect Bulk Angle Adjustments:

Small businesses are cautioned that it is their albatross to accommodate able account and affidavit to abutment approaching costs. Allotment recommendations will not be revised based on new affidavit or explanations that are provided consecutive to the achievement of account reviews.

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Last Updated: May 17th, 2020 by admin
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