GRANTS MANAGEMENT
Grants Management
Oversight Systems’ Grants Management Solution automates grant accounting and financial management by providing real-time assurance monitoring and reconciliation capabilities throughout the grants management life cycle. Oversight’s Grants Management Solution provides continuous monitoring with real-time transaction integrity inspection for maximizing grants performance and identifying errors.
The administration’s broad effort to restore fiscal accountability to the federal budget and to stimulate the economy can be accomplished in part by:
- Preventing future fraud, misuse and abuse of grants payments
- Recovering past erroneous payments
- Ensuring grant performance is monitored and manual reconciliations are automated
There are $2 trillion in payments to individuals and organizations each year; $55 billion are improper and erroneous payments. With an additional $787 billion in stimulus funds being injected into the current federal financial management lifecycle, the risk of improper and erroneous payments increases proportionally, making it even more difficult for grantees to achieve their performance and operational objectives.
Organizations receiving grant funds are looking to Oversight Systems to improve accountability, performance, and transparency in wake of increased agency accountability for fund management under the Emergency Economic Stabilization Act (EESA) and tighter oversight throughout the federal financial management lifecycle.
Oversight Benefits
Oversight provides a platform for continuous controls monitoring with powerful accounting analytics offering grantees transparency and accountability into performance objectives:
- Monitor the entire grants management lifecycle
- Automate monitoring, enforcement and reconciliation of grants
- Facilitate active, 100% auditing while serving as a deterrent for fraud
- Eliminate the work of discovery and get directly to problem resolution
- Comply with OMB reporting, exception handling and documentation requirements
Oversight Systems can transform your grants management program in a matter of months. In the first month of deployment at a large federal agency, Oversight uncovered more than $6 million dollars worth of improper payments and $4 million in potential unmatched disbursements before the funds were released.
Fraud, Waste, and Abuse
Oversight Systems is the only solution designed specifically for the federal government to prevent instances of fraud, waste, and abuse while delivering extraordinary financial program performance improvements to agencies and its citizens.
