Financial Management 201:
A Closer Look

Blueprints for sound financial management

These self-paced training modules cover the following topics: 2CFR Part 200, Cost Principles, Budgeting, Procurement, Internal Controls, Fund Accounting, and Federal Audits.

Access the Modules

  1. Click the link to access the module.
  2. You will be prompted to either create or log into your HUD Exchange Learn account.
    1. If you need to create an account, Click "Create an Account."
    2. Fill out the form, and click the "Create Account" button.
  3. Your account has been created. You will receive a confirmation email.
  4. After creating an account or logging in, the training will launch in a new window. Make sure your pop-up blockers are turned off.

Take the Quiz and Provide Feedback

To receive credit for completing the Financial Management 201: A Closer Look Course, you must do the following:

  1. Complete each module in the course.
  2. Take the Completion Quiz.
  3. Complete the Satisfaction Feedback Form (optional).

To access the quiz and provide feedback:

  1. Click the button. You can also access these items by closing the Federal Audit module after completing the module. 
  2. You will be taken to the training page in HUD Exchange Learn.
  3. Click the links to the Completion Quiz and Satisfaction Feedback Form under Activities.

Access the Quiz and Provide Feedback

Grey gears on a green background

Topics include:

  • The COFAR and origin of 2 CFR Part 200
  • The applicability of 2 CFR Part 200 to grantees and subrecipients
  • The key changes of 2 CFR Part 200 to existing OMB Circulars

Access the 2 CFR Part 200 Module

Grey gears on a teal background

Topics include:

  • Eligible, allowable, reasonable, and allocable costs
  • Direct and indirect costs
  • Importance of appropriately allocating costs
  • Cost allocation plan
  • Various methods of determining indirect cost rates

Access the Cost Principles Module

Grey gears on a yellow background

Topics include:

  • The importance and concepts of budgeting for Federal programs
  • How to effectively use the budgeting process in program planning
  • The process and components of developing a budget
  • Tools for controlling agency expenditures and managing financial performance

Access the Budgeting Module

Grey gears on a red background

Topics include:

  • Regulatory references and their applicability to entities
  • Common ways in which State or local rules may exceed or replace Federal requirements
  • Federal requirements that impact the procurement process
  • Reconciliation of Section 3 regulations and local geographic preferences with Federal procurement regulations

Access the Procurement Module

Grey gears on a pink background

Topics include:

  • The use of internal controls to implement financial management
  • Roles and responsibilities for effective internal controls
  • Typical factors that create effective financial controls
  • Financial controls as an integral part of a financial management system

Access the Internal Controls Module

Grey gears on a light blue background

Topics include:

  • Program-specific financial management requirements and the need for accurate financial reporting
  • How fund accounting helps recipients (sub-recipients) comply with HUD financial management requirements in their day-to-day operations
  • Prevention and reduction of monitoring findings
  • Roles and responsibilities for implementing fund accounting

Access the Fund Accounting Module

Grey gears on a blue background

Topics include:

  • Definition of a 2 CFR Part 200 Subpart F audit
  • Applicability and requirements of Federal audits
  • Role of the OMB Compliance Supplement
  • Submission of Federal audits to the Federal Audit Clearinghouse
  • How the COFAR changed A-133 audits

Access the Federal Audits Module