Program Description:
Are you struggling to maximize grant funds and drive financial success for your biotech start-up? Discover the game-changing strategies and insights to maximize your grant accounting practices. This program aims to provide you with a comprehensive understanding of grant accounting principles and practices specific to the biotech industry. By mastering these practices, you will be better equipped to effectively manage and utilize grant funds, ensuring compliance with regulations, optimizing financial performance, and fostering successful growth for your biotech start-up.
By the end of this program, you can:
- Understand the basics of grant accounting: Gain a solid foundation in the principles, concepts, and terminology of grant accounting specific to the biotech industry.
- Comply with grant regulations and requirements: Learn how to navigate the regulatory landscape governing grant funds, including reporting obligations, allowable expenses, and compliance with funding agencies' guidelines.
- Optimize financial management: Discover strategies to effectively budget, track, and allocate grant funds to maximize financial efficiency and enhance your start-up's performance.
- Establish internal controls: Implement sound internal control mechanisms to mitigate risks, prevent fraud, and maintain the integrity of grant funds.
- Strengthen reporting and accountability: Master the art of preparing accurate and timely financial reports for grant funders, demonstrating transparency, accountability, and the impact of your biotech start-up's activities.
Program Structure:
The program consists of the following key modules:
-Introduction to Grant Accounting for Biotech Start-ups
-Grant Compliance and Regulations
-Financial Management and Budgeting
-Internal Controls and Risk Management
-Reporting and Accountability
Engine Room CEO Mike Rose has spent over 30 years observing first-hand the class of support life science start-ups need to survive and win. He’s helped dozens of young biotech companies grow, get funded, then grow some more.
Mike co-founded Engine Room in 2012 to give life science start-ups access to two critical, interconnected services. The first is a high-performance finance and accounting department that scales with the business. The second is strategic business guidance in areas like: cash planning, budget and forecasting; debt and equity financing; and, prepping for and running successful board meetings.
Like so many of our team members, Lisa is a life science veteran with deep knowledge of the industry. As accounting manager, she brings a wide range of capabilities to Engine Room clients, from preparing financial statements to running all facets of audits to meeting the special requirements of government grant accounting. As our onboarding manager, Lisa helps clients transition quickly and seamlessly to our new, efficient model of finance and accounting, so they can focus more energy on developing their science.
Ryan has over nine years of experience in auditing and consulting for not-for-profit and life sciences organizations. He has led numerous federal compliance audits for organizations receiving federal awards under the Uniform Guidance, including experience working with organizations with SBIR/STTR grants, including U.S. Department of Energy, U.S. Department of Defense, U.S. Department of Health and Human Services, and National Institutes of Health.
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