applicable state and federal regulations, and that we maintain transparency and accuracy throughout our financial operations.
This section is divided into three primary areas:
• Budget Development and Monitoring Process • Financial Reporting Requirements • Internal Financial Controls
Each aspect is explained in detail below, including purpose statements, detailed procedures, scope definitions, roles and responsibilities, and practical procedural guidance to support ongoing excellence in financial management.
a. Budget Development and Monitoring Process
Purpose and Objectives The primary purpose of the budgeting process is to allocate resources efficiently while ensuring that every operational activity is financially sustainable. Through a systematic budget development and monitoring process, Simpl Care Services LLC aims to: • Establish a clear financial plan for every fiscal year that aligns with our strategic priorities and regulatory obligations. • Provide transparency in resource allocation to support high ‑ quality, person ‑ centered care. • Monitor budget performance in real time to identify variances and implement corrective measures promptly. • Enable informed decision-making using accurate financial data and trend analysis. • Ensure full compliance with budgeting guidelines stipulated by TennCare and other regulatory bodies.
The Budget Cycle
Our budget cycle is designed to be a continuous, iterative process that comprises the following key phases:
1.
Budget Preparation: Preparation begins approximately three months before the start of the new fiscal year. Each department is required to submit an initial budget request outlining projected expenses, anticipated revenues, and necessary resource allocations for the coming year. These requests are based on historical data, client service projections, regulatory changes, and strategic growth initiatives. Budget Review: Upon submission, budget requests are reviewed by the Finance Department and then by the executive leadership team. During this review process, budget
2.
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