Lloyd Smith
Senior Associate
Innovative Costing Solutions
1400 Village Square Blvd.
Suite 3-132
Tallahassee, FL 32312
Tel 405-826-8379
Fax 405-745-3011
lloydsmith@innovativecostingsolutions.com
Education, Licenses & Certifications
- Bachelor of Science, Agriculture, Cameron University
- Bachelor of Science, Accounting, University of Science and Arts of Oklahoma
- Certified Public Accountant licensed with the State of Oklahoma
Professional Associations
Mr. Smith has made numerous presentations and participated on various State and Federal panels relating to the various sets of cost principles and other related Federal requirements
Function and Specialization
Lloyd has extensive experience in the field of financial management as it relates to the public and nonprofit sector and is considered extremely knowledgeable in the areas of Federal government wide financial, cost and administrative policy and in the review, analysis and negotiation of cost allocation plans and indirect cost rates.
Background
Lloyd has more than 28 years of experience with the State of Oklahoma in the financial management and audit area. Until his retirement in May of 2014, Mr. Smith served as the Chief of the Internal Audit Division within the Oklahoma Department of Health and reported directly to the State Board of Health.
In addition, to his audit responsibilities, he had assumed the duties of the Office of Accountability Systems which also answers directly to the State Board of Health and was responsible for duties similar to that of the Federal Offices of the Inspector General. He is also the President and owner of an accounting firm that specializes in providing financial management site reviews and training seminars with state and non-profit grantees.
Professional and Industry Experience
He is currently a Senior Associate with Innovative Costing Solutions, LLC and specializes in providing assistance to colleges and universities, hospitals, state and local governments and other nonprofit organizations in the area of Federal cost principles and other grant and contract administrative requirements, cost studies and in the negotiation of indirect cost rates and the resolution of audit findings contained in OMB Circular A-133 audits and other formal audits issued by the Office of Inspector General of the various departments of the Federal government.
Lloyd has: generated and reviewed indirect cost rates for a number of state departments and local county departments, been involved in analyzing a number of questions raised in various audit reports and generating alternative costing methodologies that have been accepted by the federal agencies, coordinated and supervised all audit operations of the Oklahoma State Department of Health (Agency) including 68 county health departments and approximately 1,000 sub-recipient and vendor contractors and performed a number of monitoring reviews for the Federal Government relating to the Title X Family Program.