Transcript 21st Century Community Learning Centers

Grants Management Test for Institutions of
Higher Education and Nonprofit Organizations
Tiffany R. Winters, Esq.
Erin Auerbach, Esq.
[email protected]
[email protected]
Brustein & Manasevit, PLLC
Fall Forum 2011
Grants Management Test
Welcome Class!
Please put all your books away
You have 10 minutes to complete your 30
question pop quiz!
EDGAR Plus Book
34 C.F.R. § 74.21, page 9
Question 1:
In order to receive Federal funds, grantees and subgrantees must
implement financial management systems that:
A. Include budget controls, such as routinely reconciling actual
expenditures to budgeted amounts.
B. Are capable of producing accurate, current and reliable
financial reports.
C. Include detailed accounting records that show the source
and application of Federal funds.
D. All of the above.
Question 2:
EDGAR Plus Book
Table of Contents, page iii
34 C.F.R. Part 75, page 31
34 C.F.R. Part 76, page 63
The same rules apply whether the grant is
awarded directly from the U.S. Department
of Education or through the State education
agency.
A. True
B. False
Question 3:
EDGAR Plus Book
OMB Circular A-133
§ __.210, page 358
A contractor and a subgrantee have the
same legal responsibility when working
on Federal programs.
A. True
B. False
Question 4:
EDGAR Plus Book OMB
Circular A-133
§ __.210(b)(5), page 358
A subgrant is different from a contract because:
A. A subgrant provides goods and services that are ancillary to the
operation of the Federal program.
B. A subgrant uses the Federal funds to carry out a program as
compared to providing goods or services for a program.
C. A subgrant is not subject to compliance requirements of the Federal
program.
D. A subgrant and a contract are the same.
EDGAR Plus Book Part 74
Table of Contents, page 3
Question 5:
The major “systems” in grants management are:
A. Procurement, Data Reporting, and Contracting.
B. Inventory Management, Procurement, and Financial
Management.
C. Data Reporting, Financial Management, and Inventory
Management.
D. Inventory Management, Assessment/Evaluation, and
Financial Management.
Question 6:
EDGAR Plus Book
OMB Circular A-133,
§ __.105, page 355
The goal of an internal control is to ensure:
A. Efficiency of operations.
B. Reliability of financial reporting.
C. Compliance with applicable laws.
D. All of the above.
Question 7:
EDGAR Plus Book
OMB Circular A-21, Appendix
C(1-2, 5), pages 238-239
OMB Circular A-122, Appendix
A(2, 5), pages 322-323
For a cost to be allowable to a Federal grant award, it must
meet the following criteria:
A. Necessary and reasonable.
B. Allocable to the Federal grant award.
C. Subtract applicable credits.
D. All of the above.
Question 8:
EDGAR Plus Book
OMB Circular A-21,
Appendix C(3), page 238
OMB Circular A-122,
Appendix A (3), page 323
A cost is reasonable if:
A. It is on sale.
B. It does not cause the grantee or subgrantee to exceed its total
Federal allocation.
C. It does not exceed the cost that would be incurred by a
prudent person under similar circumstances.
D. None of the above.
Question 9:
EDGAR Plus Book
OMB Circular A-21,
Appendix C(3), page 238
OMB Circular A-122,
Appendix A (3), page 323
Costs are allocable to the grant if:
A. The cost of the goods or services is proportionate to the benefits
received by the grant.
B. At least 50% of the goods or services will directly benefit the
grant.
C. The goods or services, in any way, benefit the grant objectives.
D. The cost of the goods or services was included in the budget
proposal.
EDGAR Plus Book
34 C.F.R. § 74.28, page 15
Question 10:
A grantee/subgrantee must obligate all Federal funds:
A. Within the statute of limitations.
B. By the end of the period of availability.
C. As soon as possible.
D. None of the above.
Question 11:
EDGAR Plus Book
OMB Circular A-21,
Part J(10)(c)(2)(e), page 257
Professional employees of postsecondary institutions paid
in whole or in part with Federal funds, regardless of cost
objectives, must fill out a time and effort certification at
least:
A. Monthly
B. Daily
C. Every six months
D. Weekly
EDGAR Plus Book
34 C.F.R. § 74.24, page 12
Question 12:
A program that is partially funded with Federal
funds that charges tuition for students to
participate in the program may put all the
tuition earned into its general funds account.
A. True
B. False
EDGAR Plus Book
34 C.F.R. § 74.24, page 12
Question 13:
When postsecondary institutions or non-profits generate program
income in a Federal education program, they can use the program
income as follows:
A. Add the program income to the program budget that earned
the income.
B. Use the program income to finance the non-Federal share of
the program.
C. Deduct the program income, after costs, from the program
award.
D. All of the above.
Question 14:
EDGAR Plus Book
Table of Contents, page iii
OMB Circular A-21, page
233
Postsecondary institutions are subject to:
A. OMB Circular A-21
B. OMB Circular A-87
C. OMB Circular A-122
D. All of the above
Question 15:
EDGAR Plus Book
OMB Circular A-122,
Appendix B(8)(m)(2)(d),
page 334
All employees of nonprofit organizations paid in whole or
in part with Federal funds must fill out a time and effort
documentation at least:
A. Weekly
B. Monthly
C. Semi-annually
D. None of the above
EDGAR Plus Book
34 C.F.R. § 74.25, page 13
Question 16:
Grantees and subgrantees don’t have to
reconcile actual expenditures to budgeted
amounts, since the budgeted amounts are not
based on the actual expenditures and are only
estimates.
A. True
B. False
Question 17:
EDGAR Plus Book
OMB Circular A-87,
Part B(8), page 290
Contracts supported with Federal funds
must be in writing.
A. True
B. False
Question 18:
EDGAR Plus Book
34 C.F.R. § 74.34 (f),
page 17
Grantees and subgrantees must maintain
detailed property records for all
equipment purchased with Federal
funds.
A. True
B. False
Question 19:
EDGAR Plus Book
34 C.F.R. § 74.34(f)(3),
page 17
A physical inventory of all equipment must be taken:
A. Yearly
B. Once every two years
C. Once every six months
D. Whenever you feel like it
Question 20:
EDGAR Plus Book
34 C.F.R. § 74.34(f)(3),
page 17
If equipment is missing upon inventory review, the
grantee or subgrantee must:
A. Simply remove it off the inventory list.
B. Buy a new piece of equipment quickly.
C. Interview every staff member until one confesses
to the theft.
D. Investigate.
EDGAR Plus Book
34 C.F.R. § 76.707, page 87
Question 21:
An airplane ticket for a business conference obligates to the Federal
grant award:
A. On the date the subgrantee decides to make travel
arrangements.
B. On the date the travel arrangements are booked and seat
assignments are confirmed.
C. On the date the travel arrangements are paid in full.
D. On the date the traveler takes the flight to the destination.
EDGAR Plus Book
34 C.F.R. § 76.707, page 87
Question 22:
Expenditures for services performed by a contractor are obligated
to the Federal grant award:
A. On the date that the services are performed.
B. On the date that the grantee/subgrantee receives the
invoice.
C. On the date that the subgrantee signs the contract for
services.
D. At any point during the period of availability.
EDGAR Plus Book
34 C.F.R. § 74.42, page 19
Question 23:
A conflict of interest arises when the following persons have a
financial interest in a firm or company that is selected for a
contract by the grantee:
A. Me (an employee of the grantee).
B. My son/daughter.
C. My husband/wife’s company is selected.
D. All of the above.
Question 24:
EDGAR Plus Book
34 C.F.R. § 74.21(b)(2, 7),
page 9
What forms of source documentation should be
maintained as records?
A.
Receipts for actual travel.
B.
Copy of contracts for services performed.
C.
Payroll registers.
D.
All of the above.
EDGAR Plus Book
34 C.F.R. § 76.707, page 87
Question 25:
Expenditures on services performed by an employee of a
grantee/subgrantee are obligated to the Federal award:
A. On the date when the subgrantee signs the contract to obtain
the services.
B. On the date that the services are performed.
C. On the date the employee signs the time and effort
certification.
D. On the date the employee is paid for the services.
Question 26:
EDGAR Plus Book
“Entertainment Costs”
OMB Circular A-21, page 264
OMB Circular A-122, page 337
Assuming all costs are reasonable, which of the following
cost incurred during an overnight business trip is not
allowable:
A. Dinner (without any alcoholic beverages)
B. Hotel room
C. Mileage costs
D. A ticket to a movie
EDGAR Plus Book
34 C.F.R. § 74.43, page 20
Question 27:
A grantee/subgrantee can sole source a
contract as long as the vendor does a good job.
A. True
B. False
Question 28:
EDGAR Plus Book
Allocability
OMB Circular A-21, Appendix
C(4), page 238
OMB Circular A-122, Appendix
A(4), page 323
If there are funds remaining at the end of the
project period, they may be used to purchase
goods or services to be used in the future.
A. True
B. False
Question 29:
EDGAR Plus Book
“Advertising and Public
Relations Costs”
OMB Circular A-21, page 254
OMB Circular A-122, page 331
It is permissible for grantees and subgrantees to
expend Federal funds on advertisements that
generally promote the organization.
A. True
B. False
Question 30:
EDGAR Plus Book
34 C.F.R. § 81.31(c),
page 134
Grantees and subgrantees should retain their records
for:
A. 1 year from the date of obligation.
B. 3 years from the date of obligation.
C. 5 years from the date of obligation.
D. 10 years from the date of obligation.
The End!
What Grade Did You Get??
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