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THE BIGGEST WINNER FISCAL EDITION. Test Your Fiscal Fitness. Records and Reports 5 Points. The governing body and policy council of a grantee must receive financial reports at least how often? Answer : once a month. Records and Reports 10 Points.

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records and reports 5 points
Records and Reports5 Points
  • The governing body and policy council of a grantee must receive financial reports at least how often?
  • Answer: once a month.
records and reports 10 points
Records and Reports10 Points
  • The federal financial report of cash outlays and expenditures required of all grantees is commonly referred to as the SF-_____.
  • Answer: SF-425.
records and reports 15 points
Records and Reports15 Points
  • Invoices, receipts, checks, purchase orders, contracts, time sheets and deposit slips are examples of ______ _________.
  • Answer: source documents
records and reports 20 points
Records and Reports20 Points
  • Contracts for goods and services must adequately describe the parties’ responsibilities and be ____, _______ and _______.
  • Answer: signed, dated and current
records and reports 25 points
Records and Reports25 Points
  • The three types of documentation required to support employee compensation are: _______, ______ and ______.
  • Answer: time sheets, payroll records and personnel activity reports
fiscal basics 5 points
Fiscal Basics5 Points
  • The _____________ ___________ of a grantee is fiscally and legally responsible for overseeing programs, including the safeguarding of federal funds.
  • Answer: governing body
fiscal basics 10 points
Fiscal Basics10 Points
  • Written _________ procedures insure that goods and services are purchased through free and open competition.
  • Answer: procurement
fiscal basics 15 points
Fiscal Basics15 Points
  • A ___________ to ____________ comparison of expenditures is used by programs to test the accuracy of its cost assumptions.
  • Answer: budgeted to actual
fiscal basics 20 points
Fiscal Basics20 Points
  • Protecting grant funds by insuring that the same person does not review, authorize and pay invoices is part of what fiscal process?
  • Answer: internal controls
fiscal basics 25 points
Fiscal Basics25 Points
  • The annual _________________ is a rigorous organization-wide external review of the financial management and compliance of a grantee.
  • Answer: OMB A-133 audit
property facilities 5 points
Property & Facilities5 Points
  • A detailed inventory of equipment including description, identification number, source, including award number, federal share, acquisition date, cost, location and condition must be taken and reconciled with equipment records every _____ years.
  • Answer: two
property facilities 10 points
Property & Facilities10 Points
  • Head Start-specific regulations applicable to facilities activities funded in whole or in part with grant funds are found at ___ CFR ______.
  • Answer: 45 CFR 1309
property facilities 15 points
Property & Facilities15 Points
  • For most facilities activities a notice of federal interest protecting the federal funds used for the facilities activity must be filed in __________________.
  • Answer: the appropriate official records for the jurisdiction where a facility is or will be located
property facilities 20 points
Property & Facilities20 Points
  • Facilities activities covered by 45 CFR 1309 include ___________, _________ and ______________ funded in whole or in part with Head Start grant funds.
  • Answer: purchase, construction and major renovation
property facilities 25 points
Property & Facilities25 Points
  • All facilities activity records must be retained for the period of ownership (or occupancy, in the case of leased facilities) plus _____ years.
  • Answer: three
nonfederal share 5 points
Nonfederal Share5 Points
  • If a grantee without a waiver receives $1,000,000 in federal Head Start or Early Head Start grant funds, the nonfederal share of the total grant award is _____________.
  • Answer: $250,000
nonfederal share 10 points
Nonfederal Share10 Points
  • All grant charges and expenditures, whether federal or nonfederal (in-kind) must meet general cost principles of _____________, _____________ and _______________.
  • Answer: reasonable, necessary and allocable
nonfederal share 15 points
Nonfederal Share15 Points
  • A common basis for disallowance of claimed nonfederal share which otherwise meets the cost principles is lack of adequate _______________.
  • Answer: documentation
nonfederal share 20 points
Nonfederal Share20 Points
  • Lack of community resources, initial program expenses, unanticipated cost increases, disaster and community impact of program loss are bases for a ____________ of nonfederal share.
  • Answer: waiver
nonfederal share 25 points
Nonfederal Share25 Points
  • Rebates are classified as ____________ ___________ under the cost principles and cannot be claimed as nonfederal share.
  • Answer: applicable credits
cost allocation 5 points
Cost Allocation5 Points
  • The method used by a program to insure that shared costs are charged to grants and programs in accordance with the benefit received is called a ______ ___________ ______.
  • Answer: cost allocation plan
cost allocation 10 points
Cost Allocation10 Points
  • Three types of costs which are commonly shared in programs with multiple funding sources are ________, _________ and _________.
  • Answer: employees, facilities and equipment
cost allocation 15 points
Cost Allocation15 Points
  • _________ costs are necessary to the overall operation of the organization, although a relationship to a particular program or cost objective cannot be shown.
  • Answer: Indirect
cost allocation 20 points
Cost Allocation20 Points
  • A grantee with multiple funding sources is not required to allocate indirect costs if it has a ____________ _________ _______ _______.
  • Answer: negotiated indirect cost rate
cost allocation 25 points
Cost Allocation25 Points
  • It is never acceptable to shift costs from one funding source to another to overcome ___________ ___________.
  • Answer: funding deficiencies