THE BIGGEST WINNER FISCAL EDITION

THE BIGGEST WINNERFISCAL EDITION

Test YourFiscal Fitness

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 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 Reports15 Points • Invoices, receipts, checks, purchase orders, contracts, time sheets and deposit slips are examples of ______ _________. • Answer: source documents

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 Reports25 Points • The three types of documentation required to support employee compensation are: _______, ______ and ______. • Answer: time sheets, payroll records and personnel activity reports

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 Basics10 Points • Written _________ procedures insure that goods and services are purchased through free and open competition. • Answer: procurement

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 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 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 & 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 & 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 & 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 & 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 & 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 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 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 Share15 Points • A common basis for disallowance of claimed nonfederal share which otherwise meets the cost principles is lack of adequate _______________. • Answer: documentation

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 Share25 Points • Rebates are classified as ____________ ___________ under the cost principles and cannot be claimed as nonfederal share. • Answer: applicable credits

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 Allocation10 Points • Three types of costs which are commonly shared in programs with multiple funding sources are ________, _________ and _________. • Answer: employees, facilities and equipment

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 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 Allocation25 Points • It is never acceptable to shift costs from one funding source to another to overcome ___________ ___________. • Answer: funding deficiencies

THE BIGGEST WINNER FISCAL EDITION