Grants Management Test for Institutions of Higher Education and Nonprofit Organizations

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Grants Management Test for Institutions of Higher
Education and Nonprofit Organizations
Tiffany R. Winters, Esq. Erin Auerbach,
Esq. twinters_at_bruman.com eauerbach_at_bruman.com Bru
stein Manasevit, PLLC Fall Forum 2011
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Grants Management Test

• Welcome Class!
• Please put all your books away
• You have 10 minutes to complete your 30 question
  pop quiz!

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Question 1
EDGAR Plus Book 34 C.F.R. 74.21, page 9

• In order to receive Federal funds, grantees and
  subgrantees must implement financial management
  systems that
• Include budget controls, such as routinely
  reconciling actual expenditures to budgeted
  amounts.
• Are capable of producing accurate, current and
  reliable financial reports.
• Include detailed accounting records that show the
  source and application of Federal funds.
• All of the above.

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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.
• True
• False

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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.
• True
• False

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Question 4
EDGAR Plus Book OMB Circular A-133
__.210(b)(5), page 358

• A subgrant is different from a contract because
• A subgrant provides goods and services that are
  ancillary to the operation of the Federal
  program.
• A subgrant uses the Federal funds to carry out a
  program as compared to providing goods or
  services for a program.
• A subgrant is not subject to compliance
  requirements of the Federal program.
• A subgrant and a contract are the same.

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Question 5
EDGAR Plus Book Part 74 Table of Contents, page 3

• The major systems in grants management are
• Procurement, Data Reporting, and Contracting.
• Inventory Management, Procurement, and Financial
  Management.
• Data Reporting, Financial Management, and
  Inventory Management.
• Inventory Management, Assessment/Evaluation, and
  Financial Management.

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Question 6
EDGAR Plus Book OMB Circular A-133, __.105,
page 355

• The goal of an internal control is to ensure
• Efficiency of operations.
• Reliability of financial reporting.
• Compliance with applicable laws.
• All of the above.

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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
• Necessary and reasonable.
• Allocable to the Federal grant award.
• Subtract applicable credits.
• All of the above.

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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
• It is on sale.
• It does not cause the grantee or subgrantee to
  exceed its total Federal allocation.
• It does not exceed the cost that would be
  incurred by a prudent person under similar
  circumstances.
• None of the above.

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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
• The cost of the goods or services is
  proportionate to the benefits received by the
  grant.
• At least 50 of the goods or services will
  directly benefit the grant.
• The goods or services, in any way, benefit the
  grant objectives.
• The cost of the goods or services was included in
  the budget proposal.

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Question 10
EDGAR Plus Book 34 C.F.R. 74.28, page 15

• A grantee/subgrantee must obligate all Federal
  funds
• Within the statute of limitations.
• By the end of the period of availability.
• As soon as possible.
• None of the above.

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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
• Monthly
• Daily
• Every six months
• Weekly

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Question 12
EDGAR Plus Book 34 C.F.R. 74.24, page 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.
• True
• False

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Question 13
EDGAR Plus Book 34 C.F.R. 74.24, page 12

• When postsecondary institutions or non-profits
  generate program income in a Federal education
  program, they can use the program income as
  follows
• Add the program income to the program budget that
  earned the income.
• Use the program income to finance the non-Federal
  share of the program.
• Deduct the program income, after costs, from the
  program award.
• All of the above.

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Question 14
EDGAR Plus Book Table of Contents, page iii OMB
Circular A-21, page 233

• Postsecondary institutions are subject to
• OMB Circular A-21
• OMB Circular A-87
• OMB Circular A-122
• All of the above

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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
• Weekly
• Monthly
• Semi-annually
• None of the above

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Question 16
EDGAR Plus Book 34 C.F.R. 74.25, page 13

• Grantees and subgrantees dont have to reconcile
  actual expenditures to budgeted amounts, since
  the budgeted amounts are not based on the actual
  expenditures and are only estimates.
• True
• False

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Question 17
EDGAR Plus Book OMB Circular A-87, Part B(8),
page 290

• Contracts supported with Federal funds must be in
  writing.
• True
• False

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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.
• True
• False

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Question 19
EDGAR Plus Book 34 C.F.R. 74.34(f)(3), page 17

• A physical inventory of all equipment must be
  taken
• Yearly
• Once every two years
• Once every six months
• Whenever you feel like it

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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
• Simply remove it off the inventory list.
• Buy a new piece of equipment quickly.
• Interview every staff member until one confesses
  to the theft.
• Investigate.

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Question 21
EDGAR Plus Book 34 C.F.R. 76.707, page 87

• An airplane ticket for a business conference
  obligates to the Federal grant award
• On the date the subgrantee decides to make travel
  arrangements.
• On the date the travel arrangements are booked
  and seat assignments are confirmed.
• On the date the travel arrangements are paid in
  full.
• On the date the traveler takes the flight to the
  destination.

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Question 22
EDGAR Plus Book 34 C.F.R. 76.707, page 87

• Expenditures for services performed by a
  contractor are obligated to the Federal grant
  award
• On the date that the services are performed.
• On the date that the grantee/subgrantee receives
  the invoice.
• On the date that the subgrantee signs the
  contract for services.
• At any point during the period of availability.

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Question 23
EDGAR Plus Book 34 C.F.R. 74.42, page 19

• 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
• Me (an employee of the grantee).
• My son/daughter.
• My husband/wifes company is selected.
• All of the above.

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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?
• Receipts for actual travel.
• Copy of contracts for services performed.
• Payroll registers.
• All of the above.

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Question 25
EDGAR Plus Book 34 C.F.R. 76.707, page 87

• Expenditures on services performed by an employee
  of a grantee/subgrantee are obligated to the
  Federal award
• On the date when the subgrantee signs the
  contract to obtain the services.
• On the date that the services are performed.
• On the date the employee signs the time and
  effort certification.
• On the date the employee is paid for the
  services.

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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
• Dinner (without any alcoholic beverages)
• Hotel room
• Mileage costs
• A ticket to a movie

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Question 27
EDGAR Plus Book 34 C.F.R. 74.43, page 20

• A grantee/subgrantee can sole source a contract
  as long as the vendor does a good job.
• True
• False

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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.
• True
• False

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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.
• True
• False

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Question 30
EDGAR Plus Book 34 C.F.R. 81.31(c), page 134

• Grantees and subgrantees should retain their
  records for
• 1 year from the date of obligation.
• 3 years from the date of obligation.
• 5 years from the date of obligation.
• 10 years from the date of obligation.

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The End!What Grade Did You Get??

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  particular circumstances.