Financial Management & Reporting Flashcards
7 cards from real CGA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Financial Management & Reporting flashcards as text
What is the maximum period a non-federal entity may retain program income after the end of the project period under the 'deductive' method?
Answer: Program income must be deducted from total allowable costs before drawing down federal funds
Under the deductive method, program income is subtracted from total allowable costs, reducing the net amount of federal funds that can be drawn down.
Which account must a grantee use to deposit and disburse federal award funds, per cash management requirements?
Answer: An interest-bearing account with interest remitted above $500
2 CFR §200.305 requires federal funds to be held in interest-bearing accounts; interest earned above $500 per year must be remitted to the federal government.
A grantee's negotiated indirect cost rate agreement (NICRA) specifies a rate of 28%. If direct costs are $200,000, what is the total indirect cost charge?
Answer: $56,000
28% of $200,000 in direct costs equals $56,000 in indirect costs charged to the grant.
An organization that has never had a federally negotiated indirect cost rate may elect to use which simplified option under 2 CFR Part 200?
Answer: The de minimis rate of 10% of modified total direct costs (MTDC)
Per 2 CFR §200.414(f), organizations without a negotiated rate may use the de minimis indirect cost rate of 10% of MTDC indefinitely.
Modified Total Direct Costs (MTDC) excludes which of the following from the indirect cost base?
Answer: Equipment, capital expenditures, and subawards exceeding $25,000
2 CFR §200.1 defines MTDC as excluding equipment, capital expenditures, patient care charges, rental costs, tuition, and subawards/subcontracts beyond the first $25,000.
During a desk review, the program officer notices that grant expenditures exceed the budgeted amount in the personnel line by 18%. What should the grantee have done proactively?
Answer: Obtained prior written approval for a budget revision from the awarding agency
Budget line overruns exceeding the agency's threshold (commonly 10%) require prior written approval for a budget revision before the expenditure occurs.
What is the standard federal grant closeout period during which a grantee must submit all required reports?
Answer: 90 calendar days after the end of the period of performance
Per 2 CFR §200.344, non-federal entities must submit all final reports within 90 calendar days after the end date of the period of performance.