Post-Award Administration & Grant Closeout Flashcards
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Read the first 7 Post-Award Administration & Grant Closeout flashcards as text
Under 2 CFR 200.344, within how many calendar days after the period of performance end date must a non-federal entity submit all final reports for a federal award?
Answer: 90 days
2 CFR 200.344(a) requires non-federal entities to submit all final reports (financial, performance, and other) within 90 calendar days after the end date of the period of performance.
How long must a non-federal entity generally retain financial records and supporting documentation related to a federal award per 2 CFR 200.334?
Answer: 3 years after the date of submission of the final expenditure report
Per 2 CFR 200.334, financial records and supporting documents must be retained for 3 years from the date the final expenditure report is submitted to the awarding agency.
At grant closeout, what must happen to unexpended federal award funds that the grantee has not spent for approved purposes?
Answer: They must be returned (refunded) to the federal awarding agency
Unexpended federal funds remaining at closeout must be returned to the federal awarding agency; grantees cannot retain unspent federal money for other purposes.
Equipment purchased with federal grant funds with a current per-unit fair market value exceeding $5,000 at the time of closeout is subject to:
Answer: The equipment disposition requirements under 2 CFR 200.313
Under 2 CFR 200.313, equipment with a current fair market value exceeding $5,000 at closeout is subject to specific disposition requirements, which may include compensating the awarding agency for the federal interest in the asset.
A grantee discovers it was overpaid by $15,000 due to a federal agency calculation error after the grant was closed. What is the grantee's obligation?
Answer: Promptly refund the overpayment to the federal awarding agency
Regardless of who caused the error, grantees are legally obligated to return any overpayment or funds received in excess of allowable costs to the federal awarding agency.
Which of the following BEST describes 'liquidating obligations' during grant closeout?
Answer: Paying all costs that were incurred and obligated during the performance period but have not yet been paid
Liquidating obligations means paying all accounts payable and financial commitments that were legally incurred (obligated) during the performance period before submitting the final financial report.
After receipt and acceptance of all required final reports, within what timeframe must a federal awarding agency complete all closeout actions per 2 CFR 200.344(b)?
Answer: 1 year
Per 2 CFR 200.344(b), the federal awarding agency must complete all closeout actions no later than one year after receipt and acceptance of all required final reports.