CGFO Grant Management & Federal Compliance

Question 1

What federal regulation primarily governs the administrative requirements, cost principles, and audit requirements for federal awards to non-federal entities?

Accepted Answer

2 CFR Part 200 (Uniform Guidance)

Answer

OMB Circular A-133

Answer

31 USC Section 1301

Answer

GAO Yellow Book Standards

Question 2

Under 2 CFR Part 200, what is the annual federal expenditure threshold that triggers a Single Audit requirement?

Accepted Answer

$750,000 in federal expenditures

Answer

$500,000 in federal expenditures

Answer

$1,000,000 in federal expenditures

Answer

$250,000 in federal expenditures

Question 3

What is the primary purpose of the Schedule of Expenditures of Federal Awards (SEFA)?

Accepted Answer

To list all federal awards expended during the fiscal year for single audit purposes

Answer

To request reimbursement from federal agencies

Answer

To document indirect cost rate calculations

Answer

To report program income earned from federal grants

Question 4

Under Uniform Guidance, which of the following is NOT one of the basic criteria required for a cost to be allowable under a federal award?

Accepted Answer

The cost must receive prior written approval from the federal agency

Answer

The cost must be reasonable

Answer

The cost must be allocable to the award

Answer

The cost must be consistently treated

Question 5

In federal grant management, what does the term 'allocable cost' mean?

Accepted Answer

A cost that benefits the federal award and can be assigned to it in reasonable proportion to the benefit received

Answer

A cost that has been explicitly approved in the grant budget narrative

Answer

A cost that falls entirely within the period of performance

Answer

A cost that does not exceed the established direct cost threshold

Question 6

What is the 'period of performance' in the context of a federal grant award?

Accepted Answer

The time period during which the recipient may incur new obligations to carry out authorized work

Answer

The timeframe during which the grantee must submit all required financial reports

Answer

The duration of subrecipient monitoring obligations after award closeout

Answer

The timeframe within which a single audit must be completed and submitted

Question 7

Under 2 CFR Part 200, which of the following best describes a 'subrecipient'?

Accepted Answer

A non-federal entity that receives a subaward from a pass-through entity to carry out part of a federal program

Answer

A vendor that provides goods or services under a competitive contract to a federal grantee

Answer

A federal agency that provides oversight and monitoring for grant compliance

Answer

An independent auditor engaged to review federal expenditures under a single audit