CGFO Grant Management & Federal Compliance 3

Question 1

What does the Federal Funding Accountability and Transparency Act (FFATA) primarily require regarding federal award information?

Accepted Answer

Public disclosure of federal award data on a publicly accessible website such as USASpending.gov

Answer

Annual independent audits of all federal expenditures by certified public accountants

Answer

Direct quarterly reporting of subrecipient activities to the relevant congressional committees

Answer

Submission of detailed indirect cost rate calculations to the Office of Management and Budget

Question 2

What is the primary purpose of a cost allocation plan in governmental grant management?

Accepted Answer

To distribute shared costs equitably among multiple programs or funding sources on a reasonable basis

Answer

To determine which employees are eligible to be charged to federal grant-funded positions

Answer

To establish the maximum allowable federal funding for each individual program

Answer

To document and track all prior approval requests submitted to federal awarding agencies

Question 3

Under 2 CFR Part 200, which of the following budget changes typically requires prior written approval from the federal awarding agency?

Accepted Answer

Transferring funds between direct cost categories when the cumulative transfers exceed 10% of the total award budget

Answer

Hiring replacement staff within approved budget categories at similar salary levels

Answer

Purchasing office supplies that were budgeted and approved in the original grant application

Answer

Attending a professional development conference directly relevant to the grant program

Question 4

What is the primary function of the Federal Audit Clearinghouse (FAC)?

Accepted Answer

To collect, maintain, and disseminate single audit reporting packages for use by federal oversight agencies

Answer

To conduct on-site audits of federal grantees on behalf of federal awarding agencies

Answer

To negotiate indirect cost rate agreements with state and local governments

Answer

To review and approve grant applications submitted to federal awarding agencies

Question 5

Under 2 CFR Part 200, how are 'major programs' determined for a single audit?

Accepted Answer

Using a risk-based approach that considers expenditure levels and risk factors including prior audit findings

Answer

Based solely on the total number of different federal programs administered by the entity

Answer

Based on whether the program has been formally designated as high-risk by an act of Congress

Answer

Based on dollar thresholds established individually by each federal awarding agency

Question 6

Under 2 CFR Part 200, what is a 'significant deficiency' in internal control over compliance?

Accepted Answer

A deficiency less severe than a material weakness but important enough to merit attention by those charged with governance

Answer

A deficiency that is more severe and pervasive than a material weakness

Answer

Any audit finding that results in questioned costs exceeding a $25,000 threshold

Answer

A deficiency in financial statement reporting that results in a modified or qualified audit opinion

Question 7

Under 2 CFR Part 200, what is the standard per-unit acquisition cost threshold used to define 'equipment' for federal grant management purposes?

Accepted Answer

Items with an acquisition cost of $5,000 or more and a useful life exceeding one year

Answer

Items with an acquisition cost of $1,000 or more and a useful life exceeding one year

Answer

Items with an acquisition cost of $2,500 or more regardless of useful life

Answer

Items with an acquisition cost of $10,000 or more and a useful life exceeding two years