CPI Project Management & Funding 2

Question 1

A PI needs to purchase equipment costing $6,000 using federal grant funds. Which cost category does this item most likely fall under according to federal guidelines?

Accepted Answer

Direct cost — supplies

Answer

Under federal guidelines (2 CFR 200), equipment is defined as items costing $5,000 or more; items below that threshold are typically classified as supplies under direct costs.

Question 2

An NIH-funded PI wants to rebudget 30% of the total award from personnel to equipment. What action is required?

Accepted Answer

Submit a prior approval request to NIH

Answer

NIH requires prior approval when rebudgeting exceeds 25% of the total award, as this is considered a significant budget revision.

Question 3

Which document outlines the percentage of time a PI and key personnel commit to an NIH-funded project?

Accepted Answer

Budget justification

Answer

The budget justification details each person's effort as a percentage of their total work time (person-months) committed to the project.

Question 4

A PI's grant year ends in 60 days and funds remain unspent due to a site delay. What is the most appropriate first step?

Accepted Answer

Request a no-cost extension from the sponsor

Answer

A no-cost extension allows the PI to continue the project beyond the original end date without additional funds, resolving delays due to legitimate circumstances.

Question 5

Under 2 CFR 200, which of the following costs is explicitly unallowable on a federal grant?

Accepted Answer

Alcoholic beverages for a project-related dinner

Answer

2 CFR 200.423 explicitly lists alcoholic beverages as unallowable costs on federal awards.

(CPI) Certified Principal Investigator Practice Test

(CPI) Certified Principal Investigator Practice Test

CPI Project Management & Funding 2