GPC Financial Management & Budgeting 2

Question 1

What is the primary purpose of a Single Audit for organizations receiving federal funds?

Accepted Answer

To examine an organization's financial statements and federal award compliance

Answer

A Single Audit examines an organization's financial statements and its compliance with requirements of federal programs when expenditures exceed $750,000.

Question 2

At what dollar threshold of annual federal expenditures does an organization become subject to a Single Audit under 2 CFR Part 200?

Accepted Answer

$750,000

Answer

Under the Uniform Guidance, non-federal entities that expend $750,000 or more in federal awards during a fiscal year must undergo a Single Audit.

Question 3

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

Accepted Answer

A financial schedule detailing all federal grant expenditures during the audit fiscal year

Answer

The SEFA is a required financial schedule listing all federal awards expended during the audit period, organized by federal program and CFDA/ALN number.

Question 4

What is 'drawdown' in the context of federal grant financial management?

Accepted Answer

The act of requesting and receiving grant funds from the awarding agency

Answer

Drawdown is the process by which a grantee requests and receives payment of grant funds from the federal awarding agency, typically through an electronic payment system.

Question 5

Which financial document shows the comparison between budgeted and actual grant expenditures?

Accepted Answer

Budget vs. actual variance report

Answer

A budget vs. actual variance report compares planned expenditures with actual spending, highlighting deviations that may require corrective action.

GPC - Grant Professionals Certification Practice Test

GPC - Grant Professionals Certification Practice Test

GPC Financial Management & Budgeting 2