Grant Writing FREE Grant Writing Post-Award Management and Reporting Questions and Answers 2 — Questions and Answers
Question 1: Which federal system is primarily used to submit financial reports for grants awarded by U.S. federal agencies?
- Federal Financial Report (SF-425) (Correct answer)
- Standard Form 270
- OMB Circular A-133
- DUNS Registration Portal
Correct answer: Federal Financial Report (SF-425)
The SF-425 (Federal Financial Report) is the standard form used to report financial status on federally funded grants.
Question 2: What is the primary purpose of a grant closeout process?
- To ensure all administrative, financial, and programmatic requirements are fulfilled before the grant period ends (Correct answer)
- To apply for a no-cost extension
- To reallocate unspent funds to a new project
- To submit a new grant proposal to the same funder
Correct answer: To ensure all administrative, financial, and programmatic requirements are fulfilled before the grant period ends
Grant closeout ensures all obligations are met, final reports are submitted, and remaining funds are properly reconciled before officially ending the award.
Question 3: A grantee discovers that actual expenditures will exceed the approved budget by 15%. What should they do first?
- Request a formal budget modification from the funding agency (Correct answer)
- Spend the additional funds and report the overage in the final report
- Transfer funds from another active grant
- Reduce project scope without notifying the funder
Correct answer: Request a formal budget modification from the funding agency
Budget overruns exceeding the approved threshold require prior written approval through a formal budget modification request to the funding agency.
Question 4: What does the term 'cost sharing' refer to in post-award grant management?
- The portion of project costs not paid by the federal award that the grantee commits to cover (Correct answer)
- Splitting indirect costs between two federal agencies
- Dividing grant funds equally among sub-awardees
- Sharing office space costs with another funded organization
Correct answer: The portion of project costs not paid by the federal award that the grantee commits to cover
Cost sharing refers to the grantee's contribution of resources toward total project costs beyond what the federal award covers.
Question 5: Which type of audit is required for non-federal entities that expend $750,000 or more in federal awards during a fiscal year?
- Single Audit under 2 CFR Part 200 (Correct answer)
- Internal departmental review
- Grant-specific program audit only
- State comptroller certification
Correct answer: Single Audit under 2 CFR Part 200
Under the Uniform Guidance (2 CFR Part 200), non-federal entities spending $750,000 or more in federal funds must undergo a Single Audit.
Question 6: What is the main risk of failing to submit required progress reports on time?
- The funding agency may withhold future payments or suspend the award (Correct answer)
- The grant is automatically renewed for another cycle
- The grantee receives a warning with no financial consequences
- The project timeline is automatically extended
Correct answer: The funding agency may withhold future payments or suspend the award
Late or missing progress reports can result in payment holds, award suspension, or even termination by the funding agency.
Grant Writing FREE Grant Writing Post-Award Management and Reporting Questions and Answers 2
Which federal system is primarily used to submit financial reports for grants awarded by U.S. federal agencies?