Grant Budget Formulation Flashcards
7 cards from real Grant Writing practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Grant Budget Formulation flashcards as text
Which term describes the grant funds actually spent or obligated during a budget period?
Answer: Expenditures
Expenditures are the actual outlays or obligations of grant funds charged to the award within the approved budget period.
A subrecipient is best described as:
Answer: An entity that receives a portion of the grant award to carry out part of the project's scope of work
A subrecipient receives a subaward and is responsible for programmatic decision-making; this differs from a contractor/vendor who provides goods or services for a set price.
Why is it important to use actual, documented fringe benefit rates rather than estimated percentages in a grant budget?
Answer: Accurate rates prevent over- or under-budgeting and reduce audit risk
Using negotiated or actual institutional fringe rates ensures the budget accurately reflects true labor costs and withstands funder and auditor scrutiny.
Which of the following is an example of an in-kind match contribution?
Answer: Donated volunteer hours valued at the volunteer's professional rate
In-kind contributions include non-cash inputs like volunteer time, donated space, or equipment; they must be valued fairly and documented.
What is a 'no-cost extension' (NCE) in grant management?
Answer: An approved extension of the project period without additional federal funds
A no-cost extension allows the grantee more time to complete project activities using remaining funds without receiving new money from the funder.
When calculating travel costs for a federal grant budget, the most appropriate basis is:
Answer: Actual costs or federal per diem rates, whichever is lower
Federal guidelines require travel costs to be reasonable and consistent with organizational policy, generally at coach/economy rates and within GSA per diem limits.
Which document sets the federally negotiated indirect cost rate for a university or nonprofit?
Answer: The Negotiated Indirect Cost Rate Agreement (NICRA)
A NICRA is a formal agreement between the organization and its cognizant federal agency establishing the approved indirect cost rate and base.