FREE Grant Writing Post-Award Management and Reporting Questions and Answers Flashcards

Which federal system is primarily used to submit financial reports for grants awarded by U.S. federal agencies?

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.

What is the primary purpose of a grant closeout process?

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.

A grantee discovers that actual expenditures will exceed the approved budget by 15%. What should they do first?

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.

What does the term 'cost sharing' refer to in post-award grant management?

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.

Which type of audit is required for non-federal entities that expend $750,000 or more in federal awards during a fiscal year?

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.

What is the main risk of failing to submit required progress reports on time?

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.