Grant Submission and Compliance Flashcards
6 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 6 Grant Submission and Compliance flashcards as text
What is a 'single audit' (A-133 audit) and when is it required?
Answer: An independent audit required when a non-federal entity expends $750,000 or more in federal funds in a year
A single audit (formerly A-133) is an independent examination required for non-federal entities that spend $750,000 or more in federal awards within a fiscal year.
What does 'allowable costs' mean in the context of federal grant budgeting?
Answer: Expenses that are permitted under the funder's guidelines and federal cost principles
Allowable costs are expenses that meet federal and funder criteria for being necessary, reasonable, allocable, and compliant with applicable regulations.
Why must grant expenditures be documented with source documentation?
Answer: To prove costs were actually incurred and are allowable during audits or funder reviews
Source documentation such as invoices, receipts, and payroll records provides the audit trail that verifies all grant expenditures were legitimate and compliant.
What is 'program income' in a federally funded grant?
Answer: Gross income earned by the grantee that is directly generated by the grant-supported activity
Program income is revenue generated directly from grant-supported activities, such as registration fees for a grant-funded training, and must be reported and used according to funder rules.
What is a 'no-cost extension' in grant management?
Answer: An approved extension of the grant period without additional funding to allow completion of project activities
A no-cost extension gives the grantee additional time to complete project activities using already-awarded funds, without requiring additional money from the funder.
What is the purpose of a grant closeout process?
Answer: To formally complete all administrative and financial obligations at the end of a grant period
Grant closeout involves submitting final reports, returning unspent funds if required, reconciling financial records, and ensuring all grant obligations are fulfilled.