THE BIGGEST WINNER FISCAL EDITION

Test Your Fiscal Fitness Fiscal Basics Property & Facilities Cost Allocation Nonfederal Share Records & Reports

Records and Reports 5 Points The governing body and policy council of a grantee must receive financial reports at least how often? Answer: once a month. Answer

Records and Reports 10 Points The federal financial report of cash outlays and expenditures required of all grantees is commonly referred to as the SF-_____. Answer: SF-425. Answer

Records and Reports 15 Points Invoices, receipts, checks, purchase orders, contracts, time sheets and deposit slips are examples of ______ _________. Answer: source documents Answer

Records and Reports 20 Points Contracts for goods and services must adequately describe the parties’ responsibilities and be ____, _______ and _______. Answer: signed, dated and current Answer

Records and Reports 25 Points The three types of documentation required to support employee compensation are: _______, ______ and ______. Answer: time sheets, payroll records and personnel activity reports Answer

Fiscal Basics 5 Points The _____________ ___________ of a grantee is fiscally and legally responsible for overseeing programs, including the safeguarding of federal funds. Answer: governing body Answer

Fiscal Basics 10 Points Written _________ procedures insure that goods and services are purchased through free and open competition. Answer: procurement Answer

Fiscal Basics 15 Points A ___________ to ____________ comparison of expenditures is used by programs to test the accuracy of its cost assumptions. Answer: budgeted to actual Answer

Fiscal Basics 20 Points Protecting grant funds by insuring that the same person does not review, authorize and pay invoices is part of what fiscal process? Answer: internal controls Answer

Fiscal Basics 25 Points The annual _________________ is a rigorous organization-wide external review of the financial management and compliance of a grantee. Answer: OMB A-133 audit Answer

Property & Facilities 5 Points A detailed inventory of equipment including description, identification number, source, including award number, federal share, acquisition date, cost, location and condition must be taken and reconciled with equipment records every _____ years. Answer: two Answer

Property & Facilities 10 Points Head Start-specific regulations applicable to facilities activities funded in whole or in part with grant funds are found at ___ CFR ______. Answer: 45 CFR 1309 Answer

Property & Facilities 15 Points For most facilities activities a notice of federal interest protecting the federal funds used for the facilities activity must be filed in __________________. Answer: the appropriate official records for the jurisdiction where a facility is or will be located Answer

Property & Facilities 20 Points Facilities activities covered by 45 CFR 1309 include ___________, _________ and ______________ funded in whole or in part with Head Start grant funds. Answer: purchase, construction and major renovation Answer

Property & Facilities 25 Points All facilities activity records must be retained for the period of ownership (or occupancy, in the case of leased facilities) plus _____ years. Answer: three Answer

Nonfederal Share 5 Points If a grantee without a waiver receives $1,000,000 in federal Head Start or Early Head Start grant funds, the nonfederal share of the total grant award is _____________. Answer: $250,000 Answer

Nonfederal Share 10 Points All grant charges and expenditures, whether federal or nonfederal (in-kind) must meet general cost principles of _____________, _____________ and _______________. Answer: reasonable, necessary and allocable Answer

Nonfederal Share 15 Points A common basis for disallowance of claimed nonfederal share which otherwise meets the cost principles is lack of adequate _______________. Answer: documentation Answer

Nonfederal Share 20 Points Lack of community resources, initial program expenses, unanticipated cost increases, disaster and community impact of program loss are bases for a ____________ of nonfederal share. Answer: waiver Answer

Nonfederal Share 25 Points Rebates are classified as ____________ ___________ under the cost principles and cannot be claimed as nonfederal share. Answer: applicable credits Answer

Cost Allocation 5 Points The method used by a program to insure that shared costs are charged to grants and programs in accordance with the benefit received is called a ______ ___________ ______. Answer: cost allocation plan Answer

Cost Allocation 10 Points Three types of costs which are commonly shared in programs with multiple funding sources are ________, _________ and _________. Answer: employees, facilities and equipment Answer

Cost Allocation 15 Points _________ costs are necessary to the overall operation of the organization, although a relationship to a particular program or cost objective cannot be shown. Answer: Indirect Answer

Cost Allocation 20 Points A grantee with multiple funding sources is not required to allocate indirect costs if it has a ____________ _________ _______ _______. Answer: negotiated indirect cost rate Answer

Cost Allocation 25 Points It is never acceptable to shift costs from one funding source to another to overcome ___________ ___________. Answer: funding deficiencies Answer