THE BIGGEST WINNER FISCAL EDITION

Test Your Fiscal Fitness

Propert Cost Nonfede Records Fiscal y& Allocati ral & Basics Facilitie on Share Reports s

5 10 15 20

5 10 15 20

5 10 15 20

5 10 15 20

5 10 15 20

Records and Reports 5 Points

The governing body and policy council of a grantee must receive financial reports at least ho often! Ans er" monthly

Records and Reports 10 Points

Financial reports to the governing body and policy council must include information on ########## ####### e$penditures% Ans er" credit card%

Records and Reports 15 Points

&nvoices' receipts' chec(s' purchase orders' contracts' time sheets and deposit slips are e$amples of ###### #########% Ans er" source documents

Records and Reports 20 Points

Contracts for goods and services must ade)uately describe the parties* responsibilities and be ####' ####### and #######% Ans er" signed' dated and current

Records and Reports 25 Points

The three areas of documentation re)uired to support personnel compensation are" #######' ###### and ######% Ans er" time sheets' payroll records and personnel activity reports

Fiscal Basics 5 Points

The ############# ########### of a grantee is fiscally and legally responsible for overseeing programs' including the safeguarding of federal funds% Ans er" governing body

Fiscal Basics 10 Points

Procedures for ############## must be ritten and ma(e sure that goods and services are purchased through free and open competition% Ans er" procurement of goods and services

Fiscal Basics 15 Points

A ########### to ############## comparison of e$penditures is used by programs to test the accuracy of its cost assumptions% Ans er" budgeted to actual

Fiscal Basics 20 Points

Protecting grant funds by insuring that the same person does not revie ' authori+e and pay invoices is part of hat fiscal process! Ans er" internal controls

Fiscal Basics 25 Points

The annual ################# is a rigorous organi+ation, ide e$ternal revie of the financial management and program compliance of a grantee% Ans er" -.B A,/00 audit

Property & Facilities 5 Points

A detailed inventory of e)uipment including description' identification number' source' including a ard number' federal share' ac)uisition date' cost' location and condition must be ta(en and reconciled ith e)uipment records every ##### years% Ans er" t o

Property & Facilities 10 Points

1ead Start,specific regulations applicable to facilities activities funded in hole or in part ith grant funds are found at ### CFR ######% Ans er" 23 CFR /045

Property & Facilities 15 Points

A ############### must be filed in the appropriate official records hen facilities activities are underta(en ith federal grant funds% Ans er" notice of federal interest

Property & Facilities 20 Points

Facilities activities covered by 23 CFR /045 include ###########' ######### and ############## funded in hole or in part ith 1ead Start grant funds% Ans er" purchase' construction and ma6or renovation

Property & Facilities 25 Points

All facilities activity records must be retained for the period of o nership 7or occupancy' in the case of leased facilities8 plus ##### years% Ans er" three

Nonfederal Share 5 Points

&f a grantee ithout a aiver receives 9/'444'444 in federal 1ead Start or :arly 1ead Start grant funds' the nonfederal share of the total grant a ard is #############% Ans er" 9;34'444

Nonfederal Share 10 Points

All grant charges and e$penditures' hether federal or nonfederal 7in, (ind8 must meet general cost principles of #############' ############# and ###############% Ans er" reasonable' necessary and allocable

Nonfederal Share 15 Points

A common basis for disallo ance of claimed nonfederal share hich other ise meets the cost principles is lac( of ade)uate ###############% Ans er" documentation

Nonfederal Share 20 Points

<ac( of community resources' initial program e$penses' unanticipated cost increases' disaster and community impact of program loss are bases for a ############ of nonfederal share% Ans er" aiver

Nonfederal Share 25 Points

Rebates are classified as ############ ########### under the cost principles and cannot be claimed as nonfederal share% Ans er" applicable credits

Cost Allocation 5 Points

The method used by a program to insure that shared costs are charged to grants and programs in accordance ith the benefit received is called a ###### ########### ######% Ans er" cost allocation plan

Cost Allocation 10 Points

A ######## ####### ######## is an after,the,fact record of employee time associated ith benefitted programs% Ans er" personnel activity report

Cost Allocation 15 Points

######### costs are necessary to the overall operation of the organi+ation' although a relationship to a particular program or cost ob6ective cannot be sho n% Ans er" &ndirect

Cost Allocation 20 Points

A grantee ith multiple funding sources is not re)uired to allocate indirect costs if it has a ############ ######### ####### #######% Ans er" negotiated indirect cost rate

Cost Allocation 25 Points

&t is never acceptable to shift costs from one funding source to another to overcome ########### ###########% Ans er" funding deficiencies

Bonus Question 25 Points

Charges to the grant a ard for related party leases and capital leases are limited to ####### or ### #########% Ans er" depreciation or use allo ance