CGMS Exam Rated A+ Guarantee Pass

CGMS Exam Rated A+ Guarantee Pass 2 CFR Subtitle B - Answer- Each federal grant-making agency adapted/modified 2 CFR 200 regulations and republished their adapted versions under Subtitle B: Federal Agency Regulations for Grants & Agreements 3 categories of objectives (internal control) - Answer- *Operations: effectiveness & efficiency of operations *Reporting: reliability of reporting for internal/external use *Compliance: compliance with laws and regs 3 procurement categories and $ thresholds - Answer- 1. informal (at or below $250k) 2. formal (above $250k) 3. noncompetitive 3 systems for grants management (FP3) - Answer- (1) financial & performance (2) procurement (3) property management 4 grant closeout reports - Answer- *Performance *FFR (SF-425) Tangible Property (SF-428B) Real Property (SF-429B) 5 components of internal control - Answer- 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring 5 methods of procurement - Answer- 1. Micro-purchases (informal) 2. Small purchases (informal) 3. Sealed bids (formal) 4. Proposals (formal) 5. Noncompetitive Abuse - Answer- misusing one's position of authority Accounting Standards (FASB, GASB, FASAB) - Answer- * FASB: Financial Accounting Standards Board (private and nonprofit) * GASB: Government Accounting Standards Board (state & local govs) FASAB: Federal Accounting Standards Advisory Board (federal agencies) Addition method for program income - Answer- non-federal entity adds program income to the federal award Allocable (3) - Answer- * cost specific to federal award * benefits both federal award and other work of NFE & can be distributed in proportions that may be approximated using reasonable methods * necessary to overall NFE operations Allowability of costs (3 - RAN) - Answer- * Reasonable * Allocable to federal awards * Necessary Allowability of costs/cost principles (8) - Answer- * necessary and reasonable for performance of award * allocable to the federal award * consistent with policies & procedures of recipient * consistent treatment * determined in accordance with Generally Accepted Accounting Principles (GAAP) * not used for cost sharing/matching * adequately documented * incurred during budget period Annual report must be submitted... - Answer- no later than 90 calendar days after the required reporting period Authorizing Statue vs Appropriations Law - Answer- Authorizing Statute is underlying authority for grants to be awarded; actual funding provided by Congress is made through appropriations law (appropriations acts are signed into law by the president) Cash Management Improvement Act (CMIA) - Answer- Allows for late liquidation of financial obligations by NFEs at discretion of federal awarding agency Circular A-87 - Answer- This Circular establishes principles and standards for determining costs for Federal awards carried out through grants, cost reimbursement contracts, and other agreements with State and local governments and federally recognized Indian tribal governments (governmental units). * Replaced by OMB Uniform Guidance Cognizant Agency for Audit Responsibilities - Answer- Federal awarding agency that provides predominant amount of direct funding to NFE expending more than $50 million in federal awards, or as determined by the OMB. Committee of Sponsoring Organizations of the Treadway Commission (COSO) - Answer- 5 private sector organizations; mission to provide thought leadership through development of frameworks & guidance on enterprise risk management, internal control, and fraud deterrence Control Activities (6 areas) - Answer- Policies & procedures that guide activities to ensure management's directives are carried out: (1) authorization & approval procedures, (2) segregation of duties, (3) verifications, (4) reconciliations, (5) performance review, (6) supervision COSO definition of fraudulent financial reporting - Answer- intentional or reckless conduct, whether by act or omission, that results in materially misleading financial statements COSO's purpose - Answer- minimize fraudulent financial reporting practices Deduction method for program income - Answer- deducted from total allowable costs in order to determine the net allowable costs applicable to the program Disposition when over $5,000 in unused supplies (in the aggregate) - Answer- Recipient remains responsible for awarding agency's share (the federal share). Sell and compensate agency. Grantee can keep $500 or 10% (whichever is less) for selling/handling expenses. NFE may also keep supplies for another federally funded project. Exempt property - Answer- Property acquired under a Federal award where the awarding agency vests title to the property to the non-Federal entity without further responsibility to the Government (2CFR 200.312) False Claims Act - Answer- Allows employees to sue employers on behalf of federal government for fraud (qui tam suit/action). Employee retains share of recovery (10 to 30%) False Claims Act - knowledge of false information (3) - Answer- 1. actual knowledge 2. deliberate ignorance of truth 3. reckless disregard of truth False Claims Act - liability - Answer- treble damages and penalties (ranging from $5,500 to $11k) for EACH false claim Federal Acquisition Regulations (FAR) - Answer- contracts awarded directly by federal agencies are governed by FAR Federal Awardee Performance and Integrity Information System (FAPIIS) - Answer- Web-based tool that is used to improve government's ability to evaluate business ethics & performance quality of prospective grant recipients and contractors (agencies must use for grants $250,000) Federal Financial Assistance Management Improvement Act (FFAMIA) - Answer- required Office of Management and Budget (OMB) to streamline the federal grant reporting process