FCCA 274A EXAM COMPLETE
CERTIFICATION TEST WITH ACCURATE
ANSWERS
⩥ What is the time limit for FOIA? Appeals? Answer: Info must be
provided within 20 (working) days or 30 (working) days if extension
filed
Appeals 90 days after request denied
⩥ FOIA Exclusions, how many, what are they? Answer: 3:
Ongoing criminal law enforcement investigation
protection of informants,
protection of national security
⩥ FOIA Exemptions, how many, what are they? Answer: 9
Exemption 1- Classified National Security Information Concerning
National Defense or Foreign Policy
Exemption 2- Internal Personnel Rules and Practices of an Agency
Exemption 3- Matters specifically exempted from disclose by statute
Exemption 4- Trade Secrets and Confidential business information
Exemption 5- Internal Memoranda Privileges
Exemption 6- Personal Privacy such as medical files
,Exemption 7- Investigatory Files
Exemption 8- Records of Financial Institutions
Exemption 9- Geological and Geophysical Information
⩥ Privacy Act Answer: governs use of records maintained by fed govt
about private individuals which allows for individuals to sue govt
refusing to correct, amend or expunge incorrect information.
⩥ Exempt from privacy act: Answer: · Records maintained by CIA or
law enforcement agency
· Investigatory material used for law enforcement
· Records maintained in connection with providing protective services
by the US Secret Service
· Records required by statute to be maintained and used solely as
statistical records
· Investigatory materials used for federal employment military service,
federal contracts or access to classified information
· Testing or examination material used solely to be determined
individual qualifications for appointment or promotion in the federal
service
· Evaluation materials used to determine promotion in military service
In both acts grant recipients are generally exempt and only applies to
federal agencies
,⩥ For most organizations, an activity is unrelated business (and subject
to tax) if it meets what 3 requirements? Answer: It is a trade or business
(activity that produces income from selling goods or services, profit
motive).
It is regularly conducted.
It is not directly or substantially related to further the exempt
organization's purpose.
(except that conducting the trade or business provides funds to carry out
the exempt purpose)
⩥ What is Unrelated Business Income Tax (UBIT)? Answer: Taxes
collected on income from an activity that is not related to the tax-exempt
purpose of the organization (e.g. A university's Basketball ticket sales).
⩥ What amount of unrelated business income triggers an institution to
file a Form 990-T? Answer: $1,000
Org must pay estimated tax if it expects its tax for year to be $500 or
more
⩥ At what threshold is an organization required to pay an estimated tax
on unrelated business income? Answer: If the gross unrelated business
income tax (UBIT) is expected to be $500 or more.
⩥ Modifications, exclusions, exceptions to UBI Answer: · dividends,
· interest,
, · investment income,
· royalties,
· rental income,
· income from research activities,
· gains or losses from the disposition of property are excluded when
computing unrelated business income.
⩥ Activities exempt from definition of unrelated trade or business
Answer: · Volunteer Labor: performed for the organization without
compensation. Some fundraising activities such as volunteer operated
bake sales may meet this exception.
· Convenience of Members: primarily for the convienence of its
members students, patients, officers, or employees. A typical example of
this is a school cafeteria.
· Selling donated merchandise: selling merchandise, substantially all of
which received as gifts or contributions. Many thrift shop operations of
exempt organizations would meet this exception.
· Bingo: Certain bingo games are not unrelated trade or business.
⩥ Objective of UBIT Answer: to avoid an unfair advantage for non
profits over for profit companies offering the same services or product
⩥ Federal Debt Collection Procedures Act of 1990 Answer: that an
organization or individual that is indebted to the US, and has a judgment
lien filed against it, is ineligible to receive a federal grant.
CERTIFICATION TEST WITH ACCURATE
ANSWERS
⩥ What is the time limit for FOIA? Appeals? Answer: Info must be
provided within 20 (working) days or 30 (working) days if extension
filed
Appeals 90 days after request denied
⩥ FOIA Exclusions, how many, what are they? Answer: 3:
Ongoing criminal law enforcement investigation
protection of informants,
protection of national security
⩥ FOIA Exemptions, how many, what are they? Answer: 9
Exemption 1- Classified National Security Information Concerning
National Defense or Foreign Policy
Exemption 2- Internal Personnel Rules and Practices of an Agency
Exemption 3- Matters specifically exempted from disclose by statute
Exemption 4- Trade Secrets and Confidential business information
Exemption 5- Internal Memoranda Privileges
Exemption 6- Personal Privacy such as medical files
,Exemption 7- Investigatory Files
Exemption 8- Records of Financial Institutions
Exemption 9- Geological and Geophysical Information
⩥ Privacy Act Answer: governs use of records maintained by fed govt
about private individuals which allows for individuals to sue govt
refusing to correct, amend or expunge incorrect information.
⩥ Exempt from privacy act: Answer: · Records maintained by CIA or
law enforcement agency
· Investigatory material used for law enforcement
· Records maintained in connection with providing protective services
by the US Secret Service
· Records required by statute to be maintained and used solely as
statistical records
· Investigatory materials used for federal employment military service,
federal contracts or access to classified information
· Testing or examination material used solely to be determined
individual qualifications for appointment or promotion in the federal
service
· Evaluation materials used to determine promotion in military service
In both acts grant recipients are generally exempt and only applies to
federal agencies
,⩥ For most organizations, an activity is unrelated business (and subject
to tax) if it meets what 3 requirements? Answer: It is a trade or business
(activity that produces income from selling goods or services, profit
motive).
It is regularly conducted.
It is not directly or substantially related to further the exempt
organization's purpose.
(except that conducting the trade or business provides funds to carry out
the exempt purpose)
⩥ What is Unrelated Business Income Tax (UBIT)? Answer: Taxes
collected on income from an activity that is not related to the tax-exempt
purpose of the organization (e.g. A university's Basketball ticket sales).
⩥ What amount of unrelated business income triggers an institution to
file a Form 990-T? Answer: $1,000
Org must pay estimated tax if it expects its tax for year to be $500 or
more
⩥ At what threshold is an organization required to pay an estimated tax
on unrelated business income? Answer: If the gross unrelated business
income tax (UBIT) is expected to be $500 or more.
⩥ Modifications, exclusions, exceptions to UBI Answer: · dividends,
· interest,
, · investment income,
· royalties,
· rental income,
· income from research activities,
· gains or losses from the disposition of property are excluded when
computing unrelated business income.
⩥ Activities exempt from definition of unrelated trade or business
Answer: · Volunteer Labor: performed for the organization without
compensation. Some fundraising activities such as volunteer operated
bake sales may meet this exception.
· Convenience of Members: primarily for the convienence of its
members students, patients, officers, or employees. A typical example of
this is a school cafeteria.
· Selling donated merchandise: selling merchandise, substantially all of
which received as gifts or contributions. Many thrift shop operations of
exempt organizations would meet this exception.
· Bingo: Certain bingo games are not unrelated trade or business.
⩥ Objective of UBIT Answer: to avoid an unfair advantage for non
profits over for profit companies offering the same services or product
⩥ Federal Debt Collection Procedures Act of 1990 Answer: that an
organization or individual that is indebted to the US, and has a judgment
lien filed against it, is ineligible to receive a federal grant.
