CGMS STUDY SET WITH COMPLETE
SOLUTIONS
Order of Legal Precedence - Correct Answers -Constitution, Federal Statutes, Federal
Regs, State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other
Guidance, Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) - Correct Answers -Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in
correct use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - Correct Answers -
Requires that federal awarding agencies establish strategic plans that incorporate
performance measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - Correct
Answers -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)
Interest earned must be returned if... - Correct Answers -more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - Correct Answers -
Requires full disclosure to the public of all entities or organizations receiving federal
funds beginning in fiscal year 2007
3 systems for grants management (FP3) - Correct Answers -(1) financial & performance
(2) procurement
(3) property management
Office of Management & Budget (OMB) - Correct Answers -oversees the performance
of federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - Correct
Answers -required Office of Management and Budget (OMB) to streamline the federal
grant reporting process
Financial & performance reports must be submitted how often? - Correct Answers -
annually or quarterly
, United States Code (USC) - Correct Answers -Permanent federal statutes are codified
in USC, organized into titles by subject matter
Authorizing Statue vs Appropriations Law - Correct Answers -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)
Structure of the Uniform Guidance (A-F) - Correct Answers -A = acronyms & definitions
B = general provisions (purpose & applicability)
C = pre-federal award requirements & contents of federal awards
D = lists all post-award requirements
E = contains the cost principles
F = audit requirements
Appendices contains further guidance (e.g., indirect cost principles & OMB Compliance
Supplement)
Annual report must be submitted... - Correct Answers -no later than 90 calendar days
after the required reporting period
Quarterly or semi-annual reports must be submitted... - Correct Answers -no later then
30 calendar days after the reporting period
Final reports must be submitted... - Correct Answers -no later than 120 calendar days
after the performance period end date
No-cost extension - Correct Answers -one-time extension of the period of performance
by up to 12 months -- requires prior written approval from awarding agency
3 procurement categories and $ thresholds - Correct Answers -1. informal (at or below
$250k)
2. formal (above $250k)
3. noncompetitive
5 methods of procurement - Correct Answers -1. Micro-purchases (informal)
2. Small purchases (informal)
3. Sealed bids (formal)
4. Proposals (formal)
5. Noncompetitive
Micro-purchase - Correct Answers -An acquisition of supplies or services, the aggregate
amount of which does not exceed the micro-purchase threshold ($10k unless lower
threshold set by recipient)
Small purchase - Correct Answers -Above $10k but not to exceed $250k. Requires
appropriate number of price/rate quotes as determined by non-federal entity.
SOLUTIONS
Order of Legal Precedence - Correct Answers -Constitution, Federal Statutes, Federal
Regs, State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other
Guidance, Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) - Correct Answers -Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in
correct use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - Correct Answers -
Requires that federal awarding agencies establish strategic plans that incorporate
performance measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - Correct
Answers -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)
Interest earned must be returned if... - Correct Answers -more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - Correct Answers -
Requires full disclosure to the public of all entities or organizations receiving federal
funds beginning in fiscal year 2007
3 systems for grants management (FP3) - Correct Answers -(1) financial & performance
(2) procurement
(3) property management
Office of Management & Budget (OMB) - Correct Answers -oversees the performance
of federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - Correct
Answers -required Office of Management and Budget (OMB) to streamline the federal
grant reporting process
Financial & performance reports must be submitted how often? - Correct Answers -
annually or quarterly
, United States Code (USC) - Correct Answers -Permanent federal statutes are codified
in USC, organized into titles by subject matter
Authorizing Statue vs Appropriations Law - Correct Answers -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)
Structure of the Uniform Guidance (A-F) - Correct Answers -A = acronyms & definitions
B = general provisions (purpose & applicability)
C = pre-federal award requirements & contents of federal awards
D = lists all post-award requirements
E = contains the cost principles
F = audit requirements
Appendices contains further guidance (e.g., indirect cost principles & OMB Compliance
Supplement)
Annual report must be submitted... - Correct Answers -no later than 90 calendar days
after the required reporting period
Quarterly or semi-annual reports must be submitted... - Correct Answers -no later then
30 calendar days after the reporting period
Final reports must be submitted... - Correct Answers -no later than 120 calendar days
after the performance period end date
No-cost extension - Correct Answers -one-time extension of the period of performance
by up to 12 months -- requires prior written approval from awarding agency
3 procurement categories and $ thresholds - Correct Answers -1. informal (at or below
$250k)
2. formal (above $250k)
3. noncompetitive
5 methods of procurement - Correct Answers -1. Micro-purchases (informal)
2. Small purchases (informal)
3. Sealed bids (formal)
4. Proposals (formal)
5. Noncompetitive
Micro-purchase - Correct Answers -An acquisition of supplies or services, the aggregate
amount of which does not exceed the micro-purchase threshold ($10k unless lower
threshold set by recipient)
Small purchase - Correct Answers -Above $10k but not to exceed $250k. Requires
appropriate number of price/rate quotes as determined by non-federal entity.
