CGMS Exam Solved

CGMS Exam Solved Grant Performance & Results Act (GPRA) Modernization Act - Answer- Requires that federal awarding agencies establish strategic plans that incorporate performance measures 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) Interest earned must be returned if... - Answer- more than $500 of interest is collected per year on federal cash balances Federal Funding Accountability & Transparency Act (FFATA) - Answer- 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) - Answer- (1) financial & performance (2) procurement (3) property management Order of Legal Precedence - Answer- 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) - Answer- Defines funding instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct use of funding instruments Office of Management & Budget (OMB) - Answer- oversees the performance of federal agencies and administers the federal budget Federal Financial Assistance Management Improvement Act (FFAMIA) - Answer- required Office of Management and Budget (OMB) to streamline the federal grant reporting process Financial & performance reports must be submitted how often? - Answer- annually or quarterly Annual report must be submitted... - Answer- no later than 90 calendar days after the required reporting period Quarterly or semi-annual reports must be submitted... - Answer- no later then 30 calendar days after the reporting period Final reports must be submitted... - Answer- no later than 120 calendar days after the performance period end date No-cost extension - Answer- 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 - Answer- 1. informal (at or below $250k) 2. formal (above $250k) 3. noncompetitive 5 methods of procurement - Answer- 1. Micro-purchases (informal) 2. Small purchases (informal) 3. Sealed bids (formal) 4. Proposals (formal) 5. Noncompetitive Micro-purchase - Answer- 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 - Answer- Above $10k but not to exceed $250k. Requires appropriate number of price/rate quotes as determined by non-federal entity. Sealed bids - Answer- Exceeds $250k or lower threshold set by recipient. Need multiple bids. Invitation for bids must be publicly advertised. Firm fixed price contract awarded principally based on price. Proposals - Answer- Exceeds $250k or lower threshold set by recipient. Solicited from an adequate number of qualified offerors. Awards contract to offeror most advantageous to recipient Noncompetitive procurement (5) - Answer- Can only be awarded if one or more of the following circumstances apply: * micro-purchase * only single source available * public emergency/exigency will not permit delay * awarding agency authorizes in response to written request * competition is inadequate 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 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 Program income - Answer- Gross income earned by recipient; directly generated by a supported activity or as a result of the award during the period of performance Deduction method for program income - Answer- deducted from total allowable costs in order to determine the net allowable costs applicable to the program Addition method for program income - Answer- non-federal entity adds program income to the federal award Reimbursement of indirect costs (3) - Answer- * apply indirect rate to base (e.g., modified total direct costs) to determine allocable indirect costs * based on actual expenses * recovered indirect is treated as non-federal funds Government Accountability Office (GAO) - Answer- Legislative agency that audits other federal agencies and reports findings to Congress; makes sure not spending more money than was appropriated; Yellow Book & Green Book 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