NRS Financial Jeopardy!

transcript

The Adult Education Community’s Favorite Game Show

Terms & Definitions

Cost Principles

& Budgeting

Monitoring &

Planning

Auditing &

ReportingMiscellaneous

This refers to the expenses of doing business that are not readily identified with a particular grant or contract, but are necessary for the general operation of the organization and the conduct of

activities it performs.

Return to Board See Question

Question:

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What is an indirect cost rate?

This is the regulatory term for the State or agency that is

responsible for the performance or administration of all or part of

a Federal award.

Question:

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What is a grantee?

This is a cost that is directly identifiable and assignable to

a specific activity that supports the purposes of adult

education.

What is a direct cost?

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Question:

This is a “contribution other than cash,” as

defined under federal guidelines.

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Question:

What is in-kind contribution (or in-kind service)?

This is an allowable cost that actually benefits grant

or contract activities to which they are assigned.

$1000Question:

What is an allocable cost (or charge)?

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This is an ongoing process of contact between the state and

subgrantees to ensure legal compliance and ongoing performance of a grant.

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Question:What is monitoring?

These are options under EDGAR that a state has if a

local program fails to comply with the terms of its

grant.

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Question: (Must offer at least 2 of the following):

What are… • Withhold cash payments, • Deny use of funds and matching

credit, • Suspend or terminate the award, and• Take other legal action?

This the only answer a state may give when a

subgrantee has been disbarred or suspended and

requests a subward.

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Question:What is “no”?

This is a term for the consequence, or worst-case

scenario, that occurs when a grantee or subgrantee does not

comply with the terms of an award.

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Question:What is termination

(or suspension)?

This document describes standards for Federal audits and areas to examine when

auditing adult education grants.

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Question: What is

OMB Circular A-133 Compliance Supplement?

This is a minimum of 33 percent of the Federal grant amount or 25 percent of the

total funds used.

Question:

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What is the state match (matching)?

This is the fiscal effort per student or the aggregate

expenditures that each eligible agency makes for adult

education.

What is Maintenance of Effort?

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Question:$400

The State may use no more than 10 percent of pass-through funds for this.

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What are services to institutionalized adults?

Question:

This is the amount a state agency may spend on

administrative costs from the Federal AEFLA award.

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What is the greater of 5%, or

$65,000?

Question:$800

This is the general term that refers to costs that are legal,

reasonable, and allocable.

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What is allowable, or allowable costs?

Question:$1000

There are two of these required: an initial and a

final.

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Question: What is the Financial Status Report (FSR)?

This is the amount that states must pass-through to eligible providers

for services from their Federal grant.

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Question:What is not less than

82.5 percent?

This is the governmental Act that offers a method for

auditing local programs.

Question:

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What is the Single Audit Act?

This is based on actual, after-the-fact activity of

each employee that accounts for total activity for which an

employee is compensated.

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Question: What is Time and Effort

documentation?

This covers the first year of the grant and is due 90 days after the program

year ends.

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Question:

What is an Initial FSR?

These are the 3 printed sources to turn to for

guidance on finance-related issues in adult education.

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Question:What are AEFLA, EDGAR,

and OMB Circulars?

This is what a State must do if it does not obligate all its Federal funds during the Tydings Amendment

period.

Question:

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What is return funds to the Federal

government?

This is the term used in statute that mandates that Federal funds may not

be used to pay for services, staff, programs, or materials that would otherwise be supported by state or

local funds.

Question: What is

“Supplement-Not-Supplant”?

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This is the period of time for which a grantee must

keep fiscal records.

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Question: What is 3 years after the

grant end date (or five years after grant award)?

This is what happens when a state

cannot meet its MOE.

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Question:What is a reduction in the federal allocation

to the state?

Final JEOPARDY!

This what the acronym EDGAR stands for.

What is Education Department General

Administrative Regulations?

NRS Financial Jeopardy!

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