Financial Management of Sponsored Programs Flashcards
7 cards from real CRA practice questions. Tap to flip, then mark Knew It or Still Learning โ missed cards come back until you master them.
Read the first 7 Financial Management of Sponsored Programs flashcards as text
A researcher charges $500 in lab supplies to a federal grant two days before the project end date, but the supplies are not received until three weeks after the end date. This charge is most likely:
Answer: Unallowable because goods must be received within the project period
Costs must generally be incurred within the project period; supplies received after the end date do not meet this requirement even if ordered earlier.
Which financial statement is used to report cumulative expenditures on a federal grant to the sponsoring agency?
Answer: SF-425
The SF-425 (Federal Financial Report) is the standard form used to report financial status, including cumulative expenditures, on federal awards.
What is the primary purpose of a budget justification in a grant proposal?
Answer: To explain and support each cost element in the proposed budget
A budget justification narratively explains each cost element, demonstrating that proposed costs are necessary, reasonable, and allocable to the project.
Under 2 CFR Part 200, the concept of 'allocability' means a cost:
Answer: Benefits the award proportionately and can be assigned with reasonable accuracy
Allocability requires that a cost be assignable to a federal award in accordance with the relative benefits received, based on reasonable and consistent methods.
A university's NIH grant has a 12-month no-cost extension approved. The original end date was June 30. The new end date is:
Answer: June 30 of the following year
A 12-month no-cost extension shifts the end date by exactly 12 months, from June 30 of the original year to June 30 of the following year.
Which of the following is considered a direct cost on a sponsored research project?
Answer: A graduate research assistant's stipend on the project
A graduate research assistant whose effort is specifically dedicated to the sponsored project is a direct cost, identifiable with the particular project.
The term 'program income' in sponsored research refers to:
Answer: Gross income earned by the recipient directly generated by a supported activity
Program income is gross income earned by a recipient that is directly generated by a supported activity or earned as a result of the federal award during the period of performance.