Financial Management & Budgeting Flashcards
7 cards from real GPC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Financial Management & Budgeting flashcards as text
What is the primary purpose of a Single Audit for organizations receiving federal funds?
Answer: To examine an organization's financial statements and federal award compliance
A Single Audit examines an organization's financial statements and its compliance with requirements of federal programs when expenditures exceed $750,000.
At what dollar threshold of annual federal expenditures does an organization become subject to a Single Audit under 2 CFR Part 200?
Answer: $750,000
Under the Uniform Guidance, non-federal entities that expend $750,000 or more in federal awards during a fiscal year must undergo a Single Audit.
What is the Schedule of Expenditures of Federal Awards (SEFA)?
Answer: A financial schedule detailing all federal grant expenditures during the audit fiscal year
The SEFA is a required financial schedule listing all federal awards expended during the audit period, organized by federal program and CFDA/ALN number.
What is 'drawdown' in the context of federal grant financial management?
Answer: The act of requesting and receiving grant funds from the awarding agency
Drawdown is the process by which a grantee requests and receives payment of grant funds from the federal awarding agency, typically through an electronic payment system.
Which financial document shows the comparison between budgeted and actual grant expenditures?
Answer: Budget vs. actual variance report
A budget vs. actual variance report compares planned expenditures with actual spending, highlighting deviations that may require corrective action.
How is 'program income' defined in federal grant management?
Answer: Gross income earned by the grantee that is directly generated by supported grant activities
Program income is gross income earned by a non-federal entity that is directly generated by a supported activity or earned as a result of the federal award.
What does 'carryover' mean in federal grant management?
Answer: The transfer of unobligated funds from one budget period to the next with funder authorization
Carryover refers to authorization to retain and use unspent federal grant funds from one budget period in the subsequent budget period, typically requiring prior approval.