Finances
A type of financial report showing revenue and expenses over a period of time.
What is an income statement?
The cost employer contributions or expenses for social security; employee life, health, unemployment, and worker's compensation insurance; pension plan costs; provided such benefits are permitted under established written policies.
What are fringe benefits?
This 3-digit form is the annual information return filed by most tax-exempt organizations to report their financial activities.
What is Form 990?
This cost principle describes costs that supports operations. It is consistent, justifiable, and contributes to the organization’s ability to conduct its mission. It is both ordinary and necessary.
What is reasonable?
The process of purchasing goods or services with federal funds, which requires a competitive, fair, and open process.
What is procurement?
A type of financial report showing assets and liabilities at a point in time.
What is a balance sheet?
Costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved.
What are indirect costs?
This type of cost is generally not allowed unless explicitly approved by the awarding agency, as it is used to influence a member of Congress
What is lobbying?
This cost principle describes as cost that is connected to an objective and proportional to the benefits received.
What is allocable?
The federal system that must be checked to ensure a vendor or contractor is not debarred or suspended.
A type of financial report showing change in cash over time.
What is a cash flow statement?
No portion of Federal grant funds shall be used towards any part of the annual cash compensation of any employee of the grantee whose total annual cash compensation exceeds this percent of the maximum salary payable to a member of the Federal Government's Senior Executive Service at an agency with a Certified SES Performance Appraisal System for that year.
What is 110 percent?
These three term refer to the illegal act of using grant funds for personal use, which is subject to criminal prosecution.
What is fraud, waste, and abuse?
This cost principle describes a cost that meets the standards established by the funding body such as the Office of Management and Budget (OMB).
What is allowable?
The maximum dollar amount for a "micro-purchase" that allows for expedited buying without competitive quotes.
What is $10,000 (standard), or up to $50,000 for public institutions?
Rather than profit, this is the goal of a nonprofit's "bottom line" to ensure long-term sustainability.
What is net operating surplus?
The indirect cost rate used when organizations lack a current or provisional NICRA.
What is a de minimis of 15%?
According to GATA (the Grant Accountability and Transparency Act), before formally applying for a grant, and organization must complete this questionnaire:
What is the Fiscal and Administrative and Programmatic Risk Assessment questionnaire, also called the ICQ (Internal Control Questionnaire).
A legal document between the federal government and the applicant nonprofit that formalizes the indirect cost rate.
What is a negotiated indirect cost agreement?
Find the standard or individual rates for lodging and meals and incidental expenses for official travel within the continental United States.
per diem
These three classifications define donor-imposed limitations on net assets.
What are Unrestricted, Temporarily Restricted, and Permanently Restricted?
Any item less than $10,000, including computers.
What is a supply?
The policies, procedures (both manual and automated), and activities designed and operated to ensure that risks are contained within the level that an organization is willing to accept.
What are internal controls?
These include alcoholic Beverages, entertainment, amusement, social activities and directly associated costs (e.g., tickets, meals, transport); lobbying and fundraising; fines and penalties; bad debt: Losses from uncollectible accounts or related collection; personal Expenses; donations/Contributions; advertising & Public Relations; memberships.
What is an unallowable cost?
This is the threshold when a grantee or subgrantee must comply with audit requirements.
What is $750,000