RATS
This term refers to the f the funds used to support a grant or agreement.
What is the funding source?
Invoices typically include the date, description of work, and this.
What is the amount due or total cost?
This is required in FACTS when a grant’s end date is extended.
What is an amendment?
Money awarded to support a defined goal.
What is a grant?
The rate applied to direct costs to recover indirect expenses is called this.
What is the indirect cost rate (IDC rate)?
This term refers to the start and end dates during which the grant-funded project is authorized to operate.
What is the Period of Performance?
The process of requesting payment from a funder for work performed.
What is billing?
Grant agreements in FACTS must align with this governing document.
What is the grant award or grant agreement?
Grants are awarded based on this process.
What is the application process?
To calculate IDC, multiply direct costs by this.
What is the IDC rate?
This is the final stage of financial and administrative close out in the tracking status field.
What is FBO Closeout in Progress?
Billing must align with the grant agreement or contract terms. This ensures:
What is compliance?
FACTS helps ensure this key principle for state contracts.
What is transparency and accountability?
A required document, that shows how grant money is spent.
FFR or financial report
When a grant allows a fixed amount for indirect costs rather than a percentage, this is called:
What is a predetermined or flat IDC amount?
This amount should include the Grantor/Contractor Funds, State Matching Funds, and Non-FWC Matching Funds
Total Agreement Amount
Documentation supporting billed expenses must be kept for this type of review.
What is an audit or compliance review?
This information must match the grant award document when entered into FACTS.
What is the award amount and period of performance?
Organization that receives grant funds to carry out a project.
Who is the grantee?
A grant has $50,000 in direct costs and a 20% IDC rate. How much is the indirect cost?
What is $10,000?
This type of grant payment method reimburses the grantee for allowable expenses already incurred rather than providing funds upfront.
What is cost reimbursement?
Invoices must be accurate, complete, and reflect this type of costs.
What are allowable costs?
FACTS integrates with this state financial system for payment and tracking purposes.
What is FLAIR?
Costs that cannot be directly attributed to a specific project.
What are indirect costs?
This document outlines how an organization allocates indirect costs across programs and projects
What is a cost allocation plan?