Use of Funds
Name the two primary purposes of a Reserve Account as defined in the program regulations.
What is guaranteeing/insuring debt (loans/bonds) and guaranteeing/insuring leases?
What does the acronym "GPRA" stand for in the context of your annual performance reports?
What is Government Performance and Results Act?
What is the "Leverage Ratio" formula used by the Department to measure program success?
What is total project costs divided by the federal grant amount?
Which three types of entities are eligible to be CE grantees?
What are Public entities, Private Nonprofits, or Consortia of both?
What "S.M.A.R.T." attribute ensures a performance objective has a deadline?
What is time-bound?
True or False: You can use CE grant funds to provide a down payment for a charter school’s mortgage.
What is False? Funds cannot be used for direct capital costs or down payments.
How many days after the end of the grant period do you typically have to submit your Final Performance Report?
What is 120 days (standard under 2 CFR 200, though check your GAN for 90-day variations)?
All funds in the Reserve Account must be invested in what specific type of securities?
What is low-risk securities (obligations issued or guaranteed by the U.S., a State, or similar)?
True or False: A grantee can award "subgrants" to charter schools to buy furniture.
What is false? Subgrants are generally prohibited under this specific program.
Grantees are required to have a policy in place to prevent this conflict between board members and loan recipients.
What is Conflict of Interest?
What is the specific percentage limit on using federal grant funds for "Administrative Costs"?
What is 2.5%?
This official notification from the Dept. of Ed. serves as the legally binding award document.
What is the GAN (Grant Award Notification)?
If your Reserve Account earns interest, where must that interest be deposited?
What is back into the Reserve Account (to be used for the same program purposes)?
Federal law requires that schools served by this grant meet the definition of a "Charter School" under what Act?
What is the Elementary and Secondary Education Act (ESEA)?
This term refers to the grantee’s ability to "cover" a loss if a charter school defaults on a loan you guaranteed.
What is Credit Enhancement (or Loss Reserve)?
Besides loans and leases, name one other "allowable" activity related to identifying lending sources.
What is facilitating financing (identifying potential lending sources or encouraging private lending)?
Grantees must submit a copy of this independent financial review annually.
What is an Independent Audit (performed by a CPA)?
This term describes the process of a grantee withdrawing federal funds from the G5 system.
What is drawdown?
When evaluating schools for assistance, what is one "Priority" the Department often encourages?
What is serving low-income students, schools in high-need districts, or "Novice" applicants?
If a grantee wants to change their key project director, they must seek "Prior Written Approval" from whom?
What is the Program Officer?
Grantees must deposit all non-administrative funds into this specific type of account.
What is a Reserve Account?
According to EDGAR, for how many years must you retain grant records after the submission of the final expenditure report?
What is 3 years? (Note: some state laws or internal policies may require longer).
Explain the difference between "Obligated" and "Expended" funds in a Reserve Account.
What is obligated funds are committed to a specific school/deal; Expended funds are actually paid out (e.g., to cover a default)?
To be eligible for CE, a school must be "exempt from significant State or local rules that inhibit..." what?
What is flexible operation and management?
What is the maximum duration a federal grant under this program is typically expected to last?
What is 25 years (the "Project Period")?