What Wave?
Costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted.
What are indirect costs?
The amount of time generally provided for applicants to respond to federal notices of funding opportunities.
What is 60 days?
A cost that in its nature and amount, does not exceed that which would be incurred by a prudent person under similar circumstances.
What is a reasonable cost?
The standard frequency of audits required by Uniform Guidance.
What is annually?
Tangible personal property having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds the lesser of the capitalization level established by the non-federal entity for financial statement purposes or $5,000.
What is Equipment?
The financial plan for the project or program that the Federal awarding agency or pass-through entity approved during the federal award process.
What is a budget?
The annual compensation paid by an IHE for an individual's appointment, whether that individual's time is spent on research, instruction, administration, or other activities.
What is Institutional Base Salary (IBS)?
Expenses based on when the activity related to the federal award occur.
What is the determination of when a federal award is expended?
A non-federal entity that provides a subaward to a subrecipient to carry out part of a federal program.
What is a pass-through entity?
A type of agreement used if the project scope is specific and if adequate cost, historical, or unit pricing is available to establish a fixed amount award based on a reasonable estimate of actual cost.
What is a Fixed Amount Award?
Placing HUBs on solicitation lists, assuring HUBs are solicited when there are potential sources, and using the services and assistance of organizations such as the Small Business Administration, and the Minority Business Development Agency of the Department of Commerce.
What are examples of affirmative steps to include historically underutilized businesses for grant purchases?
Activities intended to influence political figures with the goal of obtaining grants, contracts, cooperative agreements or loans.
What is lobbying?
Promptly follow up and take corrective action on audit findings, including preparation of a summary schedule of prior audit findings, including preparation of a summary schedule of prior audit findings.
What is one of an auditee's responsibilities?
All direct salaries and wages, applicable fringe benefits, materials and supplies, travel, and up to the first $25,000 of each subaward.
What are Modified Total Direct Costs?
a) General Federal Award Information,
b) General Terms and Conditions,
c) Federal Awarding Agency, Program, or Federal Award specific terms and conditions,
d) Federal Award Performance goals, and
e) Any other information required by the Federal awarding agency.
What is the information contained in a federal award?
The method for allocating the cost of fixed assets to periods benefiting from the asset use.
What is depreciation?
1) Financial statements and schedule of expenditures of federal awards discussed
2) Summary schedule of prior audit findings
3) Auditor's report(s)
4) Corrective action plan
What are the components of a reporting package for audits?
The portion of project costs not paid by federal funds.
What is cost sharing?
A reason certain parties are excluded from or ineligible for participation in federal assistance programs or activities.
What is suspension and debarment?
Withhold cash payments, disallow all or part of the project cost, suspend or terminate the award, initiate suspension and debarment proceedings, withhold further federal awards, and other available legal remedies.
What happens when the Federal awarding agency determines that non-compliance cannot be remedied.
Costs incurred by the applicant prior to the start date of the period of performance of the federal award.
What are pre-award costs?
The "Yellow Book" issued by the Comptroller General of the United States.
What is Generally Accepted Government Auditing Standards (GAGAS)?