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CGMS Exam Study Set with Complete Solutions, Exams of Nursing

Chamberlain College of NursingNursing

A comprehensive study set for the cgms (certified grants management specialist) exam, featuring complete solutions and covering key topics such as the order of legal precedence, federal grant & contract agreement act (fgcaa), grant performance & results act (gpra) modernization act, and federal awardee performance and integrity information system (fapiis). It also includes information on interest earned on federal cash balances, the federal funding accountability & transparency act (ffata), and the three systems for grants management (fp3). The study set further details procurement categories, methods, cost principles, program income, and the roles of various organizations such as the office of management & budget (omb) and the government accountability office (gao).

Typology: Exams

2024/2025

Available from 09/09/2025

Taylor-Jones02
Taylor-Jones02 🇺🇸

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CGMS STUDY SET EXAM WITH
COMPLETE SOLUTIONS
Order of Legal Precedence -ANSConstitution, Federal Statutes, Federal Regs,
State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other
Guidance, Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) -ANSDefines funding instruments
(contracts, grants, cooperative agreements) to guide federal agencies in correct use of
funding instruments
Grant Performance & Results Act (GPRA) Modernization Act -ANSRequires that federal
awarding agencies establish strategic plans that incorporate performance measures
Federal Awardee Performance and Integrity Information System (FAPIIS) -ANSWeb-
based tool that is used to improve government's ability to evaluate business ethics &
performance quality of prospective grant recipients and contractors (agencies must use
for grants > $250,000)
Interest earned must be returned if... -ANSmore than $500 of interest is collected per
year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) -ANSRequires full
disclosure to the public of all entities or organizations receiving federal funds beginning
in fiscal year 2007
3 systems for grants management (FP3) -ANS(1) financial & performance
(2) procurement
(3) property management
Office of Management & Budget (OMB) -ANSoversees the performance of federal
agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) -ANSrequired
Office of Management and Budget (OMB) to streamline the federal grant reporting
process
pf3
pf4
pf5
pf8

Partial preview of the text

Download CGMS Exam Study Set with Complete Solutions and more Exams Nursing in PDF only on Docsity!

CGMS STUDY SET EXAM WITH

COMPLETE SOLUTIONS

Order of Legal Precedence -ANSConstitution, Federal Statutes, Federal Regs, State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other Guidance, Federal Award Docs Federal Grant & Contract Agreement Act (FGCAA) -ANSDefines funding instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct use of funding instruments Grant Performance & Results Act (GPRA) Modernization Act -ANSRequires that federal awarding agencies establish strategic plans that incorporate performance measures Federal Awardee Performance and Integrity Information System (FAPIIS) -ANSWeb- based tool that is used to improve government's ability to evaluate business ethics & performance quality of prospective grant recipients and contractors (agencies must use for grants > $250,000) Interest earned must be returned if... -ANSmore than $500 of interest is collected per year on federal cash balances Federal Funding Accountability & Transparency Act (FFATA) -ANSRequires full disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal year 2007 3 systems for grants management (FP3) -ANS(1) financial & performance (2) procurement (3) property management Office of Management & Budget (OMB) -ANSoversees the performance of federal agencies and administers the federal budget Federal Financial Assistance Management Improvement Act (FFAMIA) -ANSrequired Office of Management and Budget (OMB) to streamline the federal grant reporting process

Financial & performance reports must be submitted how often? -ANSannually or quarterly Annual report must be submitted... -ANSno later than 90 calendar days after the required reporting period Quarterly or semi-annual reports must be submitted... -ANSno later then 30 calendar days after the reporting period Final reports must be submitted... -ANSno later than 120 calendar days after the performance period end date No-cost extension -ANSone-time extension of the period of performance by up to 12 months -- requires prior written approval from awarding agency 3 procurement categories and $ thresholds -ANS1. informal (at or below $250k)

  1. formal (above $250k)
  2. noncompetitive 5 methods of procurement -ANS1. Micro-purchases (informal)
  3. Small purchases (informal)
  4. Sealed bids (formal)
  5. Proposals (formal)
  6. Noncompetitive Micro-purchase -ANSAn acquisition of supplies or services, the aggregate amount of which does not exceed the micro-purchase threshold ($10k unless lower threshold set by recipient) Small purchase -ANSAbove $10k but not to exceed $250k. Requires appropriate number of price/rate quotes as determined by non-federal entity. Sealed bids -ANSExceeds $250k or lower threshold set by recipient. Need multiple bids. Invitation for bids must be publicly advertised. Firm fixed price contract awarded principally based on price. Proposals -ANSExceeds $250k or lower threshold set by recipient. Solicited from an adequate number of qualified offerors. Awards contract to offeror most advantageous to recipient Noncompetitive procurement (5) -ANSCan only be awarded if one or more of the following circumstances apply:
  • micro-purchase
  • only single source available
  • public emergency/exigency will not permit delay

Generally Accepted Government Auditing Standards (GAGAS) -ANS(GAO Yellow Book) audit guidelines followed by all federal audit agencies, federal contractors being audited, and many state and local audit agencies. 3 categories of objectives (internal control) -ANS*Operations: effectiveness & efficiency of operations *Reporting: reliability of reporting for internal/external use *Compliance: compliance with laws and regs 5 components of internal control -ANS1. Control Environment

  1. Risk Assessment
  2. Control Activities
  3. Information and Communication
  4. Monitoring Control Activities (6 areas) -ANSPolicies & procedures that guide activities to ensure management's directives are carried out: (1) authorization & approval procedures, (2) segregation of duties, (3) verifications, (4) reconciliations, (5) performance review, (6) supervision Fraud -ANSwillful misrepresentation Waste -ANSsquandering of money or resources, even if not illegal Abuse -ANSmisusing one's position of authority False Claims Act -ANSAllows employees to sue employers on behalf of federal government for fraud (qui tam suit/action). Employee retains share of recovery (10 to 30%) False Claims Act - knowledge of false information (3) -ANS1. actual knowledge
  5. deliberate ignorance of truth
  6. reckless disregard of truth False Claims Act - liability -ANStreble damages and penalties (ranging from $5,500 to $11k) for EACH false claim Uniform Guidance required written policies (7 - CAPT ICE) -ANS* cash management
  • allowability
  • procurement
  • travel
  • inventory
  • conflicts of interest
  • employee benefits Allowability of costs (3 - RAN) -ANS* Reasonable
  • Allocable to federal awards
  • Necessary Recipient responsibilities during closeout (3 areas) -ANS1. financial closeout
  1. property disposition (retain records 3 years)
  2. reporting Grant Oversight & New Efficiency (GONE) Act -ANSholds federal awarding agencies accountable for timely closeout of grants Cash Management Improvement Act (CMIA) -ANSAllows for late liquidation of financial obligations by NFEs at discretion of federal awarding agency Property disposition -ANStransfer or part with property acquired for an award project/program that is no longer needed under the terms of the award: (1) Keep title after paying awarding agency, (2) sell and pay back agency, (3) transfer title to agency or 3rd party Real Property Status Report (SF-429) & frequency -ANSNFE must report at least annually on status of real property in which federal government has an interest, unless interest extends 15+ years (then multi-year frequency) Record retention requirements -ANS3 years from date final expenditure report submitted (unless pending litigation and then records kept until final settlement) OMB Compliance Supplement -ANSpublished annually to assist auditors in performing required audits Cognizant Agency for Audit Responsibilities -ANSFederal awarding agency that provides predominant amount of direct funding to NFE expending more than $50 million in federal awards, or as determined by the OMB. Management decision -ANSwritten evaluation by federal awarding agency (or pass- through entity) regarding effectiveness of audit findings and corrective action plan(s) Type A or B federal programs -ANSmajor programs are either A or B according to level of expenditure relative to recipient's total federal awards expended Grant management lifecycle -ANSPre-award, award, post-award, monitoring, closeout, audits

selling/handling expenses. NFE may also keep supplies for another federally funded project. How many days to liquidate funds at end of grant -ANS90 days unless the awarding agency extends the 90-day liquidation timeframe at the request of the Non-Federal entity (book also says 120 days on page 145) Third party in‐kind contributions -ANSDonations of property, equipment, materials or services used to meet the matching requirement of an awarding agency. Contributions are given to a specific grant or contract by an individual or group and must directly benefit the project. When is a grant officially over? -ANSFederal awarding agency has to confirm that recipient has completed all required grant work and applicable administrative tasks. Until the awarding agency confirms this, grantee is still responsible for fulfilling terms of the grant. Title VI of the Civil Rights Act of 1964 -ANSProhibits discrimination on the basis of race, color, or national origin in any program or activity that receives Federal funds or other Federal financial assistance. Federal Statutes -ANSLaws passed by the U.S. Congress and signed by the president. Federal Regulations -ANSRules that are published in the Federal Register OMB Policies -ANSInstructions to federal agencies to help them implement laws & regs United States Code (USC) -ANSPermanent federal statutes are codified in USC, organized into titles by subject matter Authorizing Statue vs Appropriations Law -ANSAuthorizing Statute is underlying authority for grants to be awarded; actual funding provided by Congress is made through appropriations law (appropriations acts are signed into law by the president) Structure of the Uniform Guidance (A-F) -ANSA = acronyms & definitions B = general provisions (purpose & applicability) C = pre-federal award requirements & contents of federal awards D = lists all post-award requirements E = contains the cost principles F = audit requirements Appendices contains further guidance (e.g., indirect cost principles & OMB Compliance Supplement)

2 CFR Subtitle B -ANSEach federal grant-making agency adapted/modified 2 CFR 200 regulations and republished their adapted versions under Subtitle B: Federal Agency Regulations for Grants & Agreements UG took affect when? -ANS12/26/14, 8/13/20, 11/12/ Federal Acquisition Regulations (FAR) -ANScontracts awarded directly by federal agencies are governed by FAR OMB Circular A-11 -ANSThe primary document that instructs agencies how to prepare and submit budget requests for OMB review and approval. How long must a NOFO be available? -ANS30 or 60 days Accounting Standards (FASB, GASB, FASAB) -ANS* FASB: Financial Accounting Standards Board (private and nonprofit)

  • GASB: Government Accounting Standards Board (state & local govs) FASAB: Federal Accounting Standards Advisory Board (federal agencies) OMB CIRCULAR A -123 MANAGEMENT RESPONSIBILITY FOR INTERNAL CONTROLS -ANSProvides guidance to federal managers on improving accountability and effectiveness of federal programs; mandates establishment of controls over fraud risk in grant programs 4 grant closeout reports -ANS*Performance *FFR (SF-425) Tangible Property (SF-428B) Real Property (SF-429B)