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CGMS Federal Grants Management Study Set with Solutions, Exams of Advanced Education

Chamberlain College of NursingAdvanced Education

A comprehensive study set with complete solutions related to cgms (presumably grants management) and federal regulations. It covers key concepts such as the order of legal precedence, federal grant & contract agreement act (fgcaa), grant performance & results act (gpra) modernization act, federal awardee performance and integrity information system (fapiis), federal funding accountability & transparency act (ffata), and various aspects of grants management including financial reporting, procurement, and cost principles. It also includes information on audit requirements and internal controls.

Typology: Exams

2025/2026

Available from 12/15/2025

EXAMGUIDE
EXAMGUIDE 🇺🇸

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CGMS STUDY SET WITH COMPLETE
SOLUTIONS
Order of Legal Precedence - Correct Answers -Constitution, 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) - Correct Answers -Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in
correct use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - Correct Answers -
Requires that federal awarding agencies establish strategic plans that incorporate
performance measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - Correct
Answers -Web-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... - Correct Answers -more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - Correct Answers -
Requires full disclosure to the public of all entities or organizations receiving federal
funds beginning in fiscal year 2007
3 systems for grants management (FP3) - Correct Answers -(1) financial & performance
(2) procurement
(3) property management
Office of Management & Budget (OMB) - Correct Answers -oversees the performance
of federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - Correct
Answers -required Office of Management and Budget (OMB) to streamline the federal
grant reporting process
Financial & performance reports must be submitted how often? - Correct Answers -
annually or quarterly
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Download CGMS Federal Grants Management Study Set with Solutions and more Exams Advanced Education in PDF only on Docsity!

CGMS STUDY SET WITH COMPLETE

SOLUTIONS

Order of Legal Precedence - Correct Answers -Constitution, 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) - Correct Answers -Defines funding instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct use of funding instruments Grant Performance & Results Act (GPRA) Modernization Act - Correct Answers - Requires that federal awarding agencies establish strategic plans that incorporate performance measures Federal Awardee Performance and Integrity Information System (FAPIIS) - Correct Answers -Web-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... - Correct Answers -more than $500 of interest is collected per year on federal cash balances Federal Funding Accountability & Transparency Act (FFATA) - Correct Answers - Requires full disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal year 2007 3 systems for grants management (FP3) - Correct Answers -(1) financial & performance (2) procurement (3) property management Office of Management & Budget (OMB) - Correct Answers -oversees the performance of federal agencies and administers the federal budget Federal Financial Assistance Management Improvement Act (FFAMIA) - Correct Answers -required Office of Management and Budget (OMB) to streamline the federal grant reporting process Financial & performance reports must be submitted how often? - Correct Answers - annually or quarterly

United States Code (USC) - Correct Answers -Permanent federal statutes are codified in USC, organized into titles by subject matter Authorizing Statue vs Appropriations Law - Correct Answers -Authorizing 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) - Correct Answers -A = 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) Annual report must be submitted... - Correct Answers -no later than 90 calendar days after the required reporting period Quarterly or semi-annual reports must be submitted... - Correct Answers -no later then 30 calendar days after the reporting period Final reports must be submitted... - Correct Answers -no later than 120 calendar days after the performance period end date No-cost extension - Correct Answers -one-time extension of the period of performance by up to 12 months -- requires prior written approval from awarding agency 3 procurement categories and $ thresholds - Correct Answers -1. informal (at or below $250k)

  1. formal (above $250k)
  2. noncompetitive 5 methods of procurement - Correct Answers -1. Micro-purchases (informal)
  3. Small purchases (informal)
  4. Sealed bids (formal)
  5. Proposals (formal)
  6. Noncompetitive Micro-purchase - Correct Answers -An acquisition of supplies or services, the aggregate amount of which does not exceed the micro-purchase threshold ($10k unless lower threshold set by recipient)

Reimbursement of indirect costs (3) - Correct Answers -* apply indirect rate to base (e.g., modified total direct costs) to determine allocable indirect costs

  • based on actual expenses
  • recovered indirect is treated as non-federal funds Government Accountability Office (GAO) - Correct Answers -Legislative agency that audits other federal agencies and reports findings to Congress; makes sure not spending more money than was appropriated; Yellow Book & Green Book Committee of Sponsoring Organizations of the Treadway Commission (COSO) - Correct Answers -5 private sector organizations; mission to provide thought leadership through development of frameworks & guidance on enterprise risk management, internal control, and fraud deterrence COSO's purpose - Correct Answers -minimize fraudulent financial reporting practices COSO definition of fraudulent financial reporting - Correct Answers -intentional or reckless conduct, whether by act or omission, that results in materially misleading financial statements Generally Accepted Government Auditing Standards (GAGAS) - Correct Answers - (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) - Correct Answers -*Operations: effectiveness & efficiency of operations *Reporting: reliability of reporting for internal/external use *Compliance: compliance with laws and regs 5 components of internal control - Correct Answers -1. Control Environment
  1. Risk Assessment
  2. Control Activities
  3. Information and Communication
  4. Monitoring Control Activities (6 areas) - Correct Answers -Policies & 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 - Correct Answers -willful misrepresentation Waste - Correct Answers -squandering of money or resources, even if not illegal Abuse - Correct Answers -misusing one's position of authority

False Claims Act - Correct Answers -Allows 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) - Correct Answers -1. actual knowledge

  1. deliberate ignorance of truth
  2. reckless disregard of truth False Claims Act - liability - Correct Answers -treble damages and penalties (ranging from $5,500 to $11k) for EACH false claim Uniform Guidance required written policies (7 - CAPT ICE) - Correct Answers -* cash management
  • allowability
  • procurement
  • travel
  • inventory
  • conflicts of interest
  • employee benefits Allowability of costs (3 - RAN) - Correct Answers -* Reasonable
  • Allocable to federal awards
  • Necessary Recipient responsibilities during closeout (3 areas) - Correct Answers -1. financial closeout
  1. property disposition (retain records 3 years)
  2. reporting Grant Oversight & New Efficiency (GONE) Act - Correct Answers -holds federal awarding agencies accountable for timely closeout of grants Cash Management Improvement Act (CMIA) - Correct Answers -Allows for late liquidation of financial obligations by NFEs at discretion of federal awarding agency Property disposition - Correct Answers -transfer 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
  • Replaced by OMB Uniform Guidance Financial management system must haves (7) - Correct Answers -1) ID of the award
  1. Accurate, current, complete disclosure of financial results
  2. Detailed accounting records
  3. Effective internal controls
  4. Comparison of expenditures with budgeted amounts
  5. Written federal payment procedures to minimize time between drawdown & disbursement
  6. Written procedures to determine allowability Post-award grant file contents (5) - Correct Answers -1) copy of the proposal and the approved budget
  7. correspondence with awarding agency
  8. Time and effort records
  9. Personnel and hiring paperwork (including contracts, consultant contracts, invoices, and reports)
  10. Files related to publicity Exempt property - Correct Answers -Property acquired under a Federal award where the awarding agency vests title to the property to the non-Federal entity without further responsibility to the Government (2CFR 200.312) Disposition when over $5,000 in unused supplies (in the aggregate) - Correct Answers - Recipient remains responsible for awarding agency's share (the federal share). Sell and compensate agency. Grantee can keep $500 or 10% (whichever is less) for selling/handling expenses. NFE may also keep supplies for another federally funded project. How many days to liquidate funds at end of grant - Correct Answers -90 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 - Correct Answers -Donations 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? - Correct Answers -Federal 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 - Correct Answers -Prohibits 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 - Correct Answers -Laws passed by the U.S. Congress and signed by the president. Federal Regulations - Correct Answers -Rules that are published in the Federal Register OMB Policies - Correct Answers -Instructions to federal agencies to help them implement laws & regs 2 CFR Subtitle B - Correct Answers -Each 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? - Correct Answers -12/26/14, 8/13/20, 11/12/ Federal Acquisition Regulations (FAR) - Correct Answers -contracts awarded directly by federal agencies are governed by FAR OMB Circular A-11 - Correct Answers -The primary document that instructs agencies how to prepare and submit budget requests for OMB review and approval. How long must a NOFO be available? - Correct Answers -30 or 60 days Accounting Standards (FASB, GASB, FASAB) - Correct Answers -* 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 - Correct Answers -Provides 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 - Correct Answers -*Performance *FFR (SF-425) Tangible Property (SF-428B) Real Property (SF-429B)