NRS Financial Jeopardy!

1. NRSFinancialJeopardy! The Adult Education Community’s Favorite Game Show

2. Terms & Definitions Cost Principles & Budgeting Monitoring & Planning Auditing & Reporting Miscellaneous $200 $200 $200 $200 $200 $400 $400 $400 $400 $400 $600 $600 $600 $600 $600 $800 $800 $800 $800 $800 $1000 $1000 $1000 $1000 $1000

3. This refers to the expenses of doing business that are not readily identified with a particular grant or contract, but are necessary for the general operation of the organization and the conduct of activities it performs. $200 Return to Board See Question

4. Question: $200 What is an indirect cost rate? Return to Board

5. $400 This is the regulatory term for the State or agency that is responsible for the performance or administration of all or part of a Federal award. Return to Board See Question

6. Question: $400 What is a grantee? Return to Board

7. $600 This is a cost that is directly identifiable and assignable to a specific activity that supports the purposes of adult education. Return to Board See Question

8. $600 Question: What is a direct cost? Return to Board

9. $800 This is a “contribution other than cash,” as defined under federal guidelines. Return to Board See Question

10. $800 Question: What is in-kind contribution (or in-kind service)? Return to Board

11. This is an allowable cost that actually benefits grant or contract activities to which they are assigned. $1000 Return to Board See Question

12. $1000 Question: What is an allocable cost (or charge)? Return to Board

13. $200 This is an ongoing process of contact between the state and subgrantees to ensure legal compliance and ongoing performance of a grant. Return to Board See Question

14. $200 Question: What is monitoring? Return to Board

15. $400 These are options under EDGAR that a state has if a local program fails to comply with the terms of its grant. Return to Board See Question

16. $400 Question: (Must offer at least 2 of the following): What are… • Withhold cash payments, • Deny use of funds and matching credit, • Suspend or terminate the award, and • Take other legal action? Return to Board

17. $600 This the only answer a state may give when a subgrantee has been disbarred or suspended and requests a subward. Return to Board See Question

18. $600 Question: What is “no”? Return to Board

19. $800 This is a term for the consequence, or worst-case scenario, that occurs when a grantee or subgrantee does not comply with the terms of an award. Return to Board See Question

20. $800 Question: What is termination (or suspension)? Return to Board

21. $1000 This document describes standards for Federal audits and areas to examine when auditing adult education grants. Return to Board See Question

22. $1000 Question: What is OMB Circular A-133 Compliance Supplement? Return to Board

23. This is a minimum of 33 percent of the Federal grant amount or 25 percent of the total funds used. $200 Return to Board See Question

24. Question: $200 What is the state match (matching)? Return to Board

25. $400 This is the fiscal effort per student or the aggregate expenditures that each eligible agency makes for adult education. Return to Board See Question

26. $400 Question: What is Maintenance of Effort? Return to Board

27. $600 The State may use no more than 10 percent of pass-through funds for this. Return to Board See Question

28. $600 Question: What are services to institutionalized adults? Return to Board

29. $800 This is the amount a state agency may spend on administrative costs from the Federal AEFLA award. Return to Board See Question

30. $800 Question: What is the greater of 5%, or $65,000? Return to Board

31. $1000 This is the general term that refers to costs that are legal, reasonable, and allocable. Return to Board See Question

32. $1000 Question: What is allowable, or allowable costs? Return to Board

33. $200 There are two of these required: an initial and a final. Return to Board See Question

34. $200 Question: What is the Financial Status Report (FSR)? Return to Board

35. $400 This is the amount that states must pass-through to eligible providers for services from their Federal grant. Return to Board See Question

36. $400 Question: What is not less than 82.5 percent? Return to Board

37. $600 This is the governmental Act that offers a method for auditing local programs. Return to Board See Question

38. Question: $600 What is the Single Audit Act? Return to Board

39. $800 This is based on actual, after-the-fact activity of each employee that accounts for total activity for which an employee is compensated. Return to Board See Question

40. $800 Question: What is Time and Effort documentation? Return to Board

41. $1000 This covers the first year of the grant and is due 90 days after the program year ends. Return to Board See Question

42. $1000 Question: What is an Initial FSR? Return to Board

43. $200 These are the 3 printed sources to turn to for guidance on finance-related issues in adult education. Return to Board See Question

44. $200 Question: What are AEFLA, EDGAR, and OMB Circulars? Return to Board

45. $400 This is what a State must do if it does not obligate all its Federal funds during the Tydings Amendment period. Return to Board See Question

46. Question: $400 What is return funds to the Federal government? Return to Board

47. $600 This is the term used in statute that mandates that Federal funds may not be used to pay for services, staff, programs, or materials that would otherwise be supported by state or local funds. Return to Board See Question

48. $600 Question: What is “Supplement-Not-Supplant”? Return to Board

49. $800 This is the period of time for which a grantee must keep fiscal records. Return to Board See Question

50. $800 Question: What is 3 years after the grant end date (or five years after grant award)? Return to Board