Truth is stranger than fiction when it comes to the creative way that grantees use their grant resources. Let Sefton and Bill, auditors with over 70 combined years of federal, state, and municipal audit experience, guide you through the dos and don'ts of spending federal grant dollars. Auditors of federal programs use the cost principles as criteria to evaluate compliance with contract provisions. The cost principles apply to almost all federal grant programs and contain specific prohibitions against entertainment and some legal fees. The cost principles also advise grantees on how to document payroll expenditures.
Upon successful completion of this course, participants will be able to:
- Differentiate between principles applicable to state and local governments and nonprofits
- Define key government regulators and their related acronyms
- Identify how to sequence the four layers of rules governing grants
- Identify whether an item of cost is allowable per the cross-cutting principles
- Cite the allowability principle that has been violated in various scenarios
- Identify the difference between an indirect cost and a direct cost
- Identify which costs are usually allowable and which are unallowable
- Identify which compensation charges are allowable under a federal award and what documentation is required
- Identify which professional service costs are allowable under a federal award
- Cite which legal costs are allowable under a federal award
- Distinguish between lobbying costs and normal operating costs of a program
- Determine how to treat services donated in support of a federal award
- Identify how to recover building and equipment costs
- Distinguish between idle capacity and idle facilities and related allowable costs
- Identify which costs are allowable as rearrangement and alteration costs
- Identify which rental costs are allowable in various scenarios
- Identify under which conditions morale costs, fines and penalties, insurance, interest, and membership costs are allowable costs
- Distinguish between allowable and unallowable pre-award costs, taxes, and travel costs
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