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Warrant Board Study Cards > Part 32.7 Contract Funding > Flashcards

Part 32.7 Contract Funding Flashcards

1
Q

What is a fully funded contract?

A

funds obligated to cover the price or target price of the fixed price contract, or the estimated cost and any fee for a cost-reimbursement contract.

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2
Q

What is a incrementally funded contracts?

A

funds obligated to cover the amount allotted and any corresponding increment of fee. You CANNOT incrementally fund non-severable services

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3
Q

What is LOC?

A

Limitation of Cost

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4
Q

What is LOF?

A

LImitation of Funds

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5
Q

What is LOGO

A

Limitation of Governments Obligation

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6
Q

What does LOC, LOF, or LOGO say?

A

The contracto may or will need more funds than what is currently obligated to complete the contract

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7
Q

All three clauses (LOC, LOF, and LOGO), impose what?

A

duty on the contracto to notify the CO when determining that within a certain period of time, they except to expend a certain percentage of funds obligated.

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8
Q

When is LOC used?

A

fully funded cost reimbursement contracts. KTR notifies CO within 60 days expected to exceed 75%.

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9
Q

When is LOF used?

A

incrementally funded cost-reimbursement contract. 60 days 75%

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10
Q

When is LOGO used?

A

incrementally funded FP contract. 90 days and 85%

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11
Q

What happens when the CO is notified?

A

obligate additional funds
de-scope effort to match the funds obligated
Terminate for Convience

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12
Q

What happens if KTR does not notify CO?

A

government is not required to reimburse the KTR.

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13
Q

Bona Fide Need?

A

Appropriated funds may be obligated only to meet a legitimate need arising in the fiscal years for which the appropriation was made. Purpose Time and Amount.

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14
Q

Bona Fide Need PURPOSE?

A

funds shall be applied only to the objects for which it was appropriated for.

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15
Q

Bona FIde Need TIME?

A

funds are only available for obligation during the availability of the appropriation. Do not obligate before president signs the appropriations bill or after availability period.

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16
Q

Bona Fide Need AMOUNT?

A

Don’t spend excess or in advance. Use only the amount of funds available.

17
Q

What does initated me?

A

administrative plans for funds

notice of pending commitmemnt

18
Q

WHat does commitment mean?

A

Administrative reservation of funds

Reserves funds for future obligations

19
Q

What does obligation mean?

A

Transactions made by Federal agencies during a given period

Requires outlay of funds in some future period

20
Q

What does current mean?

A

funds available to be obligated

length depends on the types of funds

21
Q

What does expired mean?

A

funds can no longer be obligated for new requirements, but are available to pay theFive years, no matter the type of funds

22
Q

What does cancelled means?

A

Funds are no longer available for anyting including to pay the bills.
funds are DEAD

23
Q

O&M Funds

A

(3400) 1 year current, 5 years expired, the cancelled

24
Q

RDT&E funds

A

(3600) 2 year current, 5 years expired, then cancelled

25
Q

Procurement funds

A

3010, 3020, 3080) 3 years current, 5 years expired, then cancelled.

26
Q

What does annual mean?

A

made for a particular fiscal year and available only during that year (O&M and Military Personnel)

27
Q

What does multiple year mean?

A

Available for obliation for a definite period in excess of one year (R&D, Procurement, Military Construction)

28
Q

What does No Year mean?

A

Available for obligation without fiscal year constraints.

29
Q

Air Force Appropriations

A 
3010 - Aircraft Procurement
3020 - Missile Procurment 
3080 - Other Procurment 
3400 - Operation & Maintenance
3600 - Research, Development, Test and Evaluation
30
Q

3010 Aircraft Procurement?

A

3 year funds

31
Q

3020 Missile Procurement?

A

3 Year Funds

32
Q

3080 Other Procurement?

A

3 Year Funds

33
Q

3600 RDT&E

A

2 year funds

34
Q

3400 O&M

A

1 year funds: general expenses, not tied to a central procurement fund. Necessary for operation, maintenance, and administration of the Air Force. Pays for sustainment of current weapon systems.

35
Q

What are Working Capital Funds? (WCF - 4930)

A

Zero year funds formerly referred to SMAG or DMAG funds. Used for Depot sustainment and supply chain.

Warrant Board Study Cards (29 decks)

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