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2CFR Study Guide > Subpart A: Definitions > Flashcards

Subpart A: Definitions Flashcards

1
Q

Acquisition cost

A

means the cost of the asset including the cost to ready the asset for its intended use.

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2
Q

Advance payment

A

means a payment that a Federal awarding agency or pass-through entity makes by any appropriate payment mechanism, including a predetermined payment schedule, before the non-Federal entity disburses the funds for program purposes.

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3
Q

Allocation

A

means the process of assigning a cost, or a group of costs, to one or more cost objective(s), in reasonable proportion to the benefit provided or other equitable relationship

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4
Q

Assistance listings

A

refers to the publicly available listing of Federal assistance programs managed and administered by the General Services Administration.

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5
Q

Assistance listing number

A

means a unique number assigned to identify a Federal Assistance Listings.

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6
Q

Assistance listing program title

A

means the title that corresponds to the Federal Assistance Listings Number.

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7
Q

Audit finding

A

means deficiencies which the auditor is required by 200.516(a) to report in the schedule of findings and questioned costs.

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8
Q

Auditee

A

means any non-Federal entity that expends Federal awards which must be audited under subpart F of this part.

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9
Q

Auditor

A

means an auditor who is a public accountant or a Federal, State, local government, or Indian tribe audit organization, which meets the general standards specified for external auditors in generally accepted government auditing standards (GAGAS).

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10
Q

Budget

A

means the financial plan for the Federal award that the Federal awarding agency or pass-through entity approves during the Federal award process or in subsequent amendments to the Federal award.

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11
Q

Budget period

A

means the time interval from the start date of a funded portion of an award to the end date of that funded portion during which recipients are authorized to expend the funds awarded, including any funds carried forward or other revisions pursuant to 200.308.

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12
Q

Capital expenditures

A

means expenditures to acquire capital assets or expenditures to make additions, improvements, modifications, replacements, rearrangements, reinstallations, renovations, or alterations to capital assets that materially increase their value or useful life.

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13
Q

Central service cost allocation plan

A

means the documentation identifying, accumulating, and allocating or developing billing rates based on the allowable costs of services provided by a State or local government or Indian tribe on a centralized basis to its departments and agencies.

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14
Q

Class of Federal awards

A

means a group of Federal awards either awarded under a specific program or group of programs or to a specific type of non-Federal entity or group of non-Federal entities to which specific provisions or exceptions may apply.

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15
Q

Closeout

A

means the process by which the Federal awarding agency or pass-through entity determines that all applicable administrative actions and all required work of the Federal award have been completed and takes actions as described in 200.344.

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16
Q

Cluster of programs

A

means a grouping of closely related programs that share common compliance requirements.

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17
Q

Cognizant agency for audit

A

means the Federal agency designated to carry out the responsibilities described in 200.513(a).

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18
Q

Compliance supplement

A

means an annually updated authoritative source for auditors that serves to identify existing important compliance requirements that the Federal Government expects to be considered as part of an audit.

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19
Q

Computing devices

A

means machines used to acquire, store, analyze, process, and publish data and other information electronically, including accessories for printing, transmitting and receiving, or storing electronic information.

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20
Q

Contract

A

means a legal instrument by which a recipient or subrecipient purchases property or services needed to carry out the project or program under a Federal award.

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21
Q

Contractor

A

means an entity that receives a contract as defined in this section.

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22
Q

Cost allocation plan

A

means central service cost allocation plan or public assistance cost allocation plan.

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23
Q

Cost objective

A

means a program, function, activity, award, organizational subdivision, contract, or work unit for which cost data are desired and for which provision is made to accumulate and measure the cost of processes, products, jobs, capital projects, etc.

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24
Q

Cost sharing or matching

A

means the portion of project costs not paid by Federal funds or contributions (unless otherwise authorized by Federal statute).

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25
Q

Cross-cutting audit finding

A

means an audit finding where the same underlying condition or issue affects all Federal awards.

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26
Q

Disallowed costs

A

means those charges to a Federal award that the Federal awarding agency or pass-through entity determines to be unallowable.

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27
Q

Discretionary award

A

means an award in which the Federal awarding agency selects the recipient and/or the amount of Federal funding awarded through a competitive process or based on merit of proposals. A discretionary award may be selected on a non-competitive basis, as appropriate.

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28
Q

Equipment

A

means tangible personal property (including information technology systems) having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds the lesser of the capitalization level established by the non-Federal entity for financial statement purposes, or $5,000.

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29
Q

Federal agency

A

means an agency as defined at 5 U.S.C. 551(1) and further clarified by 5 U.S.C. 552(f).

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30
Q

Federal Audit Clearinghouse (FAC)

A

means the clearinghouse designated by OMB as the repository of record where non-Federal entities are required to transmit the information required by subpart F of this part.

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31
Q

Federal award date

A

means the date when the Federal award is signed by the authorized official of the Federal awarding agency.

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32
Q

Federal awarding agency

A

means the Federal agency that provides a Federal award directly to a non-Federal entity.

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33
Q

Federal share

A

means the portion of the Federal award costs that are paid using Federal funds.

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34
Q

Final cost objective

A

means a cost objective which has allocated to it both direct and indirect costs and, in the non-Federal entity’s accumulation system, is one of the final accumulation points, such as a particular award, internal project, or other direct activity of a non-Federal entity.

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35
Q

Financial obligations

A

when referencing a recipient’s or subrecipient’s use of funds under a Federal award, means orders placed for property and services, contracts and subawards made, and similar transactions that require payment.

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36
Q

Fixed amount awards

A

means a type of grant or cooperative agreement under which the Federal awarding agency or pass-through entity provides a specific level of support without regard to actual costs incurred under the Federal award. This type of Federal award reduces some of the administrative burden and record-keeping requirements for both the non-Federal entity and Federal awarding agency or pass-through entity. Accountability is based primarily on performance and results.

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37
Q

General purpose equipment

A

means equipment which is not limited to research, medical, scientific or other technical activities.

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38
Q

Generally accepted accounting principles (GAAP)

A

has the meaning specified in accounting standards issued by the GASB and the FASB.

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39
Q

Generally accepted government auditing standards (GAGAS)

A

also known as the Yellow Book, means generally accepted government auditing standards issued by the Comptroller General of the United States, which are applicable to financial audits.

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40
Q

Highest level owner

A

means the entity that owns or controls an immediate owner of the offeror, or that owns or controls one or more entities that control an immediate owner of the offeror.

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41
Q

Hospital

A

means a facility licensed as a hospital under the law of any state or a facility operated as a hospital by the United States, a state, or a subdivision of a state.

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42
Q

Indian tribe

A

means any Indian tribe, band, nation, or other organized group or community, including any Alaska Native village or regional or village corporation as defined in or established pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. Chapter 33), which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians (25 U.S.C. 450b(e)).

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43
Q

Institutions of Higher Education (IHEs)

A

is defined at 20 U.S.C. 1001.

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44
Q

Indirect (facilities & administrative (F&A)) costs

A

means those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. To facilitate equitable distribution of indirect expenses to the cost objectives served, it may be necessary to establish a number of pools of indirect (F&A) costs. Indirect (F&A) cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived.

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45
Q

Indirect cost rate proposal

A

means the documentation prepared by a non-Federal entity to substantiate its request for the establishment of an indirect cost rate as described in appendices III through VII and appendix IX to this part.

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46
Q

Information technology systems

A

means computing devices, ancillary equipment, software, firmware, and similar procedures, services (including support services), and related resources. See also the definitions of computing devices and equipment in this section.

47
Q

Intangible property

A

means property having no physical existence, such as trademarks, copyrights, patents and patent applications and property, such as loans, notes and other debt instruments, lease agreements, stock and other instruments of property ownership (whether the property is tangible or intangible).

48
Q

Intermediate cost objective

A

means a cost objective that is used to accumulate indirect costs or service center costs that are subsequently allocated to one or more indirect cost pools or final cost objectives. See also the definitions of cost objective and final cost objective in this section.

49
Q

Major program

A

means a Federal program determined by the auditor to be a major program in accordance with 200.518 or a program identified as a major program by a Federal awarding agency or pass-through entity in accordance with 200.503(e).

50
Q

Management decision

A

means the Federal awarding agency’s or pass-through entity’s written determination, provided to the auditee, of the adequacy of the auditee’s proposed corrective actions to address the findings, based on its evaluation of the audit findings and proposed corrective actions.

51
Q

Micro-purchase

A

means a purchase of supplies or services, the aggregate amount of which does not exceed the micro-purchase threshold. Micro-purchases comprise a subset of a non-Federal entity’s small purchases as defined in § 200.320.

52
Q

Micro-purchase threshold

A

means the dollar amount at or below which a non-Federal entity may purchase property or services using micro-purchase procedures (see § 200.320). Generally, the micro-purchase threshold for procurement activities administered under Federal awards is not to exceed the amount set by the FAR at 48 CFR part 2, subpart 2.1, unless a higher threshold is requested by the non-Federal entity and approved by the cognizant agency for indirect costs.

53
Q

Modified Total Direct Cost (MTDC)

A

means all direct salaries and wages, applicable fringe benefits, materials and supplies, services, travel, and up to the first $25,000 of each subaward (regardless of the period of performance of the subawards under the award).

54
Q

Non-discretionary award

A

means an award made by the Federal awarding agency to specific recipients in accordance with statutory, eligibility and compliance requirements, such that in keeping with specific statutory authority the agency has no ability to exercise judgement (“discretion”). A non-discretionary award amount could be determined specifically or by formula.

55
Q

Non-Federal entity (NFE)

A

means a State, local government, Indian tribe, Institution of Higher Education (IHE), or nonprofit organization that carries out a Federal award as a recipient or subrecipient.

56
Q

Notice of funding opportunity (NOFO)

A

means a formal announcement of the availability of Federal funding through a financial assistance program from a Federal awarding agency. The notice of funding opportunity provides information on the award, who is eligible to apply, the evaluation criteria for selection of an awardee, required components of an application, and how to submit the application.

57
Q

Office of Management and Budget (OMB)

A

means the Executive Office of the President, Office of Management and Budget.

58
Q

Oversight agency for audit

A

means the Federal awarding agency that provides the predominant amount of funding directly (direct funding) (as listed on the schedule of expenditures of Federal awards, see 200.510(b)) to a non-Federal entity unless OMB designates a specific cognizant agency for audit.

59
Q

Participant support costs

A

means direct costs for items such as stipends or subsistence allowances, travel allowances, and registration fees paid to or on behalf of participants or trainees (but not employees) in connection with conferences, or training projects.

60
Q

Pass-through entity (PTE)

A

means a non-Federal entity that provides a subaward to a subrecipient to carry out part of a Federal program.

61
Q

Performance goal

A

means a target level of performance expressed as a tangible, measurable objective, against which actual achievement can be compared, including a goal expressed as a quantitative standard, value, or rate.

62
Q

Period of performance

A

means the total estimated time interval between the start of an initial Federal award and the planned end date, which may include one or more funded portions, or budget periods.

63
Q

Personal property

A

means property other than real property. It may be tangible, having physical existence, or intangible.

64
Q

Personally Identifiable Information (PII)

A

means information that can be used to distinguish or trace an individual’s identity, either alone or when combined with other personal or identifying information that is linked or linkable to a specific individual.

65
Q

Program income

A

means gross income earned by the non-Federal entity that is directly generated by a supported activity or earned as a result of the Federal award during the period of performance except as provided in 200.307(f).

66
Q

Project cost

A

means total allowable costs incurred under a Federal award and all required cost sharing and voluntary committed cost sharing, including third-party contributions.

67
Q

Property

A

means real property or personal property. See also the definitions of real property and personal property in this section.

68
Q

Protected Personally Identifiable Information (Protected PII)

A

means an individual’s first name or first initial and last name in combination with any one or more of types of information, including, but not limited to, social security number, passport number, credit card numbers, clearances, bank numbers, biometrics, date and place of birth, mother’s maiden name, criminal, medical and financial records, educational transcripts.

69
Q

Real property

A

means land, including land improvements, structures and appurtenances thereto, but excludes moveable machinery and equipment.

70
Q

Recipient

A

means an entity, usually but not limited to non-Federal entities that receives a Federal award directly from a Federal awarding agency. The term recipient does not include subrecipients or individuals that are beneficiaries of the award.

71
Q

Renewal award

A

means an award made subsequent to an expiring Federal award for which the start date is contiguous with, or closely follows, the end of the expiring Federal award. A renewal award’s start date will begin a distinct period of performance.

72
Q

Research and Development (R&D)

A

means all research activities, both basic and applied, and all development activities that are performed by non-Federal entities. The term research also includes activities involving the training of individuals in research techniques where such activities utilize the same facilities as other research and development activities and where such activities are not included in the instruction function.

73
Q

Simplified acquisition threshold

A

means the dollar amount below which a non-Federal entity may purchase property or services using small purchase methods (see § 200.320).

74
Q

Special purpose equipment

A

means equipment which is used only for research, medical, scientific, or other technical activities.

75
Q

State

A

means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any agency or instrumentality thereof exclusive of local governments.

76
Q

Student Financial Aid (SFA)

A

means Federal awards under those programs of general student assistance, such as those authorized by Title IV of the Higher Education Act of 1965, as amended, (20 U.S.C. 1070–1099d), which are administered by the U.S. Department of Education, and similar programs provided by other Federal agencies.

77
Q

Subaward

A

means an award provided by a pass-through entity to a subrecipient for the subrecipient to carry out part of a Federal award received by the pass-through entity.

78
Q

Subrecipient

A

means an entity, usually but not limited to non-Federal entities, that receives a subaward from a pass-through entity to carry out part of a Federal award; but does not include an individual that is a beneficiary of such award.

79
Q

Subsidiary

A

means an entity in which more than 50 percent of the entity is owned or controlled directly by a parent corporation or through another subsidiary of a parent corporation.

80
Q

Supplies

A

means all tangible personal property other than those described in the definition of equipment in this section. A computing device is a supply if the acquisition cost is less than the lesser of the capitalization level established by the non-Federal entity for financial statement purposes or $5,000, regardless of the length of its useful life.\

81
Q

Telecommunications cost

A

means the cost of using communication and telephony technologies such as mobile phones, land lines, and internet.

82
Q

Termination

A

means the ending of a Federal award, in whole or in part at any time prior to the planned end of period of performance. A lack of available funds is not a termination.

83
Q

Unliquidated financial obligations

A

means, for financial reports prepared on a cash basis, financial obligations incurred by the non-Federal entity that have not been paid (liquidated). For reports prepared on an accrual expenditure basis, these are financial obligations incurred by the non-Federal entity for which an expenditure has not been recorded.

84
Q

Unobligated balance

A

means the amount of funds under a Federal award that the non-Federal entity has not obligated. The amount is computed by subtracting the cumulative amount of the non-Federal entity’s unliquidated financial obligations and expenditures of funds under the Federal award from the cumulative amount of the funds that the Federal awarding agency or pass-through entity authorized the non-Federal entity to obligate.

85
Q

Voluntary committed cost sharing

A

means cost sharing specifically pledged on a voluntary basis in the proposal’s budget on the part of the non-Federal entity and that becomes a binding requirement of Federal award.

86
Q

Claim

A

means, depending on the context, either:
1. A written demand or written assertion by one of the parties to a Federal award seeking as a matter of right:
The payment of money in a sum certain; The adjustment or interpretation of the terms and conditions of the Federal award; or Other relief arising under or relating to a Federal award.
2. A request for payment that is not in dispute when submitted.

87
Q

Cognizant agency for indirect costs

A

means the Federal agency responsible for reviewing, negotiating, and approving cost allocation plans or indirect cost proposals developed under this part on behalf of all Federal agencies.

88
Q

Capital Asset

A

Tangible or intangible assets used in operations having a useful life of more than one year which are capitalized in accordance with GAAP.

89
Q

Cooperative agreement

A

means a legal instrument of financial assistance between a Federal awarding agency and a recipient or a pass-through entity and a subrecipient that, consistent with 31 U.S.C. 6302-6305

90
Q

Cooperative audit resolution

A

means the use of audit follow-up techniques which promote prompt corrective action by improving communication, fostering collaboration, promoting trust, and developing an understanding between the Federal agency and the non-Federal entity.

91
Q

Corrective Action

A

means action taken by the auditee that corrects identified deficiencies; produces recommended improvements; or demonstrates that audit findings are either invalid or do not warrant auditee action.

92
Q

Expenditures

A

means charges made by a non-Federal entity to a project or program for which a Federal award was received.

93
Q

Federal Award (Meaning #1)

A

The Federal financial assistance that a recipient receives directly from a Federal awarding agency or indirectly from a pass-through entity, as described in 200.101; or the cost-reimbursement contract under the Federal Acquisition Regulations that a non-Federal entity receives directly from a Federal awarding agency or indirectly from a pass-through entity, as described in 200.101.

94
Q

Federal Award (Meaning #2)

A

The instrument setting forth the terms and conditions. The instrument is the grant agreement, cooperative agreement, other agreement for assistance covered in paragraph (2) of the definition of Federal financial assistance in this section, or the cost-reimbursement contract awarded under the Federal Acquisition Regulations.

95
Q

Federal Financial Assistance

A

Assistance that non-Federal entities receive or administer in the form of Grants; Cooperative agreements; Non-cash contributions or donations of property (including donated surplus property); Direct appropriations; Food commodities; and Other financial assistance

96
Q

Federal Financial Assistance 200.203

A

For 200.203 and subpart F of this part, Federal financial assistance also includes assistance that non-Federal entities receive or administer in the form of: Loans; Loan Guarantees; Interest subsidies; and Insurance.

97
Q

Federal Financial Assistance 200.216

A

For 200.216, Federal financial assistance includes assistance that non-Federal entities receive or administer in the form of: Grants; Cooperative agreements; Loans; and Loan Guarantees.

98
Q

Federal Interest

A

means, for purposes of 200.330 or when used in connection with the acquisition or improvement of real property, equipment, or supplies under a Federal award, the dollar amount that is the product of the: The percentage of Federal participation in the total cost of the real property, equipment, or supplies; and Current fair market value of the property, improvements, or both, to the extent the costs of acquiring or improving the property were included as project costs.

99
Q

Federal Program

A

All Federal awards which are assigned a single Assistance Listings Number or when no Assistance Listings Number is assigned, all Federal awards from the same agency made for the same purpose must be combined and considered one program (cluster program).

100
Q

Foreign Organization

A

means an entity that is:
1. A public or private organization located in a country other than the United States and its territories that is subject to the laws of the country in which it is located, irrespective of the citizenship of project staff or place of performance;
2. A private nongovernmental organization located in a country other than the United States that solicits and receives cash contributions from the general public;
3. A charitable organization located in a country other than the United States that is nonprofit and tax exempt under the laws of its country of domicile and operation, and is not a university, college, accredited degree-granting institution of education, private foundation, hospital, organization engaged exclusively in research or scientific activities, church, synagogue, mosque or other similar entities organized primarily for religious purposes; or
4. An organization located in a country other than the United States not recognized as a foreign public entity.

101
Q

Foreign Public Entity

A

A foreign government or foreign governmental entity; A public international organization, which is an organization entitled to enjoy privileges, exemptions, and immunities as an international organization under the International Organizations Immunities Act, An entity owned (in whole or in part) or controlled by a foreign government; or Any other entity consisting wholly or partially of one or more foreign governments or foreign governmental entities.

102
Q

Grant Agreement

A

means a legal instrument of financial assistance between a Federal awarding agency or pass-through entity and a non-Federal entity that, consistent with 31 U.S.C. 6302, 6304

103
Q

Grant Agreement Does Not Incude Agreements that Provide Only

A

Direct United States Government cash assistance to an individual; A subsidy; A loan; A loan guarantee; or Insurance.

104
Q

Improper Payment

A

Any payment that should not have been made or that was made in an incorrect amount under statutory, contractual, administrative, or other legally applicable requirements.

105
Q

Internal Controls

A

Processes designed and implemented by non-Federal entities to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and efficiency of operations; Reliability of reporting for internal and external use; and Compliance with applicable laws and regulations.

Federal awarding agencies are required to follow internal control compliance requirements in OMB Circular No. A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control.

106
Q

Loan

A

means a Federal loan or loan guarantee received or administered by a non-Federal entity, except as used in the definition of program income in this section.

107
Q

Indirect Loan

A

means a disbursement of funds by the Federal Government to a non-Federal borrower under a contract that requires the repayment of such funds with or without interest. The term includes the purchase of, or participation in, a loan made by another lender and financing arrangements that defer payment for more than 90 days, including the sale of a Federal Government asset on credit terms. The term does not include the acquisition of a federally guaranteed loan in satisfaction of default claims or the price support loans of the Commodity Credit Corporation.

108
Q

Direct Loan Obligation

A

means a binding agreement by a Federal awarding agency to make a direct loan when specified conditions are fulfilled by the borrower.

109
Q

loan guarantee commitment

A

means any Federal Government guarantee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal lender, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions.

110
Q

loan guarantee commitment

A

means a binding agreement by a Federal awarding agency to make a loan guarantee when specified conditions are fulfilled by the borrower, the lender, or any other party to the guarantee agreement.

111
Q

Local Government

A

Local government means any unit of government within a state, including

112
Q

Nonprofit Organization

A

means any corporation, trust, association, cooperative, or other organization, not including IHEs, that are operated primarily for scientific, educational, service, charitable, or similar purposes in the public interest; Is not organized primarily for profit; and wses net proceeds to maintain, improve, or expand the operations of the organization.

113
Q

Questioned Cost

A

means a cost that is questioned by the auditor because of an audit finding

114
Q

Third Party In-Kind Contributions

A

means the value of non-cash contributions (i.e., property or services) that benefit a federally-assisted project or program; and are contributed by non-Federal third parties, without charge, to a non-Federal entity under a Federal award.

2CFR Study Guide (2 decks)

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