OMB WITH COMPLETE SOLUTIONS 100%
2024/2025
OMB Circulars •A-21 •A-110 •A-133 Answer: Applies to NOA for federal domestic assistance funds awarded prior to 12/26/14 Uniform Guidance Answer: Applies to NOA for federal domestic assistance funds awarded on or after 12/26/14 OMB Circulars Answer: Instructions or information issued by OMB to federal agencies that guide agencies & awardees alike in the administration of federally sponsored projects financed with federal domestic assistance funds.FAR clauses Answer: Set of regulations governing the federal purchasing or acquisition process, i.e., included in flowthrough or direct contracts
States, local governments, Indian Tribes Answer: Cost Principles A87
States, local governments, Indian Tribes Answer: Administrative Requirements A102 States, local governments, Indian Tribes Answer: Audit Requirements A133
Educational Institutions Answer: Cost Principles A87
Educational Institutions Answer: Administrative Requirements A110
Educational Institutions Answer: Audit Requirements A133 1 / 3
Non-profit Organizations Answer: Cost Principles A122
Non-profit Organizations Answer: Administrative Requirements A110
Non-profit Organizations Answer: Audit Requirements A133
Hospital Answer: Cost Principles 45CFR 74, Appendix E
Hospital Answer: Administrative Requirements Depends
Hospital Answer: Audit Requirements Depends
Commercial Organizations Answer: Cost Principles 48 CFR 31
Commercial Organizations Answer: Administrative Requirements - Federal agencies may apply A- 110 Commercial Organizations Answer: Audit Requirements -Federal awarding agency or prime OMB Circular A-21 Answer: (Cost Principles for Educational Institutions) Definition: "This Circular establishes principles for determining costs applicable to grants, contracts, and other agreements with educational institutions." Subject is cost determination Costs must be in accordance with generally accepted accounting principles OMB A-110 Answer: (Uniform Admin. Requirements for Grants and other Agreements with Institutions of Higher Education, Hospitals and Other Non-Profit Organizations) Definition: "This Circular sets forth standards for obtaining consistency and uniformity among federal agencies in the 2 / 3
administration of grants to and agreements with institutions of higher education, hospitals, and other non-profit organizations." Sets pre and post award standards OMB OMB Circular A-133 Answer: (Audits of States, Local Governments and Non-Profits) Definition: "It sets forth standards for obtaining consistency and uniformity among federal agencies for the audit of States, local governments, and non-profit organizations expending Federal awards." Sets audit standards OMB Circular A-21 purpose Answer: •Establishes COST PRINCIPLES for Educational Institutions •Applies to funds received from Federal Agencies •Sets uniform standards for allocation and allowability •Identifies full cost for federal programs •Encourages consistent costing •Ensures that the federal government bears its fair share of total costs •Applies to all Federal agencies that sponsor research and development, training, and other work at educational institutions, i.e. federal agencies shall apply the provisions of this Circular in determining the costs incurred in such work OMB A21 A. Purpose and Scope Answer: •Principles for determining costs •Institutions should employ sound management practices •Application of this Circular should require no additional changes in generally accepted accounting practices of the Institution •Use to determine allowable costs on -Sponsored agreements -Subgrants -Cost-reimbursement subcontracts -Fixed-price contracts OMB Circular A-21 B. Definition of Terms Answer: Major Functions of an Institution refers to
Instruction, Organized Research and Other Sponsored Activities:
•Instruction (subsection a)-All teaching and training activities, •Organized Research (subsection b)•Other Sponsored Activities (subsection c)-"Other" means programs and projects financed by Federal and non-Federal agencies which involve the performance of work other than instruction and organized research.•Sponsored Agreement
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