activity 2 budget brainstorming answers
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7/27/2019 Activity 2 Budget Brainstorming ANSWERS
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7/27/2019 Activity 2 Budget Brainstorming ANSWERS
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Developing and Managing Your Budget
Activity 2
2013 Southwestern National Service Training Conference Page 2 of 2
Member Support costs Administrative/Indirect Costs Corporation Fixed Percentage
Federally Approved Indirect Cost Rate3. BUDGET APPROVAL:
How does CNCS review and approve your initial grant budget?
Peer Review Comments Budget Compliance Review FFR Review (Check to see whether funds are being expended above or below the
target thresholds)
Closeout Check (Note: If grantee has either a) not submitted closeoutdocument, or b) has not followed through with their closeout obligations
Fiscal Assessments
EPLS (Debarment and Suspension) EO 13224 (Terrorist List) A-133 (Federal Audit Clearinghouse) OIG Audit (Review)
Clarification Period Revise Budget
PO Certification GO Certification SGO Obligation/Award
4. BUDGET MAINTENANCE:What requirements exist once your budget is approved?
Compare actual spending to budget Monthly management procedures
Enter all spending into accounting system Budget changes and amendment Any new subgrants or contracts need approval in budget and application New spending in object classes that had not previous approval for spending (e.g.,
adding supply costs when supply costs were not previously in the budget)
Specific costs requiring prior approval before incurrence under OMB CostPrinciples (e.g., overtime pay, renovation and alteration costs, and pre-awardcosts)
Purchases of equipment using grant funds, unless specified in the approvedapplication and budget (i.e., items with $5,000 or greater unit cost, or lower unit
cost if organization policy)
Cumulative changes between budget object classes when the next change willmeet or exceed 10 percent of the currently approved budget