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Cost Principles under Federal Grants for Nonprofits and Governments - Yellow Book Series (Course Id 2146)

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Author : Sefton Boyars, CPA (Ret.), CGFM (Ret.), Author
Course Length : Pages: 77 ||| Word Count: 37,535 ||| Review Questions: 34 ||| Final Exam Questions: 33
CPE Credits : 6.5
IRS Credits : 0
Price : $53.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 2146

Description :

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. Truth is stranger than fiction when it comes to the creative way that grantees use their grant resources. 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.

Usage Rank : 0
Release : 2023
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 01-Apr-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 2146

Keywords : Auditing (Governmental), Cost, Principles, Federal, Grants, Nonprofits, Governments, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After finishing the 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
  • Sequence the four layers of rules governing grants
  • Judge whether an item of cost is allowable per the cross-cutting principles
  • Detect which allowability principle has been violated
  • Distinguish between an indirect cost and a direct cost
  • Judge which professional service costs are allowable under a federal award
  • Distinguish between idle capacity and idle facilities and related allowable costs
  • 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

Chapter 1
2 CFR 200, Subpart E - General Principles & Basic Premises

  • Differentiate between principles applicable to state and local governments and nonprofits
  • Define key government regulators and their related acronyms
  • Sequence the four layers of rules governing grants

Chapter 2
Tests of Cost Allowability

  • Judge whether an item of cost is allowable per the cross-cutting principles
  • Detect which allowability principle has been violated

Chapter 3
Composition of Costs

  • Distinguish between an indirect cost and a direct cost

Chapter 4
Selected Items of Cost - Overview

  • Distinguish which costs are usually allowable and which are usually unallowable

Chapter 5
Compensation for Personal Services

  • Clarify which compensation charges are allowable under a federal award and what documentation is required

Chapter 6
Costs for Other Services

  • Judge which professional service costs are allowable under a federal award
  • Judge 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

Chapter 7
Buildings & Equipment Costs

  • Determine 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
  • Assess which rental costs are allowable

Chapter 8
Additional Selected Items of Cost

  • Identify when fines and penalties, insurance, interest, and membership costs are allowable costs
  • Distinguish between allowable and unallowable pre-award costs, taxes, and travel costs
Course Contents :

Chapter 1:  2 CFR 200, Subpart E General Principles & Basic Premises

1-1  Introduction to Federal Cost Principles

1-1-1  Is That Allowable?

1-1-2  Acronyms, Definitions, and Relationships

1-1-3  Four Layers of Regulations Applicable to Each Grant

1-1-3a  Layer 1: Cross-Cutting Administrative Rules

1-1-3b  Layer 2: Cross-Cutting Cost Principles

1-1-3c  Layer 3: Program Rules

1-1-3d  Layer 4: Individual Grant Terms and Conditions

1-2  Overview of General Principles & Basic Premises

1-3  Application of the General Principles

1-3-1  Complexities Involved with Indirect Costs

1-4  Basic Premises

1-4-1  Entity Type Determines Rules

Chapter 1 Summary

Study Questions for Chapter 1

Chapter 2:  Tests of Cost Allowability

2-1  Reasonable and Necessary

2-1-1  The Prudent Person Rule

2-1-2  Factors Used to Determine Reasonableness

2-1-3  Context Matters

2-2  Allocability

2-2-1  Indirect Cost Allocation

2-2-2  Advance Agreements

2-3  Consistent Treatment

2-3-1 Like Costs in Like Circumstances

2-4  Net of Applicable Credits

2-5  Compliance with GAAP

2-6  Conform to the Law

2-7  Conform to Any Limitations

2-8  Claimed Only Once

2-9  Adequate Documentation

Chapter 2 Summary

Study Questions for Chapter 2

Chapter 3:  Composition of Costs

3-1  Direct Costs

3-2  Indirect Costs

3-2-1  Indirect Cost Allocation Plans

3-2-2  Charges from Internal Service Funds

Chapter 3 Summary

Study Questions for Chapter 3

Chapter 4:  Selected Items of Cost - Overview

4-1  General Provisions for Selected Items of Cost

4-1-1  Change in Terminology

4-1-2  Consider Context

4-2  Unallowable Costs

4-3  State and Local Governments General Governmental Costs are Unallowable

Chapter 4 Summary

Study Questions for Chapter 4

Chapter 5:  Compensation for Personal Services

5-1  General Allowability of Compensation for Personal Services

5-2  Fringe Benefits

5-3  Pension Plan Costs

5-4  Severance Pay

5-5  Support for Salaries

5-5-1  Support Requirements

5-5-2  Compensation as Cost Sharing

5-5-3  Additional Rules for Nonprofits

Chapter 5 Summary

Study Questions for Chapter 5

Chapter 6:  Costs for Other Services

6-1  Professional Services Costs

6-2  Legal Defense Costs

6-2-1  Definitions Used for Legal Defense Costs

6-2-2  Permissible Legal Defense Costs

6-2-3  Unallowable Legal Costs

6-3  Lobbying Expenses

6-3-1  Lobbying Costs  (Governmental Grantees)

6-3-2 Lobbying Costs (Non-Governmental Grantees)

6-3-2a  Unallowable Lobbying Costs

6-3-2b  Permissible Lobbying Costs

6-4  Donated Services

6-5  Donated Property

Chapter 6 Summary

Study Questions for Chapter 6

Chapter 7:  Buildings & Equipment Costs

7-1  Depreciation

7-1-1  Computation of Depreciation

7-1-2  Depreciation Methodology

7-1-3  Support for Depreciation

7-2  Idle Facilities and Idle Capacity

7-2-1  Definitions

7-2-2  Idle Facilities

7-2-3  Idle Capacity

7-3  Rearrangement and Alteration Costs

7-4  Rental Costs

7-4-1  Sale and Leaseback Arrangements

7-4-2  Less-than-Arms-Length Leases

7-4-3  Capital Leases

Chapter 7 Summary

Study Questions for Chapter 7

Chapter 8:  Additional Selected Items of Cost

8-1  Fines and Penalties

8-2  Insurance Costs

8-2-1 Insurance Costs in Connection with General Conduct of Activities

8-2-2 Reserve Funds under a Self-Insurance Program

8-2-3 Other Insurance and Indemnification Costs

8-2-4  Insurance Costs Applicable to Trustees and Employees

8-3  Interest under 2 CFR 200

8-3-1  Interest Conditions for All Non-federal Entities

8-3-2  Interest Additional Conditions for Governments

8-3-3  Interest Additional Conditions for Nonprofits

8-4 Costs of Memberships

8-5  Pre-Award Costs

8-6 Taxes

8-7  Travel

Chapter 8 Summary

Study Questions for Chapter 8

Concluding Remarks

Appendix: Useful Websites

Glossary

Auditing (Governmental) Course 1115 Home: https://www.cpethink.com/yellow-book-auditing
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