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Course Details

New Uniform Guidance: Cost Principles for Nonprofits and Governments - Yellow Book Series (Course Id 1114)

Updated / QAS / Registry   Add to Cart 
Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 7.0
IRS Credits : 0
Price : $90.00
Passing Score : 70%
Primary Subject-Field Of Study:

Auditing (Governmental) - Accounting and Auditing for Course Id 1114

Description :

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

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 : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 17-Jul-2017
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 - NASBA Registry - 1114

Keywords : Auditing (Governmental), New, Uniform, Guidance, Cost, Principles, 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 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 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
  • 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

    Answers to the 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

    Answers to the 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

    Answers to the 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

    Answers to the 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

    Answers to the 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

    Answers to the 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

    Answers to the Study Questions for Chapter 7

    Chapter 8:  Additional Selected Items of Cost

    8-1  Employee Morale Costs Have Become Unallowable

    8-2  Fines and Penalties

    8-3  Insurance Costs

    8-3-1 Insurance Costs in Connection with General Conduct of Activities

    8-3-2 Reserve Funds under a Self-Insurance Program

    8-3-3 Other Insurance and Indemnification Costs

    8-3-4  Insurance Costs Applicable to Trustees and Employees

    8-4  Interest under 2 CFR 200

    8-4-1  Interest Conditions for All Non‑Federal Entities

    8-4-2  Interest Additional Conditions for Governments

    8-4-3  Interest Additional Conditions for Nonprofits

    8-5  Costs of Memberships

    8-6  Pre-Award Costs

    8-7  Taxes

    8-8  Travel

    Chapter 8 Summary

    Study Questions for Chapter 8

    Answers to the Study Questions for Chapter 8

    Concluding Remarks

    Appendix - Useful Websites

    Glossary

    Auditing (Governmental) Course 1114 Home: https://www.cpethink.com/yellow-book-auditing
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