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Nonprofit Accounting Basics
The specific requirements for activities allowed or unallowed are unique to each Federal program and are found in the laws, regulations, and the provisions of contract or grant agreements pertainin
These principles describe the cost accounting requirements associated with federal awards.
When entities are funded on a reimbursement basis, program costs must be paid for by entity funds before reimbursement is requested from the Federal Government.
The Office of Management and Budget (OMB) issued a compliance supplement to its Circular A-133i.
The Davis-Bacon Act requires that wages for "laborers and mechanics" employed by contractors (including subcontractors) of federally-funded construction in excess of $2,000 be paid in accordance wi
Eligibility specifies the criteria for determining the individuals, groups of individuals, or subrecipients that can participate in the program and the amounts of assistance for which they qualify.
Equipment and real property management provides standards for the use and disposition of equipment and real property purchased with federal funds.
As part of its ongoing commitment to educated organizations that receive federal awards, the Governmental Audit Quality Center (GAQC), part of the American Institute of Certified Public Accountants
The A-133 compliance supplementi describes 14 types of compliance requirements and related audit objectives and procedures to be considered in performing audits subject
Matching, level of effort, and earmarking are the:
Federal awards may specify a time period during which the non-federal entity may use the federal funds.
States, and governmental subrecipients of states, shall use the same state policies and procedures used for procurements from non-federal funds.
Income generated from a federal program must be recorded correctly and used as a deduction from outlays, as an addition to the project budget, or to meet matching requirements.
The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended, (URA) provides for uniform and equitable treatment of persons displaced by federally-assisted progr
Special tests and provisions are the special provisions related to each federal program.
Subrecipient monitoring requires recipients to monitor the activities of subrecipients relative to their federal awards.
An award recipient is responsible for: