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Cost Principles under Federal Grants for Nonprofits and Government Agencies
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Course Description:
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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.
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Learning Objectives:
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Upon successful completion of this 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
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Course Number:
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SBWA03
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NASBA Field of Study:
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Auditing (Governmental)
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Level:
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Basic
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Author/Instructor:
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Sefton Boyars and William T. Allen
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Publication Date:
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March 2023
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CPE Credits:
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7
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Program Prerequisites:
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None
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Advanced Preparation:
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None
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