Compliance and Reporting Requirements
Expert-defined terms from the Advanced Certificate in Grant Management and Compliance course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
**Advanced Certificate in Grant Management and Compliance (ACGMC)** #
**Advanced Certificate in Grant Management and Compliance (ACGMC)**
The ACGMC is a professional development program that provides participants with… #
The ACGMC is a professional development program that provides participants with the knowledge and skills necessary to effectively manage grants and ensure compliance with relevant laws, regulations, and funding agency requirements.
**Audit** #
**Audit**
An audit is an independent examination and evaluation of an organization's finan… #
It is conducted to assess the organization's compliance with laws, regulations, and funding agency requirements, as well as to ensure the accuracy and reliability of its financial statements.
**Budget** #
**Budget**
A budget is a financial plan that outlines an organization's expected income and… #
It is used to manage an organization's finances, ensure compliance with funding agency requirements, and make informed decisions about the use of resources.
**Compliance** #
**Compliance**
Compliance refers to an organization's adherence to laws, regulations, and fundi… #
It is an important aspect of grant management, as failure to comply can result in the suspension or termination of funding, as well as legal and financial consequences.
**Cost Principles** #
**Cost Principles**
Cost principles are rules that governing the allowability, allocability, and rea… #
These principles are intended to ensure that federal funds are used fairly, consistently, and in accordance with the intended purpose of the grant or contract.
**Direct Costs** #
**Direct Costs**
Direct costs are costs that can be easily traced to a specific project or activi… #
They include expenses such as salaries, materials, and travel that are specifically incurred for the purpose of the project or activity.
**Federal Acquisition Regulation (FAR)** #
**Federal Acquisition Regulation (FAR)**
The FAR is a set of regulations that govern the acquisition of goods and service… #
It includes rules related to procurement, contracting, and cost principles, and is intended to ensure fair and consistent treatment of all parties involved in the acquisition process.
**Federal Assistance (FA)** #
**Federal Assistance (FA)**
FA refers to financial assistance provided by the federal government to support… #
It can take the form of grants, cooperative agreements, or contracts, and is subject to a variety of laws, regulations, and funding agency requirements.
**Grant Agreement** #
**Grant Agreement**
A grant agreement is a legal document that outlines the terms and conditions of… #
A grant agreement is a legal document that outlines the terms and conditions of a grant, including the amount of funding, the allowable uses of the funds, the reporting requirements, and the consequences of non-compliance.
**Grant Management** #
**Grant Management**
Grant management is the process of planning, implementing, and monitoring grants… #
Grant management is the process of planning, implementing, and monitoring grants to ensure that they are used effectively and in compliance with laws, regulations, and funding agency requirements.
**Indirect Costs** #
**Indirect Costs**
Indirect costs are costs that cannot be easily traced to a specific project or a… #
They include expenses such as rent, utilities, and administrative salaries, and are typically calculated as a percentage of direct costs.
**Monitoring** #
**Monitoring**
Monitoring is the process of regularly reviewing and evaluating the progress and… #
Monitoring is the process of regularly reviewing and evaluating the progress and performance of a grant to ensure that it is being implemented effectively and in compliance with laws, regulations, and funding agency requirements.
**Reporting Requirements** #
**Reporting Requirements**
Reporting requirements are the specific reports and information that must be pro… #
They may include financial reports, progress reports, and performance reports, and are intended to ensure transparency and accountability in the use of grant funds.
**Single Audit Act (SAA)** #
**Single Audit Act (SAA)**
The SAA is a federal law that requires non #
federal entities that expend $750,000 or more in federal funds in a fiscal year to have an audit performed by an independent auditor. The audit is intended to assess the organization's compliance with laws, regulations, and funding agency requirements, as well as the accuracy and reliability of its financial statements.
**Unallowable Costs** #
**Unallowable Costs**
Unallowable costs are costs that are not allowed to be charged to federal grants… #
They include expenses such as entertainment, lobbying, and alcohol, and are prohibited by laws, regulations, and funding agency requirements.
**Uniform Guidance (UG)** #
**Uniform Guidance (UG)**
The UG is a set of regulations that govern the administration of federal grants… #
It includes rules related to procurement, financial management, and audit requirements, and is intended to ensure consistency and transparency in the use of federal funds.