NSF form 358

NSF Form 358 (OMB Clearance No. 3145-0058) Revised December 2021

NATIONAL SCIENCE FOUNDATION

OFFICE OF BUDGET, FINANCE AND AWARD MANAGEMENT

FINANCIAL MANAGEMENT SYSTEMS QUESTIONNAIRE

Section A: PURPOSE

The financial responsibility of all NSF awardees, is to use awarded funds prudently; and in compliance with Federal statutes,

regulations, and the terms and conditions of the award. The awardee should have a financial management/accounting system,

and internal control environment in place that meets the requirements of 2 CFR 200, Subpart D – Post Federal Award

Requirements – Standards for Financial and Program Management; especially, 200.302 (Financial Management), and

200.303 (Internal Controls). The system in place should provide the following:

1. Identification in its accounts, of all Federal awards received and expended, and the Federal programs under which they

were received (including CFDA title and number, Federal award identification number and year, name of the Federal

agency, and name of the pass-through entity, if any);

2. Accurate, current and complete disclosure of the financial results of each Federal award or program in accordance with

the reporting requirements set forth in 2 CFR 200.328 (Financial Reporting) and 200.329 (Monitoring and Reporting

Program Performance);

3. Accounting records that identify adequately the source and application of funds for federally-funded activities, (including

authorizations, obligations, unobligated balances, assets, expenditures, income and interest);

4. Accounting records that are supported by source documentation; including purchase orders, invoices, canceled checks,

statistical records, and all other records pertinent to the NSF award. All records must be maintained for a period of three

years from the date of submission of the final financial expenditure report, in accordance with 2 CFR 200.334;

5. Comparison of actual expenditures with budgeted amounts for all awarded budget categories, for each Federal award;

6. Written procedures to minimize the time elapsing between the transfer of funds to the recipient from the U.S. Treasury,

and the awardee’s use of those funds for program purposes in accordance with 2 CFR 200.305 (Payment);

7. Written policies and procedures for determining the reasonableness, allocability, and allowability of costs in accordance

with Federal Acquisition Regulation (FAR) Part 31, for ‘For-Profit’ entities; and 2 CFR 200 Subpart E – Cost Principles,

for other types of entities; and the specific terms and conditions of the NSF award.

8. Internal controls, and established policies and procedures that provide effective control over, and accountability for all

funds, property, and other assets; and that continually evaluate and monitor compliance with all applicable regulations

and award terms and conditions; in accordance with 2 CFR 200.303 (Internal Controls);

9. Adequate accounting for cost sharing, if required. Voluntary committed cost sharing is not expected; but may be required

as “mandatory” on some NSF program solicitations. Acceptable forms of cost sharing contributions are those which meet

the criteria established in 2 CFR 200.306.

Section B: GENERAL

Legal Name of Organization:

Street Address:

City: State: Zip Code:

Representative Name: Phone:

Title: Email:

Month/Year Established: Number of Employees:

Brief Description of Organization’s Service or Product:

NSF Form 358 (OMB Clearance No. 3145-0058) Revised December 2021

Type of Organization (select all that apply):

☐ State/Local Government or Agency ☐ Educational Institution

☐ Indian or Tribal Government ☐ Non-Profit

☐ Hospital/Health Care Facility ☐ For-Profit (Commercial)

If you are an educational institution, please list your accrediting body:

Section C: AUDIT HISTORY

Reference(s): 2 CFR §200, Subpart F

1. Did your organization expend more than $750,000 in federal grant funds within the last fiscal year?

Yes

☐

a. If yes, was a Single Audit performed in accordance with 2 CFR 200, Subpart F – Audit Requirements?

Yes ☐ No ☐

b. Audit Date (MM/YYYY): c. Name of Auditing Firm:

d. Were any of the following identified?

Material weaknesses Yes ☐ No ☐

Non-compliance issues Yes ☐ No ☐

Significant deficiencies Yes ☐ No ☐

Findings and questioned costs under Federal Programs Yes ☐ No ☐

If so, please explain (additional space for response is provided in Section I, if needed):

Section D: FINANCIAL STATEMENTS

Reference(s): 2 CFR §200.510

1. Does your organization maintain audited financial statements?

Yes

☐

No ☐

2. If yes, when was the last financial statement audit conducted?

a. Fiscal year Ending (Date):

b. Audit Date (MM/YYYY):

c. Name of Auditing Firm:

NSF Form 358 (OMB Clearance No. 3145-0058) Revised December 2021

d. Audit Opinion:

i. Did the audit opinion state that financial statements presented fairly, in all material respects, the financial

position of the organization?

Yes ☐ No ☐

ii. If No, please explain (additional space for response is provided in Section I, if needed):

3. If audited financial statements are not maintained, are unaudited (compiled) financial statements

prepared in accordance with Generally Accepted Accounting Principles (GAAP)?

Yes ☐ No ☐

4. Please provide Single Audit reports or audited financial statements for the organization’s two

most recent accounting years. In the absence of

audited financial statements, please submit

unaudited (compiled) financial statements, along with Federal tax returns for the two most recent

accounting years.

Section E: INTERNAL CONTROLS

Reference(s): 2 CFR §§200.112, .302, .303,

& Subpart E; FAR Part 31.

1. Does the organization have operating, and accounting policies and procedures that are clearly written

and communicated to all employees?

Yes ☐ No ☐

2. Are appropriate personnel (a) familiar with the cost principles applicable to your type of organization

(such as Federal Acquisition Regulation Part 31, for ‘For-Profit’ entities; and 2 CFR 200, Subpart E – Cost

Principles, for other types of grantees), and (b) able to determine whether costs in connection with

Federal grants/contracts can be considered allocable, allowable, reasonable, and necessary?

Yes ☐ No ☐

3. Do established accounting policies and procedures address all of the following:

a. Determination of allowability of costs (necessity, reasonableness, and allocability)

b. Identification, segregation, and recording of unallowable costs

c. General accounting practices and procedures

Yes ☐ No ☐

4. Does the organization perform regular updates and internal reviews of its policies and procedures to

ensure that controls are providing sufficient safeguards and effective oversight?

Yes ☐ No ☐

NSF Form 358 (OMB Clearance No. 3145-0058) Revised December 2021

5. Does the organization’s structure provide adequate segregation of duties in the following areas?

a. No one employee or person has complete control of accounting transactions Yes ☐ No ☐

and oversight of the daily functions of Federal projects; and in a position

that generates a conflict of interest?

b. Posting and approval of journal entries (including correcting entries) to the Yes ☐ No ☐

accounting system?

c. Cash management, including cash drawdowns and requests for reimbursement? Yes ☐ No ☐

d. Review and approval of expenditures and procurements? Yes ☐ No ☐

e. Review and approval of financial, performance, and other required reports? Yes ☐ No ☐

Section F: ACCOUNTING SYSTEM

Reference(s): 2 CFR §§200.302, .306, .330,

.331, & .332.

1. Does the organization use cash-basis or accrual-basis accounting?

Cash-basis ☐ Accrual-basis ☐

2. Provide the name of the accounting system or software in place at your

organization, and a brief

description of how the system segregates grant/contract expenditures from organizational expenditures.

(You will also be asked to provide a sample GL [project expense ledger] with incurred expenses for a specific

project under its designated project-fund, for a specific period [e.g., monthly, quarterly, annually], under the New

Awardee Checklist Item 9).

3. What books of account are maintained? (select all that apply):

General Ledger ☐ Cash Disbursement Journal ☐ Cash Receipts Journal ☐

Payroll Journal ☐

4. Does the organization maintain unique fund-accounts to track revenues and expenditures separately for

each grant, contract or cooperative agreement project?

The accounting system should have the ability to query the General Ledger under a specific grant-project’s fund-

account, to generate a project-expense ledger showing revenues and incurred expenses under the project.

Yes ☐ No ☐

5. Does the accounting system record grant and/or contract costs according to the line-item categories in

the approved proposal budget?

Yes ☐ No ☐

6. If the organization proposes an indirect or overhead rate, does the accounting system provide for the

segregation of direct and indirect expenses?

Yes ☐ No ☐ Not Applicable ☐

NSF Form 358 (OMB Clearance No. 3145-0058) Revised December 2021

7. If your program requires mandatory Cost Sharing/matching, does the accounting system provide proper

segregation and recording, of incurred costs? Proper segregation would require use of unique and

separate cost sharing expense sub-ledgers.

Yes ☐ No ☐ Not Applicable ☐

8. If your budget contains Participant Support, does your Chart of Accounts include unique expense codes

to separately record incurred participant support costs in the General Ledger / Project Expense Ledger?

Yes ☐ No ☐ Not Applicable ☐

9. If your budget contains subawards, do policies and procedures exist to include:

a. Pre-award risk assessment of subrecipient, e.g., (selection, competition, cost/price analysis, resolution of

Federal outstanding issues, debarment & suspension)?

Yes ☐ No ☐ Not Applicable ☐

b. Post-award monitoring plan of subrecipient, e.g., (site visits, reverse site visits, desk audits of invoices before

payment)?

Yes ☐ No ☐ Not Applicable ☐

10. Does the accounting system include budgetary controls to preclude incurring obligations in excess of

total funds available for a grant?

Yes ☐ No ☐

a. Identify total funds available for a line-item budget cost category (e.g. Personnel, Travel, etc.) compared to

actual costs?

Yes ☐ No ☐

Section G: COMPENSATION -

PERSONAL SERVICES

Reference(s):2 CFR §200.430

1. Do policies and procedures exist to address processes for allocating, reporting, and certifying effort

under Federal grant awards?

Yes ☐ No ☐

2. Does the organization maintain effort reports/attendance records that accurately reflect the work

performed by each employee?

Yes ☐ No ☐

3. Do effort reports/attendance records receive after-the-fact verification?

Yes ☐ No ☐

4. Do effort reports/attendance records:

a. Account for 100% effort across multiple federal and non-federal projects?

Yes ☐ No ☐

b. Signed by employee and signed/certified by supervisor?

Yes ☐ No ☐

c. Certified/verified by the Accounting Office/Finance Department?

Yes ☐ No ☐

NSF Form 358 (OMB Clearance No. 3145-0058) Revised December 2021

Section H: INDIRECT COST RATES

Reference(s):2 CFR §200.414

1. Does your organization hold a formally negotiated indirect cost rate agreement with any Federal Agency?

Yes ☐ No ☐

a. If yes, which Agency? Rate Approved Date:

Ending Date of Rate:

Section I: ADDITIONAL

INFORMATION

Use this space for any additional information (please indicate section if a continuation of a response). Additional

sheets may be attached if necessary.

Section J: APPLICANT

CERTIFICATION

I certify that the statements I have made on this form and all attachments thereto are true, accurate and

complete to the best of my

knowledge. I understand that the willful provision of false information or

concealing a material fact in this representation is a criminal

offense under Title 18 U.S.C. Section 1001,

False Statements, as well as Title 18 U.S.C. Section 287, False Claims, and may be punishable by

fine

and/or imprisonment under applicable law.

Prepared by

(Name, please print): Title:

Signature: Date: