Federal Financial Assistance is Broadly Defined in the Single Audit

question 90

True/False

Federal financial assistance is broadly defined in the Single Audit Act as assistance provided by a federal government agency in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, or direct appropriations, and direct federal cash assistance to individuals.

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Definitions:

Principal Obligation

The main debt or duty that a debtor is bound to fulfill under the terms of a contract.

Surety

A person or entity that takes responsibility for another's performance of an undertaking, for example, the payment of a debt.

Guarantor

A guarantor is an individual or entity that promises to repay a loan or fulfill an obligation if the original debtor fails to do so.

Equitable Redemption

is a legal principle allowing a mortgagor in default the right to redeem or reclaim their property by paying off the entire mortgage debt before a foreclosure sale.