OMB Prepares To Issue Final Grants Reform Guidance Next Week

December 19, 2013 | By Jerry Ashworth | Post a Comment

gift-1279051-mLadies and gentlemen, just in time for the holidays, a gift from the Office of Management and Budget!

OMB today released for public inspection a near-final version of its long-awaited grants reform guidance, often called the “super-circular.” Under its formal name “Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards,” the guidance is available here. The final guidance will be published in the Dec. 26 Federal Register.

The Council on Financial Assistance Reform will host a webinar tomorrow, Dec. 20 at 11:45 a.m. Eastern time to discuss the new guidance. To register for the webinar, go to http://www.cfo.gov/cofar.

The guidance combines requirements from OMB Circulars A-102, A-110, A-21, A-87, A-122, A-89, A-133 and A-50.

COFAR has recommended that federal agencies adopt the guidance in unison, and will allow them a year to complete their process. Agency regulations based on the new guidance are to be effective Dec. 26, 2014, unless different provisions are required by statute or approved by OMB.

One key provision in OMB’s proposed grants reform from this past February appears to be deferred. Due to stakeholder concerns about implementation, OMB opted to postpone a decision about reducing the number of compliance requirements in the OMB Compliance Supplement from 14 to seven. This provision, therefore, does not appear to be part of the new guidance, but will be re-evaluated for future updates to the Compliance Supplement.

Although this is huge news, don’t let the weight of this present overwhelm you (the public inspection document is over 750 pages). Rest assured, we here at Thompson Information Services will be there to help you and will continue to analyze the final guidance to keep you updated as events unfold.

Let us know what your initial reaction to the final guidance is. We’d love to hear your feedback.

LinkedInShare

Post a Comment

Your email is never shared. Required fields are marked *

*
*