Did you leave for the holidays with no idea abou Federal Grant Regulations the world of grant management would be flipped on its head?
Right before Christmas 2013, the Office of Management and Budget OMB published new guidance for Federal grant management of awards and cooperative agreements.
You can watch a 36 minute news conference discussing the changes here:
What Will This Mean to Us?
The new regulations are part of a major reform of the grant regulations that has been in process for over two years.
Eight different federal regulations have been combined into just one comprehensive policy guide.
Yikes, does this mean what I think it means?
Yes, this change means that your previous grant regulation references will become obsolete as this guidance becomes fully implemented.
When Will This Be Implemented?
With over $600 billion in federal assistance and grants awarded, these changes will not take place overnight.
It is anticipated that the effective date of the new grant regulations will be December 20, 2014.
So it’s going to be a busy year.
Are you having a panic attack yet?
MyFedTrainer will be there to support you every step of the way.
What is Different?
Besides the obvious change of distilling eight sets of regulations into one, here are some of the other changes:
Standardization of Grant Regulations
• Reduction of duplicate and conflicting guidance
• Standardization of definitions Federal Grant Regulations
• Increased consistency in the treatment of grant costs
Focus on Efficient Use of Federal Funds
• Renewed focus on grant performance and accountability
• Promoting more efficient use of shared services and IT resources
• New limits on allowable costs Federal Grant Regulations
• Enhanced oversight of recipients and sub-recipients
• Revamped audit requirements to detect waste, fraud and abuse of federal funds
And, last but not least:
• Encouraging grantees to have family-friendly policies in place for employees
But remember you don’t have to panic.
MyFedTrainer will be updating grantees throughout the year with timely and understandable resources.
We’ll help you prepare for this massive change one step at a time.
Ready to Improve Your Grant Management?
How about you?
Would you like to be a better grant manager?
We have another grant management training seminar coming soon.
Click here to get all the details!
Hope to see you there!
Lucy Morgan CPA, MBA
CEO, Compliance Warrior
Author of “Decoding Grant Management-The Ultimate Success Guide to the Federal Grant Regulations in 2 CFR Part 200” The 2nd Edition is now available on Amazon in Paperback and Kindle versions.