If you’ve been living in a state of denial for the last couple months, it’s time to wake up to what is coming.
Compliance to the new grant management regulations is not optional.
At least not if you want the grant funds to keep flowing to your organization…
Here are answers to some frequently asked questions about the new grant regulations.
FAQ on the New 2 CFR Part 200
Here are answers to some frequently asked questions about the new grant regulations, also known as:
• 2 CFR Part 200
• The Uniform Guidance
• “Super Circular”
Whatever you call it, it’s headed for you this year.
When Do the New Regulations Become Effective?
• The new guidelines were released December 26, 2013.
• The agency-by-agency regulations should be released on the same day-expected by mid-summer 2014.
• The effective date for full implementation by award recipients (also called non-federal entities) is December 26th 2014.
Does this Apply to Existing Awards, or Just New Awards?
The new uniform guidance applies to new awards and new funding increments received after Dec. 26, 2014.
For awards that are in existence prior to the new guidance implementation date (i.e. that don’t require additional funding) the terms and conditions that you have in place will govern the federal award.
When Do the New Audit Requirements Go Into Place?
• The new audit requirements take effect for fiscal years after December 26, 2014.
What is the New Audit Threshold?
The new threshold for compliance with the Single Audit Act is over $750,000 in federal expenditures.
If I Have Less Than $750,000 in Federal Expenditures, Do I Need an Audit?
• The OMB has stated there is no early implementation of the higher Single Audit Act threshold, so if you spent more than $500,000 in federal funds, but less than $750,000 this fiscal year, you will still need to comply with the current A-133 Audit requirements.
Who is COFAR?
• COFAR is the Council on Financial Assistance Reform. The organization was created in October 2011 to lead multiple efforts for improving grant management and accountability for grants and cooperative agreements, including developing the new guidance.
What is in the New Grant Regulations?
The new grant regulations consolidate eight individual grant regulations into one “Super Circular.” There are more changes than we cover in this one article, but here are two “gotchas” that grant recipients need to be watching for:
Are you wondering what else you need to worry about?
Don’t be shocked by the changes in the new grant regulations.
MyFedTrainer is there to support you every step of the way.
We’re offering a FREE one-hour informative webinar on the new regulations.
Register Now for Free Webinar
Our next webinar on the new grant regulations is coming up.
When: Thursday March 27th at noon Eastern Time, (11 AM Central Time, 10 AM Mountain Time, 9 AM Pacific Time)
We will walk through the major areas of change in the new grant regulations and have a Q & A session for grant recipients as well.
What would you like to know about the new grant regulations?
Register Now for Free One-Hour Informative Webinar on Thursday March 27th, 2014
Lucy Morgan CPA, MBA
CEO, Compliance Warrior
P.S. If you registered for the last webinar, you don’t have to register again. We will email all the details to you as we get closer to March 27th.