Rumors and whispers concerning federal grant reform became real with the release of the Office of Management and Budget (OMB) Uniform Guidance (2 CFR 200) on December 26 of last year. Commonly known as the Super Circular or Omni-Circular, the Uniform Guidance takes effect the same date this year. The new regulations are intended to improve the federal grant award process by providing a framework that focuses on performance over compliance; ensuring financial integrity and enhancing existing or future federal award guidelines; streamlining the administrative, costing principles, and audit administrative for federal awards; and strengthening federal grant oversight to better protect against “waste, fraud, and abuse.” The overarching goal is to provide “a backbone for sound financial federal award management.”Read More
Welcome to part 2 of the series from Kevin Harper, CPA, on grants management best practices. In part 1, Kevin discussed the best practice of having a process owner who oversees all grants from beginning to close-out. In the following video clip, Kevin discusses the value of recording grants in the general ledger to keep the accounting organized.