This post was also written by Stephanie E. Giese.
The Office of Management and Budget (“OMB”) recently proposed government-wide reforms to federal policies that could significantly impact organizations (other than for-profit organizations) performing federal grants and cooperative agreements. See Reform of Federal Policies Relating to Grants and Cooperative Agreements; Cost Principles and Administrative Requirements (including the single audit Act), 77 Fed. Reg. 11,778 (Feb. 28, 2012). The proposed reforms were published by OMB in an Advance Notice of Proposed Guidance (“ANPG”) and are intended to:
…standardize information collections across agencies, adopt a risk-based model for Single Audits, and provide new administrative approaches for determining and monitoring the allocation of Federal funds.
For a detailed analysis, please click here to read the issued Client Alert.