This presentation on OMB Grant Reform – Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards was delivered by Gelman, Rosenberg & Freedman CPAs via webinar on September 30, 2015. Please note the slides reflect an update related to Federal Register Notice 80 FR 54407, published on September 10, 2015. The Council on Financial Assistance Reform (COFAR) made technical corrections to the Uniform Guidance, including a grace period of two fiscal years for non-Federal entities to implement changes to their procurement policies and procedures to align with the Uniform Guidance procurement standards.

Presenters included Terri McKnight, CPA, Nonprofit Partner / Audit Department Director and nonprofit audit partners Amy Boland, James Larson and Jennifer Arminger.

Late last year, the Office of Management and Budget issued “Uniform Administrative Requirements, Cost Principles and Audit Requirements”, also known as the “Super Circular” or “Omni-Circular,” which is intended to deliver more efficient, effective and transparent government. Chief financial officers and finance directors of nonprofit organizations should understand the impact of this new regulation on their audits.

The “Super Circular” provides a government-wide framework for grants management. It will be complemented by additional efforts to strengthen program outcomes through innovative and effective use of grant-making models, performance metrics and evaluation. This webinar will provide a review of the new Uniform Guidance as it relates to Subpart F: Audit Requirements, under CFR 200. The presentation will focus on the new requirements for auditors while adding a perspective from the auditee side for implementing the new requirements.

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This article was originally posted on September 30, 2015 and the information may no longer be current. For questions, please contact GRF CPAs & Advisors at marketing@grfcpa.com.