Preparing for changes in grants management processes
Nonprofit organizations that currently receive or seek to obtain any level of federal awards will face several new challenges in the coming year. The federal government is taking a harder stance on existing regulations, while also implementing new guidelines and establishing higher expectations for both award recipients and auditors. With these changes in mind, organizations must have a better understanding of regulations and maintain proper controls to stay in compliance.
To learn more about the rapidly evolving environment for federal award recipients, attend RSM’s 2017 federal grants management update webcast on Wednesday, Aug. 23. During the event, RSM advisors will provide critical insights into several key topics, including:
Common areas of noncompliance in administering federal awards as seen by independent and federal auditors (and how to avoid them): Many award recipients encounter several common challenges, such as subrecipient monitoring and not understanding some cost principles and what constitutes an allowable direct or indirect cost. We will provide examples of these and other frequent issues, as well as strategies for remaining in compliance and implementing effective controls.
Deferral of the procurement rules under Uniform Guidance (UG) (2 CFR 200): Procurement rules under UG are dramatically different and more strenuous than under Office of Management and Budget (OMB) Circular A-110. While the federal government has issued a series of deferrals, organizations must understand what the new rules will entail, how to best take advantage of the extra preparation time, and why it’s time to get serious about readying for the upcoming standard.
Changes introduced by the 2017 OMB Compliance Supplement: The annual compliance supplement contains information for auditors and how to audit various general programs, as well as guidance for award recipients regarding applicable compliance areas and approaches to internal controls. We will detail the 2017 supplement, including major changes and beneficial information for both auditors and award recipients.
Other changes in the area of grants management (the Digital Accountability and Transparency Act (DATA Act), etc.): The webcast will also include a discussion on emerging topics within grants management, and any developments your organization must be aware of. For example, the DATA Act will be a key topic of discussion, detailing the efforts toward more visibility for federal expenditures, and the potential enhanced reporting implications the law may have for award recipients.
Register now for the webcast to learn how your organization can manage evolving, more stringent regulations and various increased expectations from the federal government.