Applying OMB's Recommended Guidance to Your Federal Grant Internal Controls

Webinar • Tuesday, December 12, 2017 • 2:00-3:30 p.m. ET

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$249.00 plus $12 S&H

$249.00 Applying OMB's Recommended Guidance to Your Federal Grant Internal Controls (CD Only)
Webinar Details

Subject: Post-award

Prerequisites: Some knowledge of federal grant management and audit requirements is helpful

Recommended Field of Study: Specialized Knowledge and Applications, Auditing (including Government Auditing)

Program Knowledge Level: Basic

Advanced Preparation: None

“The non-federal entity must … establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-federal entity is managing the Federal award in compliance with Federal laws, regulations, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in ‘Standards for Internal Control in the Federal Government’ issued by the Comptroller General of the United States or the ‘Internal Control Integrated Framework’ issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).”

This is what the Office of Management and Budget has instructed federal grant recipients and subrecipients to do in its so-called “Super Circular” — OMB’s comprehensive grants management policy document. The new policy sounds very prescriptive, and it has triggered some angst.

For most of the affected organizations, their first question is, “Where do I find those documents?” That one’s easy: the Internet. Answering their second question — “What do the documents say we should do?” — can be pretty tricky and involved. So can another question, “How will our independent auditors interpret words like effective and reasonable assurance?”

This webinar will help you respond effectively to the OMB requirements by boiling down the prescribed internal control elements and providing practical in-depth analysis about what is required and what makes sense. The following — and more — key grant-related controls will be explored:

  • Cash management
  • Procurement of goods and services
  • Safeguarding of grant-acquired property
  • Subrecipient management and monitoring
  • Financial and performance reporting
  • Time and effort reporting
  • Protection of personally identifiable information
  • Documentation and records management

Who Should Attend:

  • Grant and contract managers
  • Sponsored projects administrators
  • Purchasing agents
  • Finance directors
  • Legal counsels
  • Federal project directors
  • Principal research investigators
  • Facility managers
  • Internal auditors

Join Bob Lloyd, principal of Federal Fund Management AdvisorÔ, for this thorough review of a key federal grants management responsibility.

Hand-out Materials:

Attendees will receive presentation slides as well as access to background materials.

Allowable Charges

The costs of webinars sponsored by Federal Fund Management Advisor™ are allowable charges to your federal grants and subgrants. The cost principles issued by OMB under its uniform guidance (and applicable to all types of awardees) state, “The cost of training and education for employee development is allowable” (2 CFR 200.472).

Attend this Live Webinar and Earn up to 1.5 CPE Credits

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This valuable resource will help you and your grants management team:

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  • Know the nuances of requirements for subrecipient assessment and monitoring
  • Understand contract clauses in agreements for procurement under grants
  • Apply the general tests of allowability
  • Understand special issues confronting pass-through entities contracting with foreign organizations
  • Know which clauses flow down when crafting a subaward
  • Understand what is meant by a 10% de minimis indirect cost rate
  • Audit the vulnerabilities in your grants management operation
  • Understand what is meant by audit "resolution"
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