One of the biggest changes that the U.S. Office of Management and Budget made when it concluded its recent federal grant reform initiative was issuance of a single set of cost principles that now govern all grant expenditures by governmental units, higher education institutions and nonprofit organizations. Tucked into what has been called the “Super Circular,” the new principles consolidate three previous cost policy documents that addressed those major sectors of the recipient and subrecipient communities.
The consolidation would be significant enough on its own, but the substance of many cost allowability determinations has been changed in ways that loosen some and tighten others. What hasn’t changed, though, is that the principles remain just that — a set of principles to be applied to the facts and circumstances surrounding incurrence of costs that might be claimed on federal awards.
In a nutshell, they are still subject to interpretation. Since the cost principles are used in budgeting, administration and settlement of awards, it is essential that top managers, finance professionals, program officials and independent auditors understand them now.
This webinar will deliver a solid understanding of the cost principles for everyone in your organization who touches a federal grant, cooperative agreement or subaward. You’ll learn:
• How the new principles revise and re-package longstanding general tests of cost allowability
• Which principles have new names and why that’s important
• What allowability changes affect the “big ticket” costs that are significant in most grant budgets
• What new documentation instructions cover time and effort reporting and indirect cost recovery
• How the principles will continue to affect fixed amount awards and subawards
• Which troublesome previous policies have thankfully been dropped
• How key terms like “prior approval” and “advance understanding” now interrelate
• What old audit vulnerabilities remain and what new ones have been created
And, by the way, the new principles state simply, “The cost of training and education for employee development is allowable” (2 CFR 200.472).
Join Bob Lloyd, principal of Federal Fund Management Advisor™ and a respected authority on federal grants management policies, for this essential and detailed session.
WHO SHOULD ATTEND?
- Grant and contract managers
- Sponsored projects administrators
- Federal program managers
- Principal research investigators
- Finance directors
- Human resources professionals
- Accounting staff
- Internal auditors
- External auditors
Attendees will receive presentation slides as well as access to background materials.
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 2.0 CPE Credits
Federal Fund Management Advisor™ is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.