Cost Allowability 101: OMB's New Federal Award Cost Principles
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Webinar • Thursday, September 27, 2018 • 2:00-4:00 p.m. ET

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$249.00 Cost Allowability 101: OMB's New Federal Award Cost Principles - September 2018 (Live Webinar)

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$349.00 Cost Allowability 101: OMB's New Federal Award Cost Principles - September 2018 (Live Webinar Plus CD)
Webinar Details

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

Recommended Field of Study: Specialized Knowledge and Applications

Program Knowledge Level: Basic

Advanced Preparation: None

Credit Information

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One of the biggest changes that the Office of Management and Budget made when it concluded its 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 the uniform guidance — sometimes called the “Super Circular” — are a set of consolidated principles derived from three previous cost policy documents.

In this consolidation, 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 — guidance to be applied to the facts and circumstances surrounding costs that might be claimed on federal awards. In a nutshell, they are still subject to interpretation.

Since the cost principles are a set of tools 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 keen understanding of the cost principles for everyone in your organization who touches a federal grant, cooperative agreement or subaward. The webinar will cover:

  • How the new principles revise and re-package longstanding general tests of cost allowability
  • What they say about the distinction between direct and indirect costs
  • 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 — 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 clearly presented, in-depth session. 

Who Should Attend?

  • Grant and contract managers
  • Sponsored projects administrators
  • Human resources professionals
  • Federal program managers
  • Executives
  • Finance directors
  • Principal research investigators
  • Accounting staff
  • Internal auditors
  • External auditors

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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Finally! A practical guide to grants management.

Get practical grants management guidance that blends age-old conventional wisdom
with the historic changes in OMB’s uniform guidance:
Add A Practical Guide to Federal Grants Management -
From Solicitation Through Audit, 2nd Edition
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This comprehensive resource blends age-old conventional wisdom with the historic changes in OMB’s uniform guidance. You'll benefit from the advice of experts on time and effort reporting, procurement under grants, direct charging certain costs, single audit preparations, subrecipient monitoring and much more. The 500+ page softbound book is a valuable management guide, compliance document and training tool for busy grants managers, program directors, financial officers and auditors at nonprofit organizations, educational institutions, and state and local governments.

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

  • Understand the differences between direct and indirect costs
  • Make the subrecipient vs. contractor determination
  • Realize the full impact of OMB’s emphasis on internal controls
  • Understand which familiar elements of time and effort reporting have been retained in the uniform guidance ... and which are new
  • 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"
    ...and much more

A Practical Guide to Federal Grants Management is the best insurance policy there is for limiting your organization’s risk of disallowed costs, loss of federal funding and public relations nightmares. Add it to your order today!

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