The policy mandate is deceivingly simple: Recipients and subrecipients of federal grants are required to develop and maintain an effective system of internal controls that provides reasonable assurance that they are managing federal funds in compliance with laws, regulations and award terms and conditions. But, like a lot of things, the devil is in the details.
That’s because the Office of Management and Budget has introduced a bunch of additional “guidance” that says that your internal controls must be “in compliance with” something called “Standards for Internal Control in the Federal Government” developed by the Government Accountability Office or with “Internal Control — Integrated Framework” developed by the Committee of Sponsoring Organizations of the Treadway Commission.
You’re not alone if your reaction is to ask: “What the heck is all that?” Well, boiled down to their essentials, these documents cover ways of looking at management processes — the policies and procedures — that you use to manage your federal grants.
Going forward, there are probably going to be a lot of views expressed — such as from funding agencies and auditors — about whether your internal controls are effective or about whether they provide reasonable assurance about your compliance.
So, now is a good time to start employing the structure and terminology from those guidance sources to conduct and document a timely and necessary self-assessment. This webinar is designed to help you undergo that self-assessment. You’ll gain an understanding about:
- Features of your “control environment” that can support grant compliance
- How to conduct a risk assessment of what can go wrong in federal awards
- Instituting logical preventive measures that balance flexibility and accountability
- Creating effective internal and external information and communication channels
- Monitoring management processes and making prudent effective course corrections
- Integrating required federal financial management, procurement and property management standards into your internal control system
- Maintaining your management prerogatives with funding agencies and audit organizations
Join Bob Lloyd, principal of Federal Fund Management Advisor™ and a leading authority on federal policies affecting the award, administration and audit of federal grant, contracts and subawards, for this informative and practical session.
Who Should Attend?
- Grant and contract managers
- Sponsored projects administrators
- Grant project directors
- Finance directors
- Accounting staff
- Legal counsels
- Principal investigators
- 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