The U.S. Office of Management and Budget and the federal grantmaking agencies have been on a mission — to assure that grant recipients and subrecipients “establish and maintain internal control” over equipment, supplies, real estate and intellectual property that they acquire using federal funds. Further, unlike many federal grant policies, the requirements associated with management of grant-acquired property can last much longer than the grant itself.
Compliance with the property management rules is readily auditable and audit findings of noncompliance almost always constitute deficiencies of internal control. It’s little wonder, then, that independent auditors spend so much time looking at what they regard as fertile ground. OMB’s recently revised “Super Circular” has reorganized and retooled the rules on ownership, use, management and disposition of all forms of grant-acquired property.
With these changed policies and the safeguarding of grant assets so much in the audit cross hairs, it makes sense to gain a solid understanding of the applicable requirements. This webinar will enable you to do that and to take the actions necessary to demonstrate accountability for the “stuff” that you’ve bought with your federal grants.
You’ll learn how to:
- Differentiate between “government-furnished” and “grant-acquired” property and know why that’s important
- Link purchasing actions with property management “best practices”
- Define various types of grant-acquired assets and manage them accordingly
- Address issues of title and management of property in the hands of subrecipients
- Implement new rules on cost allowability of computing devices
- Choose among acceptable accounting methods for withdrawal of assets you have in stock
- Create necessary property records containing complete data elements
- Craft compliant policies related to authorized and unauthorized use
- Address ongoing maintenance challenges
- Deal with disposition of assets at award closeout
- Recognize areas of audit vulnerability
This timely webinar will be hosted by BOB LLOYD, principal of Federal Fund Management Advisor and a highly respected authority on federal policies affecting the award, administration and audit of federal grants, contracts and subawards.
WHO SHOULD ATTEND:
- Grant and contract specialists
- Sponsored projects administrators
- Federal program managers
- Property administrators
- Facilities managers
- Principal investigators
- Finance directors
- 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 1.5 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.