Malcolm "Mac" Young Attends Specialized USAID And Non Profit Seminar In DCOctober 29, 2015
Mac attended a seminar taught by Robert Stross in Washington, DC to review the SuperCircular. Bob has over 40 years experience as a USAID and defense contract consultant and has conducted more than 1,500 specialized government contract seminars including this one for grants and cooperative agreements.
If you are a nonprofit business, you should be aware the Federal Government has overhauled the guidance for grants and cooperative agreements issued after 12/26/2014 and additional funding of existing awards. The new guidance covers administrative requirements, cost principles, and audit requirements. Existing Federal awards issued before this date are still governed by the applicable OMB Circulars in place at the time of award.
OMB wants to ease the burden of complying with administrative rules, ensure that grants are awarded based on merit and applicant’s financial risk, and streamline the rules for allocating Federal funds.
The OMB has consolidated cost principles under one cover; provided for a 10% floor of Modified Total Direct Cost for sub contracts without a NICRA; allowed for 4-year NICRA extensions; and simplified reporting requirements for labor activity.
The application of the new rules will still vary according to awarding Federal Agency directives and provisions. Federal agencies may apply the provisions to for-profit entities.
Mac Young and The Klineco Government Accounting team can provide you with the advice needed to implement the OMB SuperCircular. Contact Mac to see how the new guidance impacts your present and future Federally funded grants and cooperative agreements.