- NY Credits : 11.0
- TX Credits : 11.0
The concepts in this program are based in large part on the U.S. Office of Management and Budget (OMB) regulations published in the Federal Register on December 26, 2013. The new regulations are codified as the Uniform Guidance-at 2 CFR Part 200 and are titled Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The new administrative requirements and cost principles have a different effective date than the new audit requirements. This update covers the audit requirements for federal award programs provided in Subpart F of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The new audit requirements raise the threshold for a nonfederal entity to have a Single Audit to $750,000 from the previous $500,000. They also raise the threshold for major program determination to $750,000 from the previous $300,000. This update also includes guidance from Standards for Internal Control in the Federal Government issued by the Comptroller General of the United States. That guidance adapts the provisions of Internal Control--Integrated Framework of the Committee of Sponsoring Organizations to apply specifically to government programs and the government environment.
Upon successful completion of Grants Management, the user should be able to:
recognize the new OMB regulations that establish administrative requirements of federal agencies in managing grants to nonfederal entities,
identify the general provisions of the OMB requirements in terms of their purpose and applicability to federal awards,
identify the key characteristics of block grants,
recognize the procedures occurring during the life cycle of a grant, starting with pre-award planning and ending with procedures to conclude the grant program,
recognize the basic objectives of internal control over compliance,
identify the five components of internal control,
recognize the importance of subrecipient monitoring and management by pass-through entities,
recognize the need to verify that program laws and regulations allow subawards, and
identify the provisions that a pass-through entity should include in its subaward agreement with a subrecipient.