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Closing Out Your Federal Grant Award - Back By Popular Demand!

Webinar • Wednesday, August 30, 2017 • 2:00-3:30 p.m. ET

Webinar Details

Subject: Grants Management

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

Recommended Field of Study: Specialized Knowledge and Applications, Accounting (including Government Accounting)

Program Knowledge Level: Basic

Advanced Preparation: None

The end of the federal fiscal year is looming on Sept. 30. This also marks the end of current performance periods for what may be the largest cohort of active federal grants. The pressure is on federal agencies to perform timely closeouts of federal awards since last year’s release of a Government Accountability Office (GAO) report. The report criticized them for lax attention to this key grants management step.

Congress took particular notice that the report cited hundreds of millions of unobligated balances in the awards awaiting closeout. The lawmakers responded with something called the GONE Act — the Grant Oversight and New Efficiency Act. The statute requires federal agencies to submit burdensome reports to Congress about what they are doing to reduce the backlog.

You don’t have to be a federal grant veteran to conclude that all the federal activity is going to increase the closeout pressure flowing downward — to your organization. Since federal closeout is triggered by actions of recipients and subrecipients, you’re going to need to take correct and timely steps to avoid the flak. And you’ll need to know what the new dynamics are for things like no-cost extensions, reporting requirements and continuing accountability.

This webinar will position you to handle the high-profile closeout activity going forward. You’ll learn answers to these, and other, questions:

  • What are the new closeout procedure pressure points?
  • How will the GONE Act affect recipients and subrecipients?
  • How has the Office of Management and Budget ramped up closeout procedures?
  • What are the routine and “not-so-routine” closeout tasks?
  • Which financial, performance and property reports will be due and when?
  • How will obligations incurred and cash drawn be settled?
  • What do you need to do about grant-acquired property?
  • How will closeout of individual awards align with your single audit?
  • What continuing records retention and access responsibilities remain?
  • What is the preferred method to charge costs of closeout activities after the performance period ends?
  • Will sloppy closeouts affect future grant awards?

The heat has been turned up on grant closeout. Attend this timely session to make sure you’re ready. Join Bob Lloyd, principal of Federal Fund Management Advisor™, for this timely and in-depth briefing.

Who Should Attend?

  • Finance directors
  • Accounting staff
  • Grant and contract managers
  • Sponsored projects administrators
  • Property managers
  • Grant project directors
  • 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
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.

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  • Know which clauses flow down when crafting a subaward
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