Cost Allowability 101: OMB’s Revised Federal Award Cost Principles

Webinar • Tuesday, July 30, 2019 • 2:00-4:00 p.m. ET

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$249.00 Cost Allowability 101: OMB’s Revised Federal Award Cost Principles (07.30.19) (On-Demand Recording)

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$249.00 Cost Allowability 101: OMB’s Revised Federal Award Cost Principles (07.30.19) (CD Only)
Webinar Details

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

Recommended Field of Study: Specialized Knowledge and Applications

Program Knowledge Level: Basic

Advanced Preparation: None

One of the biggest changes that the Office of Management and Budget made when it concluded its landmark federal grant reform initiative was issuance of a single set of cost principles to govern all grant expenditures by governmental units, higher education institutions and nonprofit organizations. Tucked into what has been called the “Super Circular,” the consolidation alone would be significant enough on its own, but the substance of many cost allowability determinations has been changed in ways that loosen some and tighten others.

What hasn’t changed, though, is that the principles remain just that — guidance to be applied to the facts and circumstances surrounding incurrence of costs that might be claimed on federal awards. The principles are still subject to interpretation.

Since the cost principles are a set of tools used in budgeting, administration and settlement of awards, it is essential that top managers, finance professionals, program officials and independent auditors understand what they are and how to use them now.

Designed for everyone in your organization who touches a federal grant, cooperative agreement or subaward, this webinar will cover:

  • How the new principles revise and re-package longstanding general tests of cost allowability
  • What they say about the distinction between direct and indirect costs
  • Which principles have new names — and why that’s important
  • What allowability changes affect the “big ticket” costs that are significant in most grant budgets
  • What new documentation instructions cover time and effort reporting, and indirect cost recovery
  • How the principles will continue to affect fixed amount awards and subawards
  • Which troublesome previous policies have thankfully been dropped
  • How key terms like “prior approval” and “advance understanding” now interrelate
  • Which old audit vulnerabilities remain — and what new ones have been created

And, remember, the new principles state simply, “The cost of training and education for employee development is allowable.” (2 CFR §200.472)

Join Bob Lloyd, principal of Federal Fund Management Advisor and a respected authority on federal grants management policies, for this timely analysis and practical guidance. 

Who Should Attend?

  • Grant and contract managers
  • Sponsored projects administrators
  • Executives
  • Finance directors
  • Human resources professionals
  • Federal program managers
  • Grant project directors
  • Principal research investigators
  • Accounting staff
  • 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 2.0 CPE Credits

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Finally! A practical guide to grants management.

Get practical grants management guidance that blends age-old conventional wisdom
with the historic changes in OMB’s uniform guidance:
Add A Practical Guide to Federal Grants Management -
From Solicitation Through Audit, 2nd Edition
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This comprehensive resource blends age-old conventional wisdom with the historic changes in OMB’s uniform guidance. You'll benefit from the advice of experts on time and effort reporting, procurement under grants, direct charging certain costs, single audit preparations, subrecipient monitoring and much more. The 500+ page softbound book is a valuable management guide, compliance document and training tool for busy grants managers, program directors, financial officers and auditors at nonprofit organizations, educational institutions, and state and local governments.

This valuable resource will help you and your grants management team:

  • Understand the differences between direct and indirect costs
  • Make the subrecipient vs. contractor determination
  • Realize the full impact of OMB’s emphasis on internal controls
  • Understand which familiar elements of time and effort reporting have been retained in the uniform guidance ... and which are new
  • Know the nuances of requirements for subrecipient assessment and monitoring
  • Understand contract clauses in agreements for procurement under grants
  • Apply the general tests of allowability
  • Understand special issues confronting pass-through entities contracting with foreign organizations
  • Know which clauses flow down when crafting a subaward
  • Understand what is meant by a 10% de minimis indirect cost rate
  • Audit the vulnerabilities in your grants management operation
  • Understand what is meant by audit "resolution"
    ...and much more

A Practical Guide to Federal Grants Management is the best insurance policy there is for limiting your organization’s risk of disallowed costs, loss of federal funding and public relations nightmares. Add it to your order today!

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