1.800.677.3789

OMB 2021 Compliance Supplement: How Grant Recipients and Subrecipients Can Use It for Audit Readiness

Webinar • Wednesday, August 25, 2021 • 2:00-3:30 p.m. ET

See Webinar Catalog › View Your purchased
on-demand webinar(s) ›
REGISTER NOW

Please enter your desired quantity.

On-Demand Recording
$249.00
(Available for viewing
until 08.25.2022)


$249.00 OMB 2021 Compliance Supplement: How Grant Recipients and Subrecipients Can Use It for Audit Readiness (08.25.21) (On-Demand Recording)
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

As they do annually, independent auditors who perform audits under the Single Audit Act of 1984 have eagerly awaited release of the Office of Management and Budget’s latest Compliance Supplement. With all the funding activity associated with the pandemic, the CARES Act and the American Rescue Plan Act (ARPA), the 2021 edition is loaded with information for auditors. But it is just as significant for grant recipients and subrecipients.

The Supplement is an official and integral part of OMB’s larger “uniform guidance” codified in 2 CFR 200, and is often referred to as a “safe harbor.” It is essentially an audit guide that instructs auditors what federal grant compliance requirements they are required to test, and it suggests ways to perform that testing.

It’s really just as much of a “safe harbor” for recipients and subrecipients, too. If your organization can respond to the documentation requests and the testing regimens discussed in the Supplement, it improves your chances that troublesome findings won’t surface in your audit report and adversely impact future funding decisions.

This webinar has been designed — from the recipient and subrecipient perspective — to familiarize you with this hefty document and improve your audit readiness … and survival! You’ll learn:

  • The key compliance tests that have been retained — and in what ways
  • New special advisories about the CARES Act and the ARPA programs that are included, and which ones are still being awaited
  • Where and how key testing changes are being made in the Supplement’s discussion of  requirements across all federal grant programs
  • What adjustments have been made in the listings for over 200 federal programs and clusters of programs
  • How auditors are being instructed to review internal controls over grant compliance
  • How assessment of grant performance is being integrated with traditional financial auditing
  • How to address compliance issues before audit field work begins or while it is ongoing
  • What additional guidance is likely to be issued in a Supplement addendum

Join Bob Lloyd, principal of Federal Fund Management Advisor™ and author of two comprehensive reference works on Single Audit Act policies and practices, for this timely look at the OMB Compliance Supplement.

WHO SHOULD ATTEND:

  • Grant and contract managers
  • Sponsored projects administrators
  • Accounting staff
  • Finance directors
  • Program managers
  • Procurement officers
  • Subgrant monitors
  • Internal auditors
  • External auditors

Join Bob Lloyd, principal of Federal Fund Management Advisor™, for this unique session.

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

Select to add to your shopping cart.

Add the 2nd edition of A Practical Guide to Federal Grants Management for just the price of shipping!


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
to your order!

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!

Contact US

(All fields required)

First Name:
Last Name:
Organization:
Email:
Phone:

Webinar Training Pass (Small Group Pass)



Number of Users:

Federal Fund Management Advisor

About Us
Manage Account

Contact

 1.800.677.3789
 service@federalfundmanagement.com