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Recalibrating Federal Grant Internal Control

Webinar • Thursday, August 20, 2020 • 2:00-3:30 p.m. ET

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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

Credit Information

CPE Credits Columbia Books & Information Services 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.

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The message from the federal government to recipients and subrecipients became pretty clear when OMB overhauled governmentwide grant administrative requirements, cost principles and audit requirements a few years ago: “The non-federal entity must establish and maintain effective internal control that provides reasonable assurance … that it is managing the federal award in compliance federal statutes, regulations, and the terms and conditions of the federal award.”

But internal control is a “journey not a destination.” It is defined as a “process effectuated by management”— not a static book of policies and procedures. In other words, internal control must evolve and continue to address a variety of current environments and the risks they represent, such as the challenges presented by the COVID-19 pandemic, including a massive influx of CARES Act and other funding.

Federal officials are warning recipients and subrecipients of the need to assess how they are providing internal control over their awards and how they can keep doing so effectively. This webinar has been organized to help you do this.

You’ll gain an understanding about:

  • Authoritative guidance that should be used in crafting internal control elements
  • Features of your control environment that can support grant compliance
  • Practices to help address the internal control challenges posed by the pandemic
  • Conducting risk assessment on what can — and is most likely to — go wrong when administering federal awards
  • Logical preventive measures that balance flexibility and accountability
  • Managing with time-limited exceptions and periodic reviews
  • Creating internal and external information and communication channels
  • Monitoring management processes and making prudent course corrections
  • Meeting required federal standards for financial management, procurement and property management
  • Supporting and protecting management prerogatives

Join Bob Lloyd — principal of Federal Fund Management Advisor™ and a leading authority on federal policies affecting the award, administration and audit of federal grants, contracts and subawards — for this timely and practical session.

WHO SHOULD ATTEND:

  • Finance directors
  • Accounting staff
  • Legal counsels
  • Grant and contract managers
  • Sponsored projects administrators
  • 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

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Get practical grants management guidance that blends age-old conventional wisdom
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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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