Annual Update on the 2024 Revised Uniform Guidance And Time & Effort Reporting
Overview
The Uniform Guidance (2 CFR 200) pertains to the management of Federal Financial Assistance for grants and cooperative agreements. The Biden Administration has performed a comprehensive update where the revised Uniform Guidance was released in April 2024. We will review all of the significant compliance and threshold changes. In addition, we will provide a brief presentation of the revised guidance as it pertains to Time and Effort reporting.
Delivery Method: Individual webcast
CPE Credit: Accounting (governmental), Auditing (governmental)
Program Level: Update
Highlights
- The definitions in 2 CFR 200.1 are the building blocks of the regulation and so we will provide you the impactful revisions to the citation language
- This session will provide you the precise wording changes, showing parts that were changed or new requirements that were added
- We will discuss universal wording changes as well as the effective date for implementation
- We will discuss impactful changes and how it will affect compliance
- The session will cover a new requirement for whistle blower protection
- We will discuss a unique insight of how time reporting is a claim and how claims can have detrimental consequences if not aware
- What should an organization do if they did not keep time records for a grant
- A "war" story when a university did not take the time reporting requirements seriously
Prerequisites
A basic familiarity with the Uniform Guidance regulation
Designed For
Public accountants performing Single audits; consultants helping clients that have grants and cooperative agreements; nonprofits; institutes of higher education; state, local and tribal units of government; grant administrators; legal; accounting personnel; as well as principal investigators or program managers; and technical grant writers
Objectives
- Review the specific changes to the citation language pertaining to the definitions
- Disclose the updated and increased threshold amounts
- Understand impactful changes to the post award requirements and cost principles
- Provide an update on crucial time and effort reporting
Preparation
None
Leader(s):
Leader Bios
Paul Calabrese, Senior Manager, Rubino & Company
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Paul Calabrese is a senior manager at Rubino & McGeehin where he provides accounting and consulting services to nonprofit and government contracting clients. He has over 28 years of professional experience during which he was a senior auditor for the Defense Contract Audit Agency (DCAA) and worked at a public accounting firm and three government contracting firms. Paul has considerable experience with the Cost Accounting Standards (CAS) and CAS disclosure statements, Federal Acquisition Regulation (FAR) Cost Principles, Department of Defense (DOD) FAR Supplement, OMB Circulars A-110 and A-122 (cost principles for non-profit organizations), the Federal Accounting Standards and Advisory Board (FASAB), and the Defense Contract Audit Agency (DCAA) manual. Paul is a member of the Greater Washington Society of CPAs (GWSCPA) and former chair of the GWSCPA Not-For-Profit Committee. He has presented seminars on government contract cost accounting and issues, cost recovery and compliance issues and A-122 cost principles and indirect cost rates. |
Non-Member Price $109.00
Member Price $79.00