As 2013 came to a close, on December 26, 2013, the Office of Management Budget (OMB) issued the long-awaited final rule to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, more commonly known as the “Super Circular.” This rule finalizes OMB’s proposed guidance from February 1, 2013, and represents the culmination of an effort that was more than two years in the making. Among other things, this rule streamlines eight Federal regulations (including OMB Circulars A-110, A-122, and A-133) into a single, comprehensive policy guide and affords the Federal government the ability to better administer the $600 billion awarded annually for grants, cooperative agreements, and other types of financial assistance. This will have important implications for all nonprofit recipients of, and applicants for, Federal grants and cooperative agreements (“awards”). (Source and Super Circular summary:  Venable, LLP)

 

(NSF Video: http://youtu.be/xBmjulDwDWk)

To assist organizations in understanding the final rule, OMB  hosted an informational webcast on December 20, 2013 with team members from  COFAR agencies. The recorded webcast is shown above.  For more information visit www.cfo.gov/cofar.

To view the Super Circular, click here.

While effective December 26, 2013, actual  roll out by agencies will continue throughout 2014.  It will be imperative for nonprofit organizations to assess their current practices and policies and take appropriate steps to ensure that they conform with the final rule in a timely manner.