Learn How “Cost Reasonableness” Is Key to Good Federal Grants Management in Feb. 14 Federal Fund Management Advisor Webinar

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Learn about the concept of “cost reasonableness” as a key to good federal grants management in the latest webinar from Federal Fund Management Advisor.

On the matter of cost reasonableness, the federal cost principles that apply to grants or subgrants state, “A cost is reasonable if, in its nature or amount, it does not exceed that which would be incurred by a prudent person under the circumstances prevailing at the time the decision was made to incur the cost.” But, finding that “prudent person” is easier said than done. In “How to Assure Cost Reasonableness — The Key to Good Federal Grants Management,” an upcoming Feb. 14 Federal Fund Management Advisor webinar, federal grants expert Bob Lloyd will present an informative tutorial on this cost principle and offer strategies designed to avoid problems.

There are few topics affecting federal grants that involve more judgment than cost reasonableness. And there are a lot of people who might be in a position to make a judgment. Start with the staff of the federal awarding agency or their inspector general’s office. Add the governing body of an organization, its employees, its clients, the media, and the general public, and it’s no surprise that disagreements about cost reasonableness crop up all the time. And when they crop up in connection with an audit, those disagreements can become downright contentious and expensive.

This Feb. 14 webinar will explore the following:

  • The concept of cost reasonableness — an in-depth look into the factors that the federal cost principles say should be relied upon in making “prudent judgments."
  • How “reasonableness” is applied at each stage in the life of the grant or subgrant — from pre-award budgeting, to post-award expenditure and reporting, and ending up with the audit process.
  • How judgments have been made in actual cases based on factors like sound business practices, arms-length bargaining, federal and state laws and regulations, and practices that the federal government itself employs.
  • Ways to help organizations steer clear of marginal and problematic decision making.

Visit http://federalfundmanagement.com/webinars/wg303_021413 for more details and registration information.

The webinar will be presented by Bob Lloyd, a respected authority on policies and practices affecting the award, administration and oversight of federal grants, contracts and subawards. Mr. Lloyd has more than 40 years of experience in federal award implementation. Prior to starting his management consulting practice in Washington, D.C., in 1982, he served as the executive director of the Grants Management Advisory Service and held staff positions in two large federally funded organizations. Since then, he has been a consultant, trainer or advisor to award and audit units in 16 federal award-making departments and agencies, and to recipient and subrecipient organizations and their professional advisors located in all 50 states, the District of Columbia, several U.S. territories and 18 foreign countries. He is the principal author of several reference works on federal grants management and audits, and currently serves as contributing editor to Federal Grants News and Federal Auditing News, published jointly by Atlantic Information Services and NACUBO. He also is a Charter Life Member of the National Grants Management Association and served on its Board of Directors for five years.

Attendees of the Live Webinar Can Earn Up to 1.5 CPE Credits
Federal Fund Management Advisor 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 submitted to the National Registry of CPE Sponsors through its website: http://www.learningmarket.org.

About Federal Fund Management Advisor
Federal Fund Management Advisor is an organization that sponsors Federal Funding webinars and delivers free Federal Funding E-Strategies. Go to http://www.FederalFundManagement.com to read the latest E-Strategy, “Can They Cut Off Your Federal Grant at the Next ‘Cliff’?”

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Shelly Beaird-Francois
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