Dec. 17 FFMA Webinar to Review Changes to OMB’s Federal Award Cost Principles

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A Dec. 17 Federal Fund Management Advisor webinar will provide an understanding of changes to OMB’s federal award cost principles.

“Cost Allowability 101 — OMB’s New Federal Award Cost Principles,” an upcoming Dec. 17 webinar from Federal Fund Management Advisor (FFMA), will provide an understanding of changes to the Office of Management and Budget’s federal award cost principles that govern grant expenditures. The principles are the key tool for budgeting, administration and settlement of awards, so it is essential that top managers, finance staff, program officials and independent auditors understand them now.

Participants will learn:

  • How the new principles have re-packaged longstanding and important general tests of allowability
  • What principles have new names and why that’s important
  • What allowability changes affect “big ticket” costs that are significant in most grant budgets
  • What new documentation instructions cover time and effort reporting, and indirect cost recovery
  • How the principles will continue to affect fixed-amount awards
  • What previously problematic policies have been dropped
  • How the key terms “prior approval” and “advance understanding” now interrelate
  • Where audit vulnerabilities remain

Visit http://federalfundmanagement.com/webinars/wg528_121715 for more details and registration information.

The webinar will be presented by FFMA Principal 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, published by Atlantic Information Services. 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 2 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 provides recipients and subrecipients of federal funds with accurate, responsible and practical advice concerning the acquisition, administration and oversight of federal grants, cooperative agreements and contracts. Through management, compliance and best practices webinars, and a wide variety of technical assistance capabilities, this advisory service can help organizations navigate effectively in today’s highly charged federal fund accountability atmosphere. Visit http://www.federalfundmanagement.com.

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Shelly Beaird-Francois
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