A nonprofit that doesn't follow the A-122 guidelines may have payments delayed, funding withdrawn or projects terminated.
Mount Kisco, N.Y. (PRWEB) February 22, 2012
WeComply, Inc., a leader in web-based ethics and compliance training for nonprofits and corporations, has released a new course entitled Cost Accounting for Federal Grants. This course explains the guidelines of Office of Management and Budget (OMB) Circular A-122 pertaining to the allowability, accounting and reporting of costs for federal grants and other awards.
The course provides an overview of financial-management and cost-accounting principles for nonprofits. It then explains the A-122 guidelines for allowability of chargeable costs, the "necessary and reasonable" requirement, the need for adequate documentation, and the importance of showing that chargeable costs are "allocable to the project" and "within the grant period." Finally, it provides examples of generally allowable and unallowable costs.
“A nonprofit that doesn't follow the A-122 guidelines may have payments delayed, funding withdrawn or projects terminated,” said Mike Pallatta, WeComply CEO. “So it is critical that all employees working on federal grants, or involved in the budgeting or accounting related to these grants, understand and follow these guidelines.”
For more information on WeComply’s Cost Accounting for Federal Grants course and to see a free demo, please visit http://www.wecomply.com/ethics-training/675974-cost-accounting-for-federal-grants-compliance-training-courses-classes.
WeComply is a leading provider of customizable online ethics and compliance training solutions, offering more than 70 courses on such topics as anti-corruption, antitrust, Code of Conduct, data privacy and security, insider trading and whistleblowing. For more information, visit http://www.wecomply.com.