2 CFR 200: What You Need to Know in 2016

Ryan Byrd and Mia Bautista presented on issues and items for consideration as entities review policies, rates, and procedures to comply with 2 CFR 200. They discussed new requirements and new agency guidance for the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, which streamlines into one document the guidance governing federal grants and cooperative agreements.

Session 1 (May 9)

• Understand key concepts in the OmniCircular
• Understand relevant compliance requirements and changes from prior guidance
• Understand impact of the circular on pre-award activities from risk assessments and conflicts of interest to certifications and mandatory disclosures
• Understand impact of the circular on post-award activities such as financial management standards, and revisions of budget and scope
• Review standards of real property, equipment, supplies, and intangible property

Session 2 (May 10)

• Understand key changes in procurement standards and definitions
• Understand requirements for subrecipient administration, monitoring, and FFATA reporting
• Obtain understanding of selected cost principles and indirect cost rates, and changes to existing cost principle regulations
• Understand record retention and closeout requirements
• Understand key changes to single audit requirements
• Review action items for the organization and key areas of priority for compliance

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