Annual Update on the 2024 Revised Uniform Guidance And Time & Effort Reporting

Overview

The Uniform Guidance (2 CFR 200) pertains to the management of Federal Financial Assistance for grants and cooperative agreements.  The Biden Administration has performed a comprehensive update where the revised Uniform Guidance was released in April 2024. We will review all of the significant compliance and threshold changes. In addition, we will provide a brief presentation of the revised guidance as it pertains to Time and Effort reporting.

Highlights

• The definitions in 2 CFR 200.1 are the building blocks of the regulation and so we will provide you the impactful revisions to the citation language
• This session will provide you the precise wording changes, showing parts that were changed or new requirements that were added
• We will discuss universal wording changes as well as the effective date for implementation
• We will discuss impactful changes and how it will affect compliance
• The session will cover a new requirement for whistle blower protection
• We will discuss a unique insight of how time reporting is a claim and how claims can have detrimental consequences if not aware
• What should an organization do if they did not keep time records for a grant
• A "war" story when a university did not take the time reporting requirements seriously

Prerequisites

A basic familiarity with the Uniform Guidance regulation

Designed For

Public accountants performing Single audits; consultants helping clients that have grants and cooperative agreements; nonprofits; institutes of higher education; state, local and tribal units of government; grant administrators; legal; accounting personnel; as well as principal investigators or program managers; and technical grant writers

Objectives

• Review the specific changes to the citation language pertaining to the definitions
• Disclose the updated and increased threshold amounts
• Understand impactful changes to the post award requirements and cost principles
• Provide an update on crucial time and effort reporting

Preparation

None