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

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).