OMB Super-Circular Changes Federal Grant Administering

Posted in: Audit & Accounting, News

The OMB (Office of Management and Budget) in conjunction with COFAR (Council on Financial Assistance Reform) issued new guidance concerning federal grants which went into effect on December 26, 2014. The new guidance, commonly called the Super-Circular or Omni-Circular, supersedes and streamlines eight separate OMB Circulars, including A-21, A-110 and A-133. Some of the changes affect capitalization of computers, internal controls, procurement standards, monitoring and management of sub-recipients and changes to administrative costs. Your external auditors will follow these new guidelines when examining grants received on or after December 26, 2014.