What Nonprofits Should Know about OMB’s Uniform Guidance
In December 2013, the U.S. Office of Management and Budget (OMB) issued its long-awaited final grant reform rules. The “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,” more commonly known as the “Uniform Guidance,” consolidated and updated eight previous OMB circulars into a single set of regulations. These changes improved clarity, consistency and accessibility and consisted of changes to audit and administrative requirements, and cost principles. These regulations – designed to reduce administrative burden and the risk of waste, fraud and abuse – are effective for all Single Audits for years beginning on or after December 26, 2014.