On April 4, 2024, the Office of Management and Budget (OMB) released an updated set of guidelines for federal awards issued on or after October 1, 2024.This release is intended to increase clarity and streamline processes for organizations while navigating the complexities of federal funding. Join our team as we take a deep dive into the new standards, how they impact compliance, and the best strategies for implementation. During the session, we’ll discuss the increase in the audit threshold, strategies for increased transparency, changes to indirect cost recovery, simplified compliance guidelines, and more. As always, bring your questions for our experts!
Attendees will learn:
• About changes to the Uniform Guidance that were announced on April 4, 2024. The revised Uniform Guidance will be applied to federal awards that are issued on or after October 1, 2024.
• How the Uniform Guidance will increase the accessibility of federal funds for smaller nonprofits and also decrease the administrative burden related to compliance.
• The threshold for a single audit (and for Type A program determination) will be raised from $750,000 to $1,000,000.
• The de minimus indirect rate will be raised from 10% to 15%. A recipient with a negotiated indirect cost rate agreement (NICRA) cannot elect the de minimis rate and federal agencies may not require a recipient to use a lower de minimis rate when there is a NICRA in place.
