What is OMB Circular A 87?
This Circular establishes principles and standards for determining costs for Federal awards carried out through grants, cost reimbursement contracts, and other agreements with State and local governments and federally recognized Indian tribal governments (governmental units).
Where are the grant administrative requirements cost principles and audit requirements contained?
Laws, Regulations and Guidance Uniform Guidance (2 C.F.R. Part 200): 2 C.F.R Part 200 establishes uniform administrative requirements, cost principles, and audit requirements for Federal awards to non-Federal entities.
What is OMB super circular?
Office of Management and Budget (“OMB”) issued the “Uniform Administrative Requirements, Cost. Principles, and Audit Requirements for Federal Awards, Final Rule (Uniform Guidance) on December 26, 2013”, which is referred to as OMB “Super Circular” or “Omni Circular” and is codified at 2 CFR Part 200.
What are OMB cost principles?
Office of Management and Budget (OMB) Circular A-21, “Cost Principles for Educational Institutions,” establishes principles for determining costs applicable to Federal grants, contracts, and other sponsored agreements with educational institutions.
What does OMB stand for?
Office of Management and Budget
The Office of Management and Budget (OMB) is the business division of the Executive Office of the President of the United States that administers the United States federal budget and oversees the performance of federal agencies.
What does 2 CFR stand for?
the Code of Federal Regulations
This document is designed to address common questions regarding the Office of Management and Budget’s (OMB) implementation of the updates to Title 2 of the Code of Federal Regulations (2 CFR), also referred to as the Uniform Guidance.
What are cost principles for grants?
Costs must be reasonable, allowable and allocable. A cost is “reasonable” if it is one a reasonable person would incur in the circumstances, after appropriate market research and price analysis. “Allowable” costs must: Be necessary and reasonable for the performance of the Federal award and be allocable to that award.
What is needed to make a normally unreasonable cost an allowable expense in a grant?
§200.404 Reasonable costs. In determining reasonableness of a given cost, consideration must be given to: (a) Whether the cost is of a type generally recognized as ordinary and necessary for the operation of the non-Federal entity or the proper and efficient performance of the Federal award.
Where would you find the cost principles that apply to non profit US and non US organizations?
OMB Circular A-122, Cost Principles for Non-Profit Organizations.
Why is the OMB important?
OMB is the largest component of the Executive Office of the President. It reports directly to the President and helps a wide range of executive departments and agencies across the Federal Government to implement the commitments and priorities of the President.