What is OMB A 122?
Purpose. This Circular establishes principles for determining costs of grants, contracts and other agreements with non-profit organizations. The principles are designed to provide that the Federal Government bear its fair share of costs except where restricted or prohibited by law.
What replaced OMB Circular A 122?
The Cost Principles for Nonprofits (OMB Circular A-122, codified at 2 C.F.R. Part 230), State Local and Tribal Governments (OMB Circular A-87, codified at 2. C.F.R. Additionally, the provisions of OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, are superseded by the Supercircular.
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 is the regulatory citation for the cost principles for non-profit organizations and universities?
200.106 Agency Implementation. 200.105 Effect on Other Issuances. 200.104 Supersession. 200.109 Review Date.
What are OMB documents?
PURPOSE: OMB Circulars and Bulletins are major tools used by the Executive Office of the President to exercise managerial and policy direction over Federal agencies. Circulars and Bulletins generally promote government effectiveness by providing uniform guidance to agencies.
What is an A 133 single audit?
Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.
Are OMB circulars still in effect?
Instructions or information issued by OMB to Federal agencies. These are expected to have a continuing effect of two years or more.
Is OMB Circular A-133 still in effect?
On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on or after December 26, 2014 and made changes to the major program determination process.
What is OMB guidance?
Directs the focus of audits on areas that have been identified as at risk for waste, fraud and abuse; Lays the groundwork for Federal agencies to standardize the processing of data; Clarifies and updates cost reporting guidelines for award recipients.
What is OMB A 87?
Circular A-87 provides principles and standards for determining costs for federal awards, including grants, cost. reimbursement contracts, and other agreements with state and local governments, and federally recognized. Indian tribal governments. Website: http://www.whitehouse.gov/omb/circulars_a087_2004.
What is the main purpose of OMB?
AGENCY PROGRAM: OMB assists the President in overseeing the preparation of the Federal budget and in supervising its administration in Federal agencies. It also oversees and coordinates the Administration’s procurement, financial management, information, and regulatory policies.
What is the role of the OMB?
he Office of Management and Budget (OMB) assists the President in carrying out his budgetary duties. Originally created by the 1921 Budget and Accounting Act as the Bureau of the Budget, it was reconstituted as OMB in 1970. Its primary function is to oversee the development and implementation of the federal budget.
What are the principles of OMB Circular A-122?
A-122 1. Composition of total costs. The total cost of an award is the sum of the allowable direct and allocable indirect costs less any applicable credits. 2. Factors affecting allowability of costs.
How many pages are in OMB Circular A-21?
OMB Circular A-21, Cost Principles for Educational Institutions (05/10/2004) (109 pages, 263 KB) OMB Circular-025, Transmittal Memorandum #1, User Charges (07/08/1993) OMB Circular A-34, Instructions on Budget Execution (Rescinded 6/27/2002; superseded by OMB Circular No.
Who is the liaison official in the OMB Circular?
Agencies shall designate a liaison official to serve as the agency representative on matters relating to the implementation of this Circular. The name and title of such representative shall be furnished to OMB within 30 days of the date of this Circular. 7. Attachments.
What are the exemptions from OMB cost principles Circulars?
OMB authorizes conditional exemption from OMB administrative requirements and cost principles circulars for certain Federal programs with statutorily-authorized consolidated planning and consolidated administrative funding, that are identified by a Federal agency and approved by the head of the Executive department or establishment.