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3 Takeaways from the OMB 2021 Compliance Supplement
Posted by Michelle Sylvia Spriggs on Wed, Sep 29, 2021 @ 02:20 PM

In August the Office of Management and Budget (OMB) released its 2021 Compliance Supplement, 2 CFR Part 200 Appendix XI (Compliance Supplement). The annual compliance document provides details and guidance on the pertinent audit areas under the Uniform Grant Guidance. Not-for-profits that receive federal grants are often subject to Uniform Grant Guidance requirements, which include an audit over their administration and controls of their federal grants. Below are some of the key takeaways from the 2021 edition.

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Topics: not-for-profit, OMB, NFP, Office of Management and Budget, compliance supplement

New Compliance Supplement Key Takeaways
Posted by Michelle Sylvia Spriggs on Tue, Jul 27, 2021 @ 11:46 AM

On July 27, 2021, the Government Audit Quality Center of the AICPA announced that the initial 2021 compliance supplement relative to federal awards is expected to be released in August 2021. This should resolve much of the ambiguity around major program determination and testing requirements for this year. The key take-away points are as follows:

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Topics: AICPA, NFP, nonprofit, Nonprofit Board, COVID19, higher education, SEFA, health and human services, HEERF, Provider Relief Funds, compliance supplement

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