In December 2013, the Office of Management and Budget (OMB) merged eight separate grant circulars into a single compendium of administrative requirements, cost principles, and audit requirements for federal awards that some are calling the Super Circular. In addition to combining these disparate guidance documents, the new circular also instituted a number of changes – including shifting its focus from compliance to performance.
Each federal agency is now responsible for revising their respective regulations to reflect these changes. Under the new regulations, not only will grantees be subject to enforcement actions that may result in loss of grant funds but also federal agencies could face reduced budgets if they don’t meet OMB oversight and performance expectations.
Now is the time to familiarize yourself with all relevant new requirements, as they become effective beginning December 26, 2014.