OMB Tells Agencies to Begin Posting FFATA Subaward Data
Nearly four years after it was enacted, the Federal Funding Accountability and Transparency Act is once again on OMB’s radar. According to a recent memo, OMB is revamping the USAspending.gov site, creating a new mandate for ensuring the accuracy of Transparency Act data, and perhaps most notably, establishing a deadline for agencies to begin reporting subaward information.
Agencies have been reporting primary recipient award data to USAspending.gov for several years, but now they must begin to collect and report subaward data by October 1 of this year. (That information was supposed to have been available more than two years ago.) This subaward reporting requirement only applies to new awards made on or after that date, and only to first-tier subrecipients.
The information to be collected is similar to what is already being reported for Recovery Act awards, with one notable exception. The Transparency Act requires that entities report the names and total compensation of the five most highly compensated officers if the entity received 80 percent or more of its annual gross revenues in federal awards and $25 million or more in annual gross revenues from federal awards; and if the public does not have access to compensation information through IRS or SEC records.
Well, there is much more to this new OMB memo and it will take more time for me to wade through it all and digest the information. But I wanted to let you know about it as soon as possible. You can read the complete guidance by clicking here.
And remember, we’ll be covering this, as well as other developments, in our Federal Grants Update class. You can find dates and locations of this one-day seminar by clicking here.