Recovery Act Guidance Just Keeps Coming…
The Office of Management and Budget has just added a new part to Title 2 of the Code of Federal Regulations to establish a standard award term for grants, cooperative agreements, and loans funded with American Recovery and Reinvestment Act dollars. The new interim final guidance and award term was released late Friday as part of OMB’s second installment of the more comprehensive guidance to federal agencies on implementation of the Recovery Act. The new 2 CFR Part 176—which should be published in the Federal Register in the next day or so—covers several issues related to the receipt of grants and other assistance under the Recovery Act: reporting, Buy America, wage rates, and single audits.
Management Concepts is currently working to sift through the new guidance and the standard award term to understand its impact on grants administration. We’ll keep you updated here on the blog, as well as in our classroom and online courses.
In the meantime, you can view the entire OMB implementation guidance, including the new standard award term, by clicking here.