On Friday, August 29, 2014, the Council on Financial Assistance Reform (COFAR) released the second set of FAQs related to understanding and applying the new Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, otherwise known as the Supercircular. Over two hundred questions and comments have been received from grantors, grantees, and grant management and oversight professionals throughout country. This 2nd set of FAQs includes additional information pertaining specifically to non-federal entities in areas such as procurement, indirect costs, effective date and distinctions between vendors and contractors.

As a reminder, this new guidance goes into effect this coming December.

Read the FAQs at https://cfo.gov/wp-content/uploads/2014/08/2014-08-29-Frequently-Asked-Questions.pdf and the full guidance at https://www.federalregister.gov/articles/2013/12/26/2013-30465/uniform-administrative-requirements-cost-principles-and-audit-requirements-for-federal-awards

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Donella Wilson

Donella Wilson, CPA, leads the Firm’s Nonprofit Practice and has 25 years of public accounting experience providing audit, accounting and special project services and works exclusively in the nonprofit sector. She is also President and Chief Philanthropy Officer for GHJ Foundation, the Firm’s…Learn More