Are you ready for the Omni Circular?

Description

Abstract: The Office of Management and Budget’s (OMB’s) so-called Omni Circular supersedes and streamlines requirements from eight existing circulars that apply to federal awards. This article explains that, although the new audit threshold has received much of the attention, nonprofits that receive federal awards should be aware of other significant changes that take effect for new contracts starting after Dec. 26, 2014. They include significant reforms to the cost principles and procedures regarding the monitoring of award subrecipients, maintaining effective internal control over the award, and demonstrating successful performance.