By now we are familiar with the OMB Uniform Guidance for federal awards, but how much do we know about its effect from a practical sense, and what should we be doing now to prepare for its implementation? What should we have already done?
On December 26, 2013, the Office of Management and Budget (OMB) issued its Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, (Uniform Guidance) that combined eight OMB Circulars into one comprehensive, uniform set of regulations. The Uniform Guidance became effective for all new federal awards and incremental funding of existing awards after December 26, 2014.
The effects of the Uniform Guidance will become more apparent during 2015 as federal agencies and non-federal entities implement the guidance. The Uniform Guidance and additional implementing information can be obtained from the resources below.