Federal awards, also known as grants, are a vital source of funding for many organizations, including non-profits, educational institutions, and government agencies. However, managing these awards can be complex and time-consuming, requiring a deep understanding of federal regulations and guidelines.
In this article, we will provide a comprehensive guide to federal award administration, covering the key concepts, regulations, and best practices that organizations need to know to successfully manage federal awards.
Understanding Federal Awards
A federal award is a type of financial assistance provided by the federal government to support specific projects or activities. Federal awards can take many forms, including grants, cooperative agreements, and contracts.
There are several types of federal awards, including:
- Competitive Grants: These awards are competitively awarded to organizations that submit proposals in response to a funding opportunity announcement.
- Formula Grants: These awards are allocated to organizations based on a predetermined formula, such as population or need.
- Continuation Grants: These awards provide continued funding for existing projects or activities.
Key Regulations and Guidelines
Federal award administration is governed by several key regulations and guidelines, including:
- Office of Management and Budget (OMB) Uniform Guidance: This guidance provides a comprehensive framework for managing federal awards, including requirements for financial management, internal controls, and audit procedures.
- Code of Federal Regulations (CFR): This regulation provides detailed guidelines for federal award administration, including requirements for grant applications, award administration, and closeout procedures.
- Federal Funding Accountability and Transparency Act (FFATA): This act requires organizations to report on their use of federal funds, including information on subawards and executive compensation.
Best Practices for Federal Award Administration
To successfully manage federal awards, organizations should follow these best practices:
- Develop a Comprehensive Grant Management Plan: This plan should outline the organization’s policies and procedures for managing federal awards, including requirements for financial management, internal controls, and audit procedures.
- Establish Clear Roles and Responsibilities: Organizations should clearly define the roles and responsibilities of staff members involved in federal award administration, including grant managers, financial managers, and program managers.
- Maintain Accurate and Complete Financial Records: Organizations should maintain accurate and complete financial records, including records of expenditures, receipts, and matching funds.
- Conduct Regular Compliance Reviews: Organizations should conduct regular compliance reviews to ensure that they are meeting all federal award requirements, including requirements for financial management, internal controls, and audit procedures.
Conclusion
Federal award administration can be complex and time-consuming, but by following these best practices and staying up-to-date on key regulations and guidelines, organizations can successfully manage federal awards and achieve their program goals.
Remember to develop a comprehensive grant management plan, establish clear roles and responsibilities, maintain accurate and complete financial records, and conduct regular compliance reviews to ensure that your organization is meeting all federal award requirements.
