Part IV of Blog Series on new OMB Grant Guidance – Subpart C Pre-Federal Award Requirements and Contents of Federal Awards
One of the themes of the guidance update is streamlining and consistency. The guidance took eight circulars and combined them into one set of standards. That single set of standards now emphasizes the need for consistency in the Federal Grant Process. Subpart C spends a considerable amount of time defining what must be included in the announcements of awards, as well as in the award itself. It describes the required data points (and their definitions) so that there is consistency among Federal agencies and awards. Now, many might point out that some of these items have been consistent in the. Read More.
GASB Proposes on Implementation Guide for The Hierarchy of GAAP for State and Local Governments
As described in our previous blog titled, GASB Proposed Statement: The Hierarchy of GAAP for State and Local Governments , the Governmental Accounting Standards Board (“GASB”) issued an exposure draft looking to elevate the status of implementation guides in the hierarchy of generally accepted accounting principles (“GAAP”) for state and local governments. As such, implementation guides would need to go through the normal due process procedures, including public comment. Therefore, the GASB has also issued a proposed implementation guide, Implementation Guide No. 20xx-1, which is a culmination of all implementation guidance to date. A copy of the proposed implementation guide can be found here .
Old Dominion University’s Inaugural Spring Symposium Featuring Ken Bricker as Closing Speaker
Set for Friday, April 25th, Cherry Bekaert Partner Ken Bricker will be the closing speaker at Old Dominion University’s (“ODU”) Public Procurement and Contract Management Spring Symposium. An adjunct faculty member for ODU, Bricker is scheduled to give a lecture entitled, “Achieving the Right Balance between Compliance and Results”. Taking place in Norfolk, Virginia, his appearance is part of the University’s first annual symposium, which will feature an opening keynote by Martha Johnson, Former Commissioner of the U.S. General Services Administration. The event will also include panel tracks focusing on topics like reducing fraud, waste, and abuse in public procurement and contract. Read More.
Colleges Using Accessible Data to Target Wealthy Alumni
Relying on public information and working with various database firms, higher education institutions are targeting richer alumni for donations. With the collected data, colleges and universities are able to estimate a former student’s “giving capacity”, and decide the amount of phone calls, mail and special invites that person will receive. Institutions believe this targeting method is effective in raising money for numerous campus needs. For instance, after working with a firm that analyzed data such as alumni income, majors, and home values, Brown University found over 11,000 new donor prospects that lead to donations worth $339 million. Click here for the. Read More.
GSA Awards Small Business Contracts on New OASIS Schedule
In keeping true to its procurement schedule, the General Services Administration (“GSA”) has awarded 125 unique contracts to small businesses for its new One Acquisition Solution for Integrated Services (“OASIS”). OASIS is being touted as a breakthrough schedule for contractors, offering professional services such as information technology, program management and consulting services, logistics, and engineering and financial services. OASIS is subdivided into seven pools based on North American Industry Classification System (“NAICS”) codes. A contractor can provide services in more than one pool. OASIS Small Business will be a 100 percent small business set-aside contract, and was developed in response. Read More.
GASB Proposed Statement: The Hierarchy of GAAP for State and Local Governments
The Governmental Accounting Standards Board (“GASB”) recently released proposed statement,The Hierarchy of GAAP for State and Local Governments (“exposure draft”). This exposure draft would supersede GASB Statement No. 55. The proposed draft would categorize authoritative sources of generally accepted accounting principles (“GAAP”) into two categories, GASB statements (the most authoritative) and GASB Technical Bulletins, GASB Implementation Guides and American Institute of Certified Public Accountants (“AICPA”) literature, cleared by the Government Accounting Standards Advisory Board. This would effectively reduce the categories in half from the current four categories. If the accounting treatment for a particular transaction is not found in either of. Read More.