What does 2 CFR 200 apply to?
2 CFR Part 200: Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, commonly referred to as ‘Uniform Guidance,’ applies to all new federal funding, (new award, continuation awards, supplements, etc.)
How does 2 CFR 200 define equipment?
Equipment means tangible personal property (including information technology systems) having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds the lesser of the capitalization level established by the non-Federal entity for financial statement purposes, or $5,000.
What is the 2 CFR 700?
eCFR :: 2 CFR Part 700 — Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
What is OMB super circular?
Office of Management and Budget (“OMB”) issued the “Uniform Administrative Requirements, Cost. Principles, and Audit Requirements for Federal Awards, Final Rule (Uniform Guidance) on December 26, 2013”, which is referred to as OMB “Super Circular” or “Omni Circular” and is codified at 2 CFR Part 200.
What is Sefa?
The SEFA is a supplemental schedule to the financial statements that an organization is required to produce when it is subject to the single audit requirement. The single audit requirement is triggered when the federal expenditures reported on the SEFA exceed $750,000 or more over the organization’s fiscal year.
What is the federal definition of equipment?
The Federal Government defines equipment as an item of non-expendable, tangible personal property, having a useful life of more than one year and an acquisition cost which equals or exceeds the lesser of the capitalization level established by the recipient organization for financial statement purposes, or $5,000.
Where are the grant administrative requirements cost principles and audit requirements contained?
2 CFR 200 – UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS – Content Details – CFR-2017-title2-vol1-part200.
What replaced OMB Circular A-133?
2 CFR part 200
On December 26, 2013, OMB Circular A-133 was superseded by the issuance of 2 CFR part 200, subpart F. Among other things, those changes increased the audit threshold to $750,000 for auditee fiscal years beginning on or after December 26, 2014 and made changes to the major program determination process.
Is OMB Circular A 122 still in effect?
Part 92, Uniform Administrative Requirements for Grants and Cooperative Agreements to State, Local, and Tribal Governments, will be superseded. The Cost Principles for Nonprofits (OMB Circular A-122, codified at 2 C.F.R. C.F.R. Part 220) are also being superseded by the new provisions of the Supercircular.