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Guidance on How UG Procurement Standards Affect Charter Schools

AAFCPAs’ John Buckley, CPA, CGMA discussed challenges and opportunities facing Charter Schools while attending and presenting at this year’s National Charter School’s Conference in Austin, TX. In conversations, John learned that many schools have yet to formally update their procurement policies to reflect the Uniform Guidance (UG) procurement standards. As a reminder, the grace period for non-federal entities to comply with these standards concluded on July 1, 2018. If you have not already,... continue reading

OMB Clarifies Applicability Date for Micro-Purchase and Simplified Acquisition Thresholds Increase

The Uniform Guidance (UG) was issued in 2013 by the U.S. Office of Management and Budget (OMB) and effective on December 26, 2014 for all nonprofit entities.  OMB granted a grace period of three full fiscal years for the implementation of the UG procurement standard.  Nonprofit entities with a June 30th fiscal year end must have implemented the new UG procurement standard by July 1, 2018 if they elected the... continue reading

OMB Further Extends the Effective Date for the Procurement Standards of the Uniform Guidance

AAFCPAs would like to make clients aware that on May 17, 2017, the U.S. Office of Management and Budget (OMB) issued a correcting amendment extending the effective/applicability date of the procurement standards under the Uniform Guidance (UG). The procurement standards were one of the areas of significant change under the UG, and nonprofits receiving federal grants and contracts may welcome the OMB’s announcement that they have provided for a grace... continue reading

Form SF-SAC Now Available on FAC Web Site, Submission Deadline Extended Further

The updated Data Collection Form (DCF or Form SF-SAC) for Uniform Guidance submissions and related instructions are now available on the Federal Audit Clearinghouse’s (FAC) website.  Click here to be directed to the Instructions and Documents. >> Due to the prior unavailability of the updated DCF, an extension was previously posted to the FAC website through July 31, 2016. That extension has now been extended to September 19, 2016, and... continue reading

Form SF-SAC Submission for Single Audits Deadline Extended

The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG).  Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse (FAC) at this time.  In response to the delay, the OMB has determined that any... continue reading

New Guidance for Nonprofits on Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards

The Office of Management and Budget (OMB) issued an omnibus OMB Circular – colloquially referred to as the “Supercircular” – to streamline the Federal government’s guidance on administrative requirements, cost principles, and audit requirements for Federal awards.  The objective of this reform is to reduce both administrative burden and risk of waste, fraud, and abuse while improving program outcomes.   Characteristics of this reform include: Eliminating duplicative and conflicting provisions of... continue reading