OMB Issues Interim Final Rules for the Uniform Guidance
January 6, 2015
The Office of Management and Budget (OMB) has issued the interim final rules for all federal award-making agencies for the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The interim final rules includes implementation regulations for all 26 federal agencies as well as numerous technical corrections, which the OMB has made in response to received comments and concerns.
One concern regarding tribal governments and their related entities was the proposal to publish an entire single audit reporting package, which would have placed tribes and their enterprises at a competitive disadvantage when negotiating compacts. The interim final rules include a favorable language change that clarifies what entities are eligible to opt out of publishing financial statements and recognizes the Indian Self-Determination, Education and Assistance Act. This win for Indian Country ensures economic security and in turn facilitates economic development and promotes the health and welfare of tribal communities.
The interim final rules go into effect for new awards or funding increments awarded on or after December 26, 2014. The OMB will issue an amended version of the Uniform Guidance and include agency changes to their regulations in the coming months.
For questions or comments, please contact Jennifer Parisien at Jennifer@nafoa.org or (202) 558-8040.