New Reporting Rules for Direct Recipients of Federal Awards and Contracts
The Federal Funding Accountability and Transparency Act of 2006 (FFATA), as amended, requires a federal award reporting process that is very similar to the reporting required by the American Recovery and Reinvestment Act (ARRA). FFATA applies to all federal awards, including grants and sub-grants and federal contracts and sub-contracts. The new reporting is required to be made into the FFATA Subaward Reporting System (FSRS).
The reporting timeline for direct (prime) recipients
Phase 1: Reporting subcontracts under federally-awarded contracts and orders valued greater than or equal to $20,000,000, reporting starts now
Phase 2: Reporting subcontracts under federally-awarded contracts and orders valued greater than or equal to $550,000, reporting starts Oct. 1, 2010
Phase 3: Reporting subcontracts under federally-awarded contracts and orders valued greater than or equal to $25,000, reporting starts March 1, 2011
Although the requirement to report subawards is being phased-in at certain dollar levels, if you would like to start reporting prior to the start date for your subcontracts, the system is available to you for reporting
Beginning Oct. 1, 2010, prime grant recipients of new federal grants of $25,000 or more must report information on associated “first-tier” sub-grants of $25,000 or more. Such information must be reported by the end of the month following the month the subaward or obligation is made. For example, for a subaward made on December 1, 2010, the reporting would be due by Jan. 31, 2011.
More information about these requirements
For more information, please contact McGladrey & Pullen National Director of Public Sector Services Brian Schebler at 952.921.7761.