Uniform Guidance Revisions Effective October 1, 2024
What you need to know about Revisions to Title 2 of the CFR as you prepare for your next audit
In April 2024, the Office of Management and Budget (OMB) issued revisions to Title 2 of the Code of Federal Regulations (CFR). OMB published the revisions in an effort to streamline, simplify, and reduce the burden on Federal agencies, applicants, and recipients in administering and managing Federal awards. The guidance includes updates to administrative requirements, cost principles, and audit requirements for Federal awards.
Importantly, the updates eliminate prior requirements, increase thresholds, and clarify requirements for agencies and recipients to more efficiently navigate the award process. Sections have also been rewritten to enhance clarity and address inconsistencies.
BNN has developed a guide that covers what nonprofit organizations need to know about revisions to Title 2 of the CFR. We hope you find this guide useful as you prepare for next audit.
For additional information relating to this publication or general year-end financial reporting matters contact:Â Anne Cloutier, principal and nonprofit practice lead or your BNN advisor.
Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.