NACUBO Comments on Potential Changes to OMB Circulars
May 4, 2012
On April 30, NACUBO submitted comments to the Office of Management and Budget (OMB) on proposed reforms to policies and circulars often used by colleges and universities. The comments raised concerns about implementation of a flat indirect cost rate, an increase in the threshold for triggering a single audit, the consolidation of cost principles into a single document, and more. NACUBO also expressed its support for extensive comments submitted by several associations representing research universities and the American Institute of Certified Public Accountants.
On February 28, OMB published an Advance Notice of Proposed Guidance in the Federal Register that announced its intention to reform several policies affecting grants and cooperative agreements, including the cost principles. The ANPG laid out a number of suggestions, many from the federal and nonfederal financial assistance community, for reforming the OMB Circulars. While several proposed reforms could benefit colleges and universities, many of the suggested changes could seriously affect NACUBO members of all types.
After reviewing comments submitted on the ANPG, OMB will publish the proposed amendments for comment. A final notice, outlining the changes and effective dates, will likely be published by the end of the year.
Director, Accounting Policy
- Lawmakers Move Toward Affordable Care Act Repeal
- ED Issues Numerous Announcements Prior to Presidential Transition
- New Report Highlights the Benefits and Value of Higher Education
- 2017 Endowment and Debt Management Forum
February 1-3, 2017
- WEBCAST: NACUBO Live! Results of the 2016 NACUBO-Commonfund Study of Endowments
Thursday, February 2, 2017 9:15AM ET
- WEBCAST: Compliance Challenges for the New EPA Hazardous Waste Rule
Tuesday, February 7, 2017 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Thursday, February 9, 2017 12:00PM ET
- ON-DEMAND: The ROI of Student Success: Practical Considerations for Measuring and Conveying the Financial Value of Student Support Services
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus