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EDGAR and OMB Circular Tutorial

Presented by Michael Brustein, Esq. mbrustein@bruman.com Bonnie L. Graham, Esq. bgraham@bruman.com Brustein & Manasevit, PLLC Fall Forum 2013. EDGAR and OMB Circular Tutorial. Anatomy of EDGAR. Administrative Rules SEAs/LEAs – Part 80 Postsecondary – Part 74 Nonprofits – Part 74

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EDGAR and OMB Circular Tutorial

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  1. Presented by Michael Brustein, Esq. mbrustein@bruman.com Bonnie L. Graham, Esq. bgraham@bruman.com Brustein & Manasevit, PLLC Fall Forum 2013 EDGAR and OMB Circular Tutorial

  2. Anatomy of EDGAR • Administrative Rules • SEAs/LEAs – Part 80 • Postsecondary – Part 74 • Nonprofits – Part 74 • State-Administered Programs – Part 76 • Direct Grant – Part 75 • Enforcement – Part 81 • FERPA – Part 99

  3. Cost Principles SEAs/LEAs – A-87 Postsecondary Institutions – A-21 Nonprofits – A-122

  4. Audit Principles SEAs/LEAs – A-133 Postsecondary Institutions – A-133 Nonprofits – A-133

  5. Roadmap • Standards for Financial Management • How to Determine if a Cost is Allowable • Cash Management Controls and Obligations • Asset Controls • Procurement Controls • Selected Cost Items • Audits and Enforcement

  6. Roadmap of EDGAR and OMB Circulars • Standards for Financial Management Systems • 80.20(b) (p. 112) • 74.21(b) (p. 9) • Allowable Costs • 80.22 (p. 114) • 74.27 (p. 15) • Basic Guidelines • A-87 (p. 227-228) • A-21 (p. 174) • Composition of Cost • A-87 (p. 228); A-21 (p. 174)

  7. Roadmap of EDGAR and OMB Circulars • Period of Availability of Funds • 80.23 (p. 114) • 74.28 (p. 15) • When Obligations are Made • 76.707 (p. 91) • When Subgrantees May Begin to Obligate Funds • 76.708 (p. 91)

  8. Roadmap of EDGAR and OMB Circulars • Equipment • 80.32 (p. 119) • 74.34 (p. 16) • Procurement • 80.36 (p. 121) • 74.40 (p. 19) • Retention and Access Requirements for Records • 80.42 (p. 130) • 74.53 (p. 25)

  9. Roadmap of EDGAR and OMB Circulars • Records Related to Grant Funds • 76.730 (p. 93) • Monitoring and Reporting Program Performance • 80.40 (p. 128) • 74.51 (p. 23) • Enforcement • 80.43 (p. 131) • 74.62 (p. 26) • Disapproval of Application – Hearing • 76.401 (p. 78)

  10. Roadmap of EDGAR and OMB Circulars • Selected Items of Cost • Appendix B to A-87 (p. 229) + Advertising (p. 230) (outreach) + Personnel Costs (p. 231) + Meetings (p. 241) + Travel (p. 244) • Appendix J to A-21 (p. 190) + Advertising (p. 190) (outreach) + Personnel Costs (p. 191) + Meetings (p. 205) + Travel (p. 210)

  11. Roadmap of EDGAR and OMB Circulars • A-133 – Single Audits + 210 (p. 294) – Subrecipient and Vendor Determinations + 200 (p. 293) – Audit Requirements + 320 (p. 299) – Report Submission + 400(d) (p. 303) – Pass Through • 81.32 (p. 140) – Proportionality • Appendix to Part 81 (p. 145) – Illustrations of Proportionality • 81.33 (p. 141) – Mitigating Circumstances

  12. QUESTIONS?

  13. Disclaimer This presentation is intended solely to provide general information and does not constitute legal advice. Attendance at the presentation or later review of these printed materials does not create an attorney-client relationship with Brustein & Manasevit, PLLC. You should not take any action based upon any information in this presentation without first consulting legal counsel familiar with your particular circumstances.

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