Title 2 of the Code of Federal Regulations (CFR) applies to Grants and Agreements with non-federal entities. The section of Part 200 under Title 2 of CFR outlines the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Grants and Agreements Part 200 specifies the administrative guidelines, cost principles, and audit requirements for implementing federal grants and agreements.
The objective of CFR Title 2 Grants and Agreements Part 200 is to establish a uniform set of administrative guidelines, cost principles, and audit requirements to ensure consistency in the management of federal funds. This will promote efficiency, accountability, and transparency in the use of federal grants and agreements.
Part 200 includes guidelines for the management of grants and agreements with non-federal entities. This includes requirements for financial management systems, record-keeping, monitoring and reporting, and federal awarding agency review. The regulations also outline the procedures for applying for federal grants and agreements, awarding and processing, and closeout procedures.
The cost principles outlined in Part 200 provide specific guidance on allowable costs, including direct and indirect costs, and applicable limits. The regulations also specify the criteria for determining the allowability of costs, including necessary and reasonable, allocable, and consistent with the grant or agreement.
Part 200 also establishes uniform audit requirements for all federal awards. This includes compliance with Generally Accepted Government Auditing Standards (GAGAS) and the Single Audit Act. The regulations specify the criteria for conducting audits and the responsibilities of award recipients and auditors.
CFR Title 2 Grants and Agreements Part 200 is an essential tool for organizations receiving federal grant and agreement funds. By providing uniform administrative guidelines, cost principles, and audit requirements, the regulations ensure that these funds are managed efficiently, transparently, and with accountability. Organizations that comply with CFR Title 2 Grants and Agreements Part 200 will benefit from improved financial management and reduced audit findings.