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Articles From Lumsden McCormick

OMB Guidance Provides Relief to Federal Award Recipients

In response to the extended decrease in the operational capacity of many entities due to COVID-19, the Office of Management and Budget (OMB) has provided administrative, financial management, and audit requirement relief for certain Federal grant regulations. OMB issued Memorandum M-20-17 which contains details on the flexibilities granted. Affecting all Federal award recipients is the extension of single audit submissions.  Entities that have not yet filed their Data Collection Forms and entities with fiscal year ends through June 30, 2020 will have their deadlines extended by six months (for a due date now 15 months after fiscal year-end). Additionally, awarding agencies may allow a grantee to delay submission of financial or performance reports. This could have an effect on reports required by sub-recipient awarding agencies (NYSED, NYSDOH, etc.).  Other relaxed requirements include allowability of salaries or certain costs not normally chargeable to awards.  We will continue to monitor guidelines issued by Federal and State agencies throughout this crisis. 

Please contact Seth Hennard or a member of your client service team to discuss how these actions specifically affect your organization.

OMB Guidance Provides Relief to Federal Award Recipients

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Seth is a seasoned accounting professional with fifteen years’ experience in service to exempt organizations including municipal governments, school districts, various governmental entities, and nonprofit organizations including health care institutions. He has extensive knowledge in auditing and reporting in accordance with Government Auditing Standards, maintaining and exceeding all continuing professional education requirements. Seth possesses the CGFM and CHFP professional certifications from the Association of Government Accountants and Healthcare Financial Management Association, recognizing the unique skills and special knowledge required of today's government and health care financial managers.

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