OMB has issued a memo instructing CFO Act-covered agencies on their reporting and other responsibilities under an administration initiative to improve the tracking of grants and other forms of government financial assistance.
Memo M-14-17 tells agencies that they must issue policies by December to follow metrics set by the Council on Financial Assistance Reform designed to enhance the management federal financial assistance, better target financial risks and better direct resources to achieve evidence-based outcomes.
By January 15, agencies will have to provide data that will act as a baseline for annual reports to follow.
“In the first year, the COF AR anticipates that there will be some additional administrative burden resulting from the transition to the new guidance, which will decrease once the new policies are fully implemented,” said the memo, which is here: http://www.whitehouse.gov/sites/default/files/omb/memoranda/2014/m-14-17.pdf