One of the biggest areas of risks for federal grantees is time and effort reporting. Tracking and reporting on just a single hour of staff time applied directly to a grant may be easy; however, perfect time and effort budgeting, recordkeeping, and reporting across an entire entity throughout the year is not. Under our “Uniform Guidance” (2 CFR 200), developing an appropriate and comprehensive personnel activity documentation system is critical to grants management and compliance. This is especially true if you have multiple funding streams, such as several other grants or other sources of revenue.
Lack of sufficient time and effort systems, documentation policies, and reporting are common inspection and audit findings and are fodder for federal grant watchdogs. Understanding the differences between types of time and effort certifications, different cost objectives, and documentation reporting standards are just a few of the key compliance requirements. When an entity does not understand or comply with these standards, especially over multiple reporting periods, they’re more likely to end up with significant cost disallowances.
Please join Rex Porter as he provides clear and practical explanations of time and effort reporting responsibilities to help improve your compliance with these federal requirements.
WHAT YOU'LL LEARN
Just a sampling of what this webinar will cover:
- Uniform Guidance's (2 CFR 200) requirements for time and effort reporting
- Key issues and risks surrounding inaccurate activity reporting
- Recurring time and effort budgeting and spending issues
- Key documentation milestones and best practices during the life of a grant
- Common timesheet problems and related strong internal controls
- What the Office of Inspector General (IG) and your single audit act annual grant auditor are looking for