Are you a new grants professional taking on the complex world of grants management? You may have encountered dozens of acronyms related to grants, but you may not know what they stand for. With such a wide variety of abbreviations used throughout federal financial assistance programs, it is essential to understand them to keep up with industry trends and regulations. Review some of the most important acronyms all federal grant professionals should know.

Common Acronyms

CAS – Cost Accounting Standards: The federal government promulgated 19 standards and rules to determine costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR), which applies substantially to all contractors, whereas CAS applies primarily to the larger ones.

CFR – Code of Federal Regulations: The codification of federal agencies’ general and permanent regulations promulgated. The CFR is divided into 50 titles representing broad areas subject to federal law. Title 2 of the CFR contains guidance for federal grants and agreements, including the Uniform Guidance at 2 CFR Part 200.

F&A – Facilities and Administrative Costs: These are costs incurred by a grantee for common or joint objectives that cannot be explicitly identified with a particular project or program. These are also known as “indirect costs” or “overhead.”

FAC – Federal Audit Clearinghouse: The federal repository for receiving single audit reporting packages of thousands of recipients of federal assistance. It operates and maintains an online database of single audit information submitted by recipients in 1997.

FAR- Federal Acquisition Regulation: The primary regulation about federal contracts to acquire supplies and services with appropriated funds. The FAR also contains standard solicitation provisions, contract clauses, and various agency FAR supplements.

GAAP – Generally Accepted Accounting Principles: A standard of accounting rules, requirements, and practices issued by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). GAAP sets out to standardize the classifications, assumptions, and procedures used in accounting in industries across the U.S. The purpose is to provide clear, consistent, and comparable information on organizations’ financials. 

GAGAS – Generally Acceptable Government Auditing Standards: Also known as the “Yellow Book,” GAGAS is a guideline for audits created by the Comptroller General within the Government Accountability Office. These standards are the audit regulations followed by all federal and state, and local audit agencies.

GASB – Government Accounting Standards Board: The independent, private-sector organization that establishes accounting and financial reporting standards for state and local governments that follow Generally Accepted Accounting Principles

MTDC – Modified Total Direct Costs: The base for indirect cost rates, including direct salaries and wages, applicable fringe benefits, materials and supplies, services, travel, and up to the first $25,000 of each sub-award. MTDC excludes equipment, capital expenditures, charges for rent, tuition remission, participants’ support costs, and the portion of each sub-award above $25,000. 

SAM – System for Award Management: The federal procurement database. All entities that want to do business with the federal government must be registered on SAM.gov.

SEFA – Schedule of Expenditures for Federal Awards: A financial statement schedule prepared by an auditee’s management, as well as its auditor, that lists an organization’s expenditures of federal assistance for the fiscal year by a federal agency, grant number, and amount. It is a supplemental schedule that an organization is required to prepare its single audit reporting package.

USC – United States Code: The codification by subject matter of the general and permanent laws of the U.S. It is divided by broad subjects into 53 titles and published by the Office of the Law Revision Counsel of the U.S. House of Representatives. The U.S. Code was first published in 1926. The next main edition was published in 1934, and subsequent main editions have been published every six years since 1934.

UEI – Unique Entity Identifier: The official name of the new, non-proprietary identifier that replaced the use of a DUNS number for each awarded entity. The UEI is assigned by the System for Award Management (SAM.gov).

NDAA – National Defense Authorization Act: The name for a series of U.S. federal laws specifying the annual budget and expenditures of the U.S. Department of Defense. The U.S. Congress oversees the defense budget primarily through two yearly bills: the National Defense Authorization Act and defense appropriations bills.

In conclusion, a comprehensive understanding of federal grants terminology and their respective acronyms is crucial for anyone involved in grant management or applying for federal funding. These acronyms function as a common language among grant professionals and help improve communication clarity and effectiveness.

Don’t miss an opportunity to elevate your grants management and compliance knowledge. Start your free trial with our Compliance Expert today for 24/7 access to all Thompson Grants’ webinars, an easily searchable repository of government forms and regulations, and GrantScape, the most comprehensive source of grant opportunities. Take the first step towards becoming a grants management expert now!

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Additional Resources:

Thompson’s Guide to Grants Terminology

Grant-related Priorities Under The Biden Administration

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Please note: This blog post is not official or legal guidance. Recipients should consult the federal awarding agency regarding whether the Uniform Guidance applies to a particular federal award. Subrecipients should consult with the pass-through entity. Thompson Grants is not a grantmaking organization and does not award grants.