Happy New Year from Thompson Grants
To everyone out there from Thompson Grants, Happy New Year!
2024 will be remembered as one of the most pivotal years in the grants community as the Office of Management and Budget in April 2024 revised Title 2 of the Code of Federal Regulations, including the uniform guidance at 2 C.F.R. Part 200. These new revisions became effective for awards issued on or after Oct. 1, 2024, unless a federal agency adopted a certain provision earlier than that date for its awards. Auditors conducting single audits should be wary of any provisions that were implemented early when testing for auditee compliance. Recipients and subrecipients also must be aware that they may be following two sets of rules – one for newer awards issued after Oct. 1, 2024, and the traditional uniform guidance for older awards issued before that date.
As we say in the business, transitions can be tricky.
So now we turn out attention to 2025. The new year could bring their own sets of challenges following the November 2024 elections. Republicans now will control the White House and both chambers of Congress. This could impact grant programs that are not deemed a priority by the Republican party and the Trump administration. In addition, with the planned creation of the Department of Government Efficiency, some federal agencies could experience reductions in staff that could ultimately affect the oversight of financial assistance programs. We will be watching to see what happens over the course of the year, and will inform our subscribers on the latest.
Because the subpart F requirements of the revised uniform guidance affect audits of recipients with fiscal years beginning Oct. 1, 2024, it won’t be until Oct. 1, 2025, before we see the first results of audits under a full year of the 2024 revisions. Some entities with fiscal years starting after Oct. 1, 2024, will potentially be spared some administrative burden as they will not need to undergo a single audit if they expend $1 million or less annually in federal funds, in light of the increased single audit threshold in the 2024 revisions.
To find out more about what we considered were the top events that affected grants and federal financial assistance in 2024, and what we consider to be the key things to watch for in 2025, check out Thompson Grants' free resource, “2024 Grants: A Year in Review.” Let’s all hope for a healthy and prosperous 2025, and the implementation of grant programs that benefit all Americans!
Join us for our following Thompson Grants events:
2025 Thompson Grants Workshop: Procurement | Jan. 30, 2025 | Virtual Event
2025 Thompson Grants Workshop: Indirect Costs | March 25, 2025 | Virtual Event
