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In recent decades, grant recipients have transitioned from sending in paper reports to their awarding agencies to submitting them electronically. Yet despite the promise of greater efficiencies and quicker response times through electronic transactions, a plethora of financial systems governmentwide has created burdens for entities, particularly those submitting reports to various agencies.
How could this data be managed more effectively to make this information more usable? Enter the Grant Reporting Efficiency and Agreements Transparency (GREAT) Act (Pub. L. 116-103). Signed into law on Dec. 30, 2019, this legislation seeks to modernize and improve federal grant reporting through a standard data structure used by all federal awarding agencies for financial assistance reporting. This whitepaper explains the history of the GREAT Act, its requirements, its milestones (past and future) and government actions taken to meet the milestones.
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