Slides from this event can be accessed here
Presented by Hilda Polanco, CEO & Founder of Fiscal Management Associates
Understanding the New OMB Uniform Guidance on Indirect Costs
The federal Office of Management and Budget (OMB) recently issued new rules that require government agencies that hire nonprofits to provide services to reimburse those nonprofits for their reasonable indirect costs. These new rules—called the Uniform Guidance— apply to all levels of government (local, state, and federal) when federal dollars are part of the funding stream.
The Uniform Guidance, sometimes referred to as the “Super Circular,” supersedes all previous OMB rules regarding the use of federal funds to pay nonprofits for services and will impact all nonprofits that receive federal funding, either directly or through a pass-through agency.
In this full day (9am – 3pm) workshop, FMA trainers will highlight and explain key rule changes, explore how the new rules will impact nonprofits, and help organizations understand how to maximize reimbursements on government contracts under this new regulatory framework.
This program, which is open to Executive Directors and CFOs/lead finance staff, will combine training with hands-on analysis and peer learning. Topics covered during the workshop will include:
- How to calculate “indirect costs” as defined in the new Uniform Guidance
- Key differences between OMB’s definition of indirect costs and administrative or “overhead” costs typically calculated for a nonprofit’s IRS Form 990 or audited financial statements
- Understanding the options for coverage of indirect costs and determining which is appropriate for each organization:
- Federal indirect cost rate
- Negotiated rate with an intermediary agency
- The de minimis 10% rate
- Additional components of the new Uniform Guidance: procurement rules, audit requirements, and other key changes
The goal of the training is for participants to walk away with a clarified understanding of what these new rules mean, how they will impact their organization, and what strategies to pursue in maximizing coverage of indirect costs by government funders. This session will be facilitated by two FMA trainers.