Summary

This regulation establishes uniform administrative requirements, cost principles, and audit requirements for federal awards to non-federal entities, ensuring consistency and efficiency in the management and accountability of federal funds. It outlines detailed procedures for financial management, property standards, procurement, performance and financial reporting, and subrecipient monitoring, while also specifying conditions under which costs are allowable and how indirect costs should be calculated and allocated. Additionally, it mandates single audits for entities expending significant federal funds, providing guidelines for audit scope, reporting, and follow-up to maintain compliance and integrity in federal program implementation.

Estimated Impact