Office of Management and Budget Controller David Mader has unveiled a new set of metrics that the agency will use to determine the impact of the guidance on how to evaluate federal financial assistance to other public sector agencies, academia and nonprofits.
Mader wrote Tuesday on the White House blog that the metrics aim to measure program outcomes in terms of performance, transparency and oversight based on Federal Audit Clearinghouse data and compared to established benchmarks.
He said OMB has worked with stakeholders since the “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” guidance was issued in December to help them develop their particular regulations for the awarding of federal financial assistance services.
The government awards $600 billion in financial assistance to recipients each year, Mader notes.
He says OMB released the uniform guidance in order to mitigate financial risk in the federal financial assistance program, generate savings of $50 million in annual audit expenses and push for internal audit controls.
These guidelines will be effective on Dec. 26.