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OMB Releases Memo on Financial Assistance Transparency Reporting Requirements

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The Office of Management and Budget (OMB) has issued a memorandum outlining new reporting requirements meant to improve transparency of financial assistance data in compliance with the Federal Funding Accountability and Transparency Act.

Shalanda Young, acting director of OMB, wrote in the Tuesday memo that the document seeks to guide agencies on additional financial data that should be reported to and posted on USAspending.gov. 

For competitive discretionary grants and cooperative agreements, agencies must report to USAspending.gov the data element funding opportunity number and funding opportunity goals text, starting Oct. 1, 2023.

Starting April 4, 2022, agencies should also report the data element GRM indirect cost federal share amount for cooperative agreements and competitive discretionary grants.

OMB also directed agencies to report all assistance listings and related funding for each federal financial assistance award and report the revised period of the performance end date for cooperative agreements and grants. These two requirements took effect Oct. 1st.