Federal agencies must implement “quickly and consistently” the 2024 revisions that the Office of Management and Budget has made to Title 2 of the Code of Federal Regulations, or 2 CFR, in order for recipients to maximize the benefits brought about by the changes, according to OMB Director Shalanda Young.
Agencies must work to ensure that the revisions to the guidance for grants and agreements are put into effect in all federal awards issued on or after Oct. 1, with the changes reflected on relevant program documents like award terms and conditions, notices of funding opportunities and agency policies and procedures, Young said in a memo released Thursday.
Agencies may enforce the changes even in awards that will be issued before Oct. 1 if they so choose.
According to Young, the goals of the revisions are to “improve stewardship of Federal funds, promote equitable access to programs and services, reduce administrative burden for agencies, applicants, and recipients, and facilitate streamlined and effective oversight and implementation of Federal programs.”
The OMB director gave agencies until May 15 to submit a plan on how they intend to implement the 2024 revisions.