Openness and Accountability in Federal Spending: FFATA
New Grant Compliance Requirement Effective October 1, 2010
Towson, Md. (October 6, 2010): The Federal Funding Accountability and Transparency Act of 2006 (FFATA), subsequently amended in 2008, requires federal grantees and contractors to provide information to the public on use of public funds, including disclosure of subcontracts and subgrants made under federal awards and of executive compensation (for certain entities). Disclosure is made through a publicly available, searchable Web site that contains information about each federal award.
Disclosure of executive compensation is not required of TU; that requirement applies to organizations meeting all of the following criteria:
80 percent of annual gross revenues through Federal awards and those revenues are greater than $25 million
No public access to information about executive compensation through periodic reports filed under the Securities Exchange Act of 1934 or Section 6104 of the Internal Revenue Code of 1986.
However, disclosure of subcontracts and subawards is a new requirement with which the university must comply. For federal grants of $25,000 or more made on or after October 1, 2010, all first-tier subawards of $25,000 or more must be reported. Reporting requirements for subcontracts of $25,000 or more made under federal contracts of $25,000 or more are effective for prime awards made on or after March 1, 2011. Reports will be submitted through the Federal Funding Accountability and Transparency Act Subaward Reporting System (FSRS) beginning October 29, 2010. All subawards must be reported by the end of the month following the month the award, or award’s obligation, was made.
The Office of Sponsored Programs & Research (OSPR) will be responsible for ensuring compliance with FFATA requirements. Because it is imperative that accurate and timely reports be submitted, it is more important now than ever that principal investigators/project directors on federal grants work closely with the OSPR in developing and issuing subawards.
A recorded webinar (from September 23, 2010) on subaward and executive compensation reporting requirements under FFATA is available on the Usaspending.gov Web site at http://www.usaspending.gov/learn?tab=What%27s+New (click on “FFATA Town-hall recorded webinar”).
These new reporting requirements will help ensure openness and accountability in the use of federal funds and ultimately assist us in our mission of holding the public trust.
Office of Sponsored Programs & Research
212E Administration Building