On June 15, 2017, through Memorandum M-17-26, the Office of Management and Budget (OMB) disbanded the Council on Financial Assistance Reform (COFAR). Originally established in 2011, the COFAR was an interagency group of Executive Branch officials that coordinated financial assistance on grants and cooperative agreements, integrating the uniform grant guidance (2 CFR 200), as well as ideas and best practices among executive departments and agencies.
The COFAR also presented frequently asked questions on OMB’s Uniform Guidance at 2 CFR 200. The FAQs are intended to interpret and provide additional context and background for the Uniform Guidance as Federal and non-Federal entities seek to comprehend the policy changes.
The FAQs were updated in July and remain a great resource for comprehending policy changes. The July edition contains twenty-four new questions and answers and four answer revisions. Original questions also remain in the document.
The additional topics covered in the July update include: Schedule of Expenditures of Federal Awards (SEFA), Indirect Costs, De Minimis Rate, Administrative Caps, Modified Total Direct Costs (MTDC), Allowable Costs, and more.