Why do Federal regulations apply to Non-federally Funded Projects?
Federal regulations affecting sponsored project apply equally to non-Federally funded projects. This can arise through several mechanisms. The business community recognizes a number of policies and procedures as “Generally Accepted Accounting Practices”. Organizations such as the Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) address such standards. University finance areas rely on the National Association of College and University Business Officers (NACUBO) to assure that business practices recognize some of the unique needs of Universities. OMB’s Circular A-21 which governs sponsored project agreements between Government Agencies and Universities provides that: “Cognizant Federal agencies involved in negotiating facilities and administrative (F&A) cost rates and auditing should assure that institutions are generally applying these cost accounting principles on a consistent basis.” A-21 also includes a appendix outlining “Cost Accounting
Related Questions
- What environmental and natural resources laws and regulations are potentially applicable to Federal transportation projects and programs?
- Are there any regulations which require federal agencies to notify EPA about projects?
- What kind of federal and state funds are available for transportation projects?
