What is OMB A 122?

Purpose. This Circular establishes principles for determining costs of grants, contracts and other agreements with non-profit organizations.

What replaced OMB Circular A 122?

The Supercircular supersedes and streamlines requirements from eight OMB Circulars A–21, A–87, A–110, A–122, A–89, A–102, A–133, and A–50 that have been codified at different times for different types of organizations and by different parts of the Federal government.

What are OMB cost principles?

Office of Management and Budget (OMB) Circular A-21, “Cost Principles for Educational Institutions,” establishes principles for determining costs applicable to Federal grants, contracts, and other sponsored agreements with educational institutions.

What is an A 133 single audit?

Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.

What is the main purpose of OMB?

The Office of Management and Budget (OMB) is the largest component of the Executive Office of the President. The core mission of OMB is to serve the President of the United States in implementing his vision across the Executive Branch.

How many categories of cost are in OMB Circular A-122?

ATTACHMENT 3 OMB Circular A-122 Attachment B Selected Items of Cost Attachment B identifies 56 categories of cost and provides guidance on the allowability of each as a cost to Government grants/contracts 2 1. Advertising & Public Relations

What is A-122 cost principles for non profit organizations?

A-122 TO THE HEADS OF EXECUTIVE DEPARTMENTS AND ESTABLISHMENTS SUBJECT: Cost Principles for Non-Profit Organizations 1. Purpose. This Circular establishes principles for determining costs of grants, contracts and other agreements with non-profit organizations.

Does the relocation of OMB Circular A-122 change the substance?

Our relocation of OMB Circular A-122 does not change the substance of the circular. Other than adjustments needed to conform to the formatting requirements of the CFR, this document relocates in 2 CFR the version of OMB Circular A-122 as revised by the May 10, 2004 notice.

What is a liaison to OMB?

Agencies shall designate a liaison official to serve as the agency representative on matters relating to the implementation of this Circular. The name and title of such representative shall be furnished to OMB within 30 days of the date of this Circular. 7. Attachments.