GREAT ACT SIGNED INTO LAW
On December 29 the President signed the Grant Reporting Efficiency and Agreements Transparency (GREAT) Act into law.
The GREAT Act would require the executive branch to adopt a standardized data structure for the information grantees must report to agencies by creating a comprehensive and standardized data structure, or “taxonomy,” covering all data elements reported by recipients of federal awards, including both grant and cooperative agreements. The legislation would essentially require reporting of grant financial data to be reported in an electronic format using the developed data standards.
Of note is a provision that would amend the Single Audit Act to require single audits and audit related information to be reported in a form consistent with the data standards established by the act.
The GREAT Act directs the executive branch to adopt a standardized data structure for the information grantees must report to agencies by:
NASACT will continue to keep the members apprised of activities related to implementation of the is new law as there maybe portions of the law that pertain to NASACT members.
The GREAT Act would require the executive branch to adopt a standardized data structure for the information grantees must report to agencies by creating a comprehensive and standardized data structure, or “taxonomy,” covering all data elements reported by recipients of federal awards, including both grant and cooperative agreements. The legislation would essentially require reporting of grant financial data to be reported in an electronic format using the developed data standards.
Of note is a provision that would amend the Single Audit Act to require single audits and audit related information to be reported in a form consistent with the data standards established by the act.
The GREAT Act directs the executive branch to adopt a standardized data structure for the information grantees must report to agencies by:
- Requiring the creation of standardized data structure, or “taxonomy,” covering data elements reported by recipients of federal awards, including both grant and cooperative agreements.
- Tasking the director of the U.S. Office of Management and Budget to designate the executive department that administers the greatest number of programs under which Federal awards are issued in a calendar year with implementation.
- Within two years: Establish government-wide data standards for information related to federal awards reported by recipients of federal awards.
- Within three years: Issue guidance to grantmaking agencies on how to leverage new technologies and implement the new data standards into existing reporting practices with minimum disruption.
- Requiring the evaluation of use of unique and non-proprietary identifiers for federal awards and entities receiving federal awards.
- Amending the Single Audit Act to provide for grantee audits to be reported in an electronic format consistent with the data standards.
- Requiring the data standards to:
- Render grant reports fully searchable, machine-readable, and non-proprietary.
- Align with standards maintained by voluntary consensus bodies.
- Be consistent with applicable accounting principles.
- Incorporate the data standards already established under the Federal Funding Accountability and Transparency Act (31 U.S.C. 6101 note).
- Publish grant reporting information, once transformed into open data, on a government-wide website, such as the existing grants.gov portal.
- Providing the director the ability to permit exceptions based on classes of Federal awards.
NASACT will continue to keep the members apprised of activities related to implementation of the is new law as there maybe portions of the law that pertain to NASACT members.