Spring 2012 issue of Horizons

Public Sector - continued

• More than 40 programs are identified as having more than minor changes from the previous guidance. • The OMB is eliminating references to outdated reports identified in the “L – Reporting” section of Part 3 of the Compliance Supplement. • In Part VII – Other OMB Circular A-133 Advisories – the listing of ARRA programs has been updated for those not covered in Parts 4 or 5 of the supplement, but potentially are subject to an A-133 audit. The 2012 Compliance Supplement became available in March.

In addition to changes to the Single Audit threshold, the OMB is currently discussing areas to improve efficiency, such as making the current cost principles that entities are required to follow (i.e. OMB Circular A-87, Circular A-122, etc.) more consistent. This change could result in combining some of these circulars. In addition, there is a proposal to use a flat rate instead of a negotiated rate for indirect costs. Finally, there are several expected changes to the 2012 Compliance Supplement. For those entities that are receiving federal awards, these changes mean that these entities may have additional guidance to use when setting up internal controls and determining compliance requirements applicable to their funding. RubinBrown has summarized the majority of these changes: • Four new programs have been added to the draft of the 2012 Compliance Supplement (CFDA#14.879, 15.507, 93.090, and 93.505) • Ten programs have been removed (15.426, 15.518, 15.520, 20.603 – 20.605, 20.933, 93.712, 93.713, and 97.004)

RubinBrown’s Public Sector Services Group Through our many governmental clients, we understand the issues unique to the public sector.

Jeff Winter, CPA - St. Louis Partner-In-Charge Public Sector Services Group jeff.winter@rubinbrown.com 314.290.3408

Bert R. Bondi, CPA - Denver Partner Public Sector Services Group bert.bondi@rubinbrown.com 303.952.1213

Kaleb Lilly, CPA - Kansas City Partner Public Sector Services Group kaleb.lilly@rubinbrown.com 913.499.4417

Julia Stone, CPA - Denver Partner Public Sector Services Group julia.stone@rubinbrown.com 303.952.1290

Raise Your Expectations

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