You asked: When will the new EDGAR regulations from the OMNI circular take effect and how can I make sure my school is fully compliant?
The new EDGAR guidelines for federal grant recipients will take effect on July 1, 2015. If you receive any federal funding, including NCLB and CSP, these new regulations apply to you. But don’t worry – you are not alone! While all of the workshops and webinars offered so far have been a bit daunting, the CSBM team is working with the Charter School Office at NYSED and the New York City Charter School Center to develop a set of best practices you can use to revise your fiscal policies and procedures and ensure compliance. NYSED will begin to share this guiding information during an upcoming webinar on April 15th from 10am-12pm.
Adopted by the USDOE following the release of the Office of Management and Budget’s OMNI circular, the new guidelines represent an increased focus on accountability and should certainly be taken seriously. However, the changes to your management procedures and financial controls may not be as extensive as you might think. The most notable differences are related to internal controls, cost principles, time and effort reporting and thresholds for audit requirements. Depending on your contract, we may have already begun to help you update your fiscal policies. As you think about the changes you will need to make, let us know how we can help!
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