Most university auditors are familiar with Effort Reporting systems that account for salary charges on federal grants. However, the Uniform Guidance (2 CFR, 200) focuses on the system of internal controls to support compensation compliance which allows grantees to streamline compensation controls that may reduce administrative burden placed on faculty and institutions receiving federal funds. Accounting for salaries and fringe benefits continues to be a major area of concern for the research enterprise at the federal and university level. A national cohort of Institutions created a control framework for compensation compliance that allows for alternatives to traditional effort reporting. This webinar will focus on the activities of a national cohort of Institutions, including the creation of the internal control framework that efficiently meets the requirements of Uniform Guidance 200.430 Compensation – Personal Services an overview of the framework, examples of institutional implementations, feedback from the audit community, current environment of institutions that have transitioned as well as the benefits of having a national standard will be highlighted. The presenters will also address the audit and compliance perspectives for the internal control framework. This presentation will provide attendees with the needed information about alternative methods of compensation compliance that are growing within the university community.
- Gain a better understanding of the standards for documenting personnel expenditures.
- Assess the juxtaposition of faculty and administration perspectives of "tracking" and reporting.
- Review examples of internal controls, how they are integrated into a framework and their association to COSO and the green book.
- Review examples of institutional reports that demonstrate alternatives to effort reporting methodologies for the after-the-fact review requirements of payroll charges.
Membership Discount not available to Chapter Members.