Office of Management and Budget (OMB) recently overhauled all of its financial management guidance into a streamlined and consolidated format.
Previously, guidance for different types of entities was dispersed through multiple documents called “circulars.”
Now, all of the various circulars have been combined into a single source document, Volume 2, Sections 200 of the Code of Federal Regulations.
The new Omni-Circular went into effect as of December 26, 2014.
HOPWA formula and competitive awards from FY 2014 and subsequent years are subject to 2 CFR Part 200 as of December 26, 2014. HOPWA formula awards from FY2013 and prior years are also subject to 2 CFR Part 200 if the grant agreement included language incorporating requirements "as may be amended from time to time." HOPWA competitive awards from FY2013 and prior years are not subject to 2 CFR Part 200 and remain subject to 24 CFR Part 84 or 85 in place at the time of the award in accordance with the terms and conditions of the award.