Financial Management: February 2014 Archives

NASA Proposed Rule: Profit and Fee Under Federal Financial Assistance Awards

"NASA is revising the NASA Grant & Cooperative Agreement Handbook to clarify that NASA does not pay profit or fee on Federal Financial Assistance awards, i.e. grants and cooperative agreements, to non-profit organizations. This proposed rule would make changes to NASA regulations to reflect that revision."

"... There appears to have been some confusion with regard to the term `management fee'. Management fees that are allowable, allocable, reasonable and necessary costs in accordance with an entity's established accounting practices and Government cost principles will be paid by NASA. This rule is clarifying that NASA will not pay profit or fee where profit or fee is defined as the amounts above allowable costs. The language in this rule has been revised to clarify this point."

NASA OIG: Final Report - IG-14-014 - NASA's Award Closeout Process, NASA OIG

"As of October 2013, NASA had more than 15,000 award instruments that had expired but were not yet closed. NASA contracts with a private company to assist with the closeout process. The OIG found that although NASA has slowed the growth of its backlog of instruments awaiting closeout, the Agency needs to make further improvements to its closeout process."



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This page is an archive of entries in the Financial Management category from February 2014.

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