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New Rule for Uniform Admin and Cost Requirements
The December 19, 2014 interim final rule codifies in one place the Uniform Administrative Requirements, Cost Principles and Audit Requirements for federal awards.  The Rule is aimed at providing one unified standard for the $600 billion a year awarded in federal financial assistance.  While on the one hand the regulation seems to be simply a codification of existing Office of Management and Budget Circulars that have existed for years, on the other hand the regulation is supposed to make major changes in reprogramming federal dollars.
 
The interim final rule is effective December 26, 2014. At a minimum, this means that any agency or company that receives federal grants or loans needs to check this new regulation to make sure their procedures are still compliant. 

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