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FederalFundingAccountability andTransparencyAct (FFATAorTransparencyAct) DennisJPaffrath AssistantVicePresident, SponsoredPrograms Administration NCURARegionIISpringMeeting New York, NY,May13,2011Whatisit?
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FFATA or Transparency Act is needed by organizations or entities that receive federal funds or grants.
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This includes government contractors, non-profit organizations, universities, research institutions, and other entities that have financial involvement with the federal government.
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Compliance with FFATA or Transparency Act is mandatory for these organizations to ensure transparency and accountability in the use of federal funds.
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The Federal Funding Accountability and Transparency Act (FFATA) is a U.S. law aimed at improving the transparency of federal expenditures, requiring the government to provide detailed information on federal financial assistance.
Organizations receiving federal grants, contracts, loans, or other forms of financial assistance from the government are required to file reports under FFATA.
To complete the FFATA reporting, organizations need to gather required data, use the designated reporting system such as USAspending.gov, and provide details about the funding received and its uses.
The purpose of FFATA is to enhance the transparency of federal spending, ensuring accountability and enabling the public to easily access information on how taxpayer dollars are being utilized.
The information required includes details about the recipient, the amount of the award, the type of financial assistance, and project descriptions.
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