OMB Circular A-21

OMB Circular A-21

OMB Circular A-21

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Description:
OMB Circular A-21 is a Government circular that sets forth the rules governing the eligibility and calculation of costs in support of sponsored research, development, training and other works produced in agreement with the United States Federal Government, but does not attempt to identify or dictate agency or institutional participation in those works. The last revision is dated May 10, 2004.

This circular is divided into ten sections:

Purpose and Scope

This section outlines the principles and policies that must be followed regarding the accounting principles, arrangements, and exemptions for any training or work produced under the contract as agreed upon by the Federal Government.

Definition of Terms

Lists connotative and denotative meanings for specific phrases used throughout the circular.

Basic Considerations

This section outlines the responsibility necessitated when determining and justifying costs incurred throughout a project, and what is to be expected in terms of accountability by the financial authority(ies) involved.

Direct Costs

Direct costs are those measurable and accurate within the scope of the project.

F&A Costs

F&A (Facilities and Administrative) costs are not necessarily tangible assets, but are those that are not immediately recognized and itemizable by all participants in the project or a given activity within the project. Recommendations for distribution and considerations of these costs are also covered.

Identification and assignment......


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