The Grants Reporting Efficiency and Transparency (GREAT) Act, which mandates data standards for federal awards by 2022; and for Single Audit data by 2023, has yet to be fully implemented.
The Act states that data standards shall: "...render information reported by recipients of Federal awards fully searchable and machine-readable; be nonproprietary; incorporate standards developed and maintained by voluntary consensus standards bodies; be consistent with and implement applicable accounting and reporting principles; and incorporate the data standards established under the Federal Funding Accountability and Transparency Act of 2006. "
State and local governments are estimated to have received $1.1 trillion in 2023 according to the Peterson Foundation. Grants make up about 17% of their revenues. Governments and nonprofits that receive federal grant funding submit federal grant audits and financials to the Federal Audit Clearinghouse. Reporting, collecting, and analyzing data about individual grants, and the grantees themselves, is time-consuming, labor-intensive, and costly. Grantees prepare multiple forms, and duplicate data reported. Federal awarding agencies and other users of grantee information manually extract data from inconsistently prepared PDF forms or text files.
Successful implementation of the GREAT Act could resolve many of these issues.
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