The GREAT (Grants Reporting Efficiency and Transparency) Act was passed by both the House and the Senate and now awaits the President’s signature. The GREAT Act calls for data standards in grants reporting, and defines data standards as those that will:
“(1) render information reported by recipients of Federal awards fully searchable and machine-readable;
“(2) be nonproprietary;
“(3) incorporate standards developed and maintained by voluntary consensus standards bodies;
“(4) be consistent with and implement applicable accounting and reporting principles”
The GREAT Act also calls for the use of standards for Single Audit Reporting. This is an important bill with big implications for standardized reporting by grantees, including many state and local governments.
Read text of the bill.