Home / News / OMB Issues Federal Fund Data Report Standards

OMB Issues Federal Fund Data Report Standards

chart moneyThe Office of Management and Budget has released standards for how to report data on federal fund and spending as OMB begins the next implementation phase for the Digital Accountability and Transparency Act.

OMB said Friday federal agencies will begin to use 15 final standards for posting federal spending data on the USAspending.gov portal in compliance with requirements of the DATA Act of 2014 over the next two years.

The DATA Act requires agencies to report the amount of funds they receive from Congress and what they spend on specific projects in a streamlined manner.

The final standards are based on public input the OMB received from Congress, industry, federal agencies and taxpayers through its GitHub account.

OMB also released guidelines and steps for agencies to adopt and implement the standards within two years.

The office said that the Treasury Department would refine those steps and conduct workshops with agencies to provide DATA Act updates, further agency collaboration and share information.

OMB also worked with the Department of Health and Human Services to develop and launch a common data elements repository and a new Grants.gov section meant to find ways to streamline the process for reporting about federal grants.

Check Also

SEC to Address Financial Technology Concerns, Innovations via New Hub

The Securities and Exchange Commission has opened a hub where it can coordinate with public and private sector entities to address concerns and initiate developments in financial technology.

Leave a Reply

Your email address will not be published. Required fields are marked *