Update on Required CARES Act Quarterly Reporting – IFAP
Section 15011 of Division B of the Coronavirus Aid, Relief, and Economic Security (CARES) Act requires that a grantee which receives more than $150,000 report to the U.S. Department of Education (Department) on a quarterly basis. The Department, after consultation with the Office of Management and Budget, currently interprets this CARES Act quarterly reporting requirement to be satisfied through existing federal reporting mechanisms. Specifically, CARES Act quarterly reporting requirements are considered to be met under the more frequent, monthly reporting requirements of the Federal Funding Accountability and Transparency Act of 2006 (FFATA), Pub.L. 109-282, as amended by the Digital Accountability and Transparency Act (DATA Act), Pub.L. 113-101.
FFATA is aimed at empowering citizens with information needed to hold the government accountable for the award of taxpayer funds to individual grantees. Towards this end, FFATA requires that information on federal awards (federal financial assistance and expenditures) be made available to the public via a single, searchable website, which is www.USASpending.gov.
Through the FFATA Subaward Reporting System (FSRS), federal prime awardees (i.e., prime contractors and prime grants recipients, including CARES Act grantees for the programs listed below) capture and report subaward and executive compensation data regarding first-tier subawards to meet FFATA reporting requirements on a monthly basis. The following data elements are collected through FSRS about subawards greater than $25,000: