Grant Reporting Efficiency and Agreements Transparency (Great) Act of 2019
The Grant Reporting Efficiency and Agreements Transparency (GREAT) Act of 2019 is a significant piece of legislation aimed at improving grant reporting and transparency across the United States. This act was signed into law by the President of the United States on December 30, 2019.
The GREAT Act requires federal agencies that award grants to standardize the reporting process for recipients. Specifically, the act mandates the use of data elements, formats, and other standards that are consistent with widely accepted accounting principles. The act also requires grant recipients to report their funding information to a central database, which will be publicly accessible.
This legislation will streamline the grant reporting process for recipients, reducing the administrative burden associated with managing grant funding. In turn, this will allow recipients to focus their efforts on achieving their program goals.
The GREAT Act also promotes transparency by ensuring that funding information is readily available to the public. This will enable taxpayers to better understand how their tax dollars are being spent. It will also facilitate collaboration and knowledge-sharing between grant recipients and other stakeholders.
The implementation of the GREAT Act will provide significant benefits to grant recipients and federal agencies alike. For recipients, the act will reduce the time and effort required to report on grant activities. For federal agencies, the act will improve program oversight and enable more informed decision-making.
Overall, the Grant Reporting Efficiency and Agreements Transparency Act of 2019 is a major step forward in the government’s efforts to improve the efficiency and transparency of grant reporting. By standardizing the reporting process and promoting transparency, this legislation will help ensure that grant funding is used in a responsible and effective manner.