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Federal Funding Briefing, June 2024

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JAMESON-SELECTED NEWS, STORIES & INSIGHTS

In the June Federal Funding Briefing, we re-cap some of the news we shared this month , including opinions on the future of Bayh-Dole and what it means to innovation,  new opportunities for SBIR/STTR grantees and contractors, the latest on the NIH, and more.

Government Award Accounting: New guidance is on the horizon.

On June 4th, the FASB voted to issue a proposal to standardize and clarify accounting practices and resolve longstanding inconsistencies in financial reporting, such as scope of disclosures, mandatory fair value disclosures, and business combinations. The proposal will be issued this year with a 90-day comment period. Read the article. Then stay tuned.

Does Curtailing IP Rights Risk Innovation and Tech Progress?

For many, the Biden Administration’s proposal to use “march-in rights” to reduce the cost of medications, has far-reaching ramifications. We’ve heard that it diminishes the Bayh-Dole Act, which allows recipients of federal funding to keep ownership of their IP and license it themselves.  This ownership has led to tens of thousands of start-ups, more than 6 million jobs, and added nearly $2T to the GDP.  Check out this U.S. Chamber of Commerce article and this one.

In a complimentary article, anti-trust expert and former FTC general counsel, Alden Abbot dives deep into America’s historic commitment to patents, recent challenges, and the need for a new, pro-patent, pro-growth innovation policy. Read the Forbes article.

New and Interesting Opportunities for SBIR/STTR Grantees

New to NIH Grants? Start here. If you plan to seek NIH funding, know that ample resources, information and help are available. For instance, you can access all the event resources from the NIH Grants Process for Beginners webinars here.

NASA SBIR/STTR programs recently awarded funding to nearly 250 small business teams to develop new technologies to address carbon neutrality, energy storage, and other priorities. Phase I proposals were judged on technical merit and responsiveness to known challenges. Based on their progress during Phase I, grant recipients may submit proposals for up to $850,000 in Phase II funding. Learn more.

Phase I SBIR Accounting Survival Kit When you receive SBIR/STTR funding, you’re not getting free money. Your funding agency, whether it’s the DOD, NIH, NSF, DOE, or NASA, expects you to meticulously track your spending in compliance with the FAR.  Please note: your ability to demonstrate a compliant accounting system will influence your ability to get a Phase II grant. 

This is where our Phase 1 SBIR Accounting Survival Kit comes in. Through it, we’ll teach you how to set up QuickBooks Online to be FAR Part 31 and DCAA compliant and provide video training on how to use your system properly. In the end, you’ll be able to confidently produce financial statements – including your Job Cost Report and calculate correct Indirect Rates. Get more details on this essential program.

Federal Funding + Corporate Investments Boost Climate Tech

A recent article in Nature Energy, showed how national grant funding, like ARPA-E can spur innovation and de-risks technologies. But that’s just the beginning. Because “publicly funded startups exit at a high rate (155%)with with the addition of corporate investment. For details and policy recommendations, read here.

Changes Coming to the NIH?

House lawmakers want to streamline the NIH’s 27 components, tighten policies, eliminate silos, increase transparency and more. You’ll find more details in the NIH Reforms Framework One Pager and in this Science article.

Meanwhile, the OIG has released the results of an NIH audit regarding closing of contracts in a timely manner and in accordance with the FAR.  For this audit, the OIG reviewed 30 judgmentally selected contracts totaling $2.1 billion with end dates of September 30, 2018.  Of the 30 contracts, the NIH only met requirements for one contract. In the remaining 29, totaling more than $1.9B, the agency didn’t meet one or more of the following requirements: performing a contract audit, obtaining a contractor closing statement, and performing a contract funds review. Read the full report and recommendations. 

For daily insights on  federal funding and government award accounting, follow us on X and LinkedIn.

 

Ed Jameson, CPA, Managing Partner

I’ve been in practice for over 40 years helping our small business clients procure, manage, and survive audits on more than $6 billion in federal government contract and grant funding. We’ve been featured presenters and panel moderators at Tech Connect’s National SBIR/STTR conferences since 2010, and I’ve presented at the DOD’s Mentor Protégé Summit and present regularly for several state and local organizations.

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