2 Cfr 200 Cooperative Agreement
When it comes to government funding, there are several types of agreements that organizations can enter into with federal agencies. One such agreement is the 2 CFR 200 Cooperative Agreement.
The 2 CFR 200 Cooperative Agreement is a funding mechanism used by federal agencies to collaborate with non-federal entities, such as nonprofits, universities, and state and local governments, on projects that promote the public good. This type of agreement is often used when the federal agency seeks to achieve a specific goal or objective that requires the expertise and resources of the non-federal entity.
Under this agreement, both parties work together to plan, fund, and execute the project. The federal agency provides funding to the non-federal entity, which is then responsible for carrying out the project activities and meeting any agreed-upon performance objectives or milestones. The federal agency retains oversight over the project and has final approval over any major decisions or changes.
One of the benefits of the 2 CFR 200 Cooperative Agreement is that it allows for more flexibility in project execution than traditional grant agreements. Instead of a strictly defined scope of work, the agreement can be adjusted and modified as needed throughout the project’s lifecycle to ensure that it remains on track and achieves its goals.
To be eligible for a 2 CFR 200 Cooperative Agreement, non-federal entities must meet certain requirements, including having a valid DUNS (Data Universal Numbering System) number, being registered in the System for Award Management (SAM), and having a well-defined plan for executing the project.
Once the agreement is in place, the non-federal entity must comply with certain regulations and requirements, including those related to financial management, reporting, and record-keeping. Failure to comply with these requirements could result in the forfeiture of funding or other penalties.
In summary, the 2 CFR 200 Cooperative Agreement is a valuable funding mechanism that allows federal agencies to collaborate with non-federal entities on projects that serve the public good. By providing flexibility and oversight, this agreement enables organizations to achieve their objectives efficiently and effectively.