federal funding accountability and transparency act, FFATA, USASpending.gov, full disclosure
Public Law 109-282, the Federal Funding Accountability and Transparency Act of 2006 as amended (FFATA), requires full disclosure of all entities and organizations receiving Federal funds including grants, contracts, loans and other assistance and payments through a single publicly accessible web site, USASpending.gov. The Web site includes information on each Federal financial assistance award and contract over $30,000, including such information as:
- The name of the entity receiving the award
- The amount of the award
- Information on the award including FAIN, transaction type, funding agency, etc.
- The location of the entity receiving the award
- A unique identifier of the entity receiving the award; and
- Names and compensation of highly-compensated officers (as applicable)
Compliance with this law is primarily the responsibility of the Federal agency. However, two elements of the law require information to be collected and reported by recipients: 1) information on executive compensation when not already reported through the Central Contractor Registry; and 2) similar information on all subawards/subcontracts/consortiums over $30,000. Information on the recipient reporting requirement for this law can be found in Monitoring-Reporting-Financial Reports-Recipient Reporting of Subrecipient Data for FFATA.
Full text of the award term is available at 2 CFR Part 170.