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A GREAT Opportunity for Government Fiscal Transparency
Governing: A recently enacted federal law, the Grant Reporting Efficiency and Agreements Transparency Act, offers a unique opportunity for Americans to learn more about their state and local governments as well as many of the nation's largest not-for-profit institutions — if it is faithfully implemented.
The GREAT Act builds on legislation enacted in 1984 requiring governments and nonprofits that spend more than $750,000 in federal funds annually to submit audited financial statements — known as "single audits" because they encompass all of the entity's federally funded programs — to the federal government.
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