The Office of Management and Budget (OMB) published 2 CFR Part 200, “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,” in December 2014. This guidance has had a great impact on all recipients of Federal financial assistance, including all FTA grantees and subrecipients. Additionally, OMB updated this guidance, effective November 12, 2020. This session will focus on key compliance elements from the OMB guidance as it relates to the management of FTA grants and the impact of the recent regulatory changes. This session will also provide an overview of the requirements for establishing indirect cost rates under FTA grant awards.