The FFATA Subaward Reporting System Sample Clauses

The FFATA Subaward Reporting System clause requires recipients of federal funds to report information about subawards and executive compensation as mandated by the Federal Funding Accountability and Transparency Act (FFATA). Practically, this means that organizations receiving federal grants or contracts must enter details about their subrecipients and certain payments into a designated online system, typically when the subaward exceeds a specified monetary threshold. This clause ensures transparency and accountability in the use of federal funds by making information about subawards publicly accessible, thereby helping to prevent fraud and misuse of government resources.
The FFATA Subaward Reporting System. (FSRS) is the reporting tool Federal prime awardees (i.e. prime contractors and prime grants recipients) use to capture and report subaward and executive compensation data regarding their first-tier subawards to meet the FFATA reporting requirements. Prime contract awardees will report against sub-contracts awarded and prime grant awardees will report against sub-grants awarded. The sub-award information entered in FSRS will then be displayed on ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ associated with the prime award furthering Federal spending transparency. The Transparency Act requires information disclosure concerning entities receiving Federal financial assistance through Federal awards such as Federal contracts, sub-contracts, grants, and sub-grants. Specifically, the Transparency Act’s section 2(b)(1) requires the City to provide the following information about each Federal award: • Name of the entity receiving the award; • Amount of the award; • Information on the award including transaction type, • Location of the entity receiving the award and primary location of performance under the award; • Unique identifier of the entity receiving the award and the parent entity of the recipient; • Names and total compensation of the five most highly compensated officers of the entity if the entity in the preceding fiscal year received 80 percent or more of its annual gross revenues in Federal awards; and $25,000,000 or more in annual gross revenues from Federal awards; and the public does not have access to this information about the compensation of the senior executives of the entity through periodic reports filed under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78m(a), 78o(d)) or section 6104 of the Internal Revenue Code of 1986. I, (print name), hereby swear or affirm that: I read and understand the information provided above. I have personal knowledge of the facts I am attesting to in this affidavit. (please check one of the following) I attest that (agency name) does not meet the above threshold requiring names and total compensation of the five most highly compensated officers of the entity. I attest that (agency name) does meet the above threshold requiring names and total compensation of the five most highly compensated officers of the entity.*
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