FFATA Reporting
SupplierGateway’s FFATA reporting feature is designed to help organizations comply with the Federal Funding Accountability and Transparency Act (FFATA) of 2006. This feature provides a comprehensive solution for tracking, managing, and reporting the necessary data to ensure compliance with federal regulations. Here’s an overview of the key aspects of SupplierGateway’s FFATA reporting feature:
Overview of FFATA
The Federal Funding Accountability and Transparency Act (FFATA) requires full disclosure to the public of all entities or organizations receiving federal funds. This includes prime recipients of federal grants of $25,000 or more awarded on or after October 1, 2010. If an initial award is less than $25,000 but subsequent modifications increase the total to $25,000 or more, the award is also subject to reporting requirements1.
Purpose of the FFATA Console
The FFATA Console in SupplierGateway is designed to review submitted FFATA information collected within the SupplierGateway system. This console enables organizations subject to FFATA to monitor their suppliers for compliance and ensure that all reporting obligations are met1.
Key Features and Benefits For Customers (Buyers)
- Automated Tracking: The console provides an automated system to track and ensure that all suppliers comply with FFATA reporting requirements, reducing the administrative burden on buyers.
- Real-Time Updates: Buyers can receive real-time updates on the compliance status of their suppliers, ensuring they remain informed and up-to-date.
- Clear Visibility: The console allows buyers to see detailed information about the federal funds received by their suppliers, including the compensation of top executives, fostering transparency in the procurement process.
- Accountability: By having access to this data, buyers can hold suppliers accountable for their reporting and compliance obligations.
- Mitigation of Non-Compliance Risks: The console helps buyers identify and mitigate risks associated with non-compliant suppliers, reducing potential legal and financial repercussions.
- Efficient Reporting: Buyers can generate required reports quickly and accurately, ensuring that all FFATA reporting obligations are met in a timely manner.
- Reduced Administrative Costs: By automating compliance tracking and reporting, the console reduces the time and resources needed for manual compliance checks, leading to cost savings for the buyer.
- Avoidance of Penalties: Ensuring compliance with FFATA regulations helps buyers avoid potential fines and penalties associated with non-compliance.
- Enhanced Supplier Relationships: Access to detailed compliance data can help buyers foster stronger, more transparent relationships with their suppliers.
Key Features and Benefits For Suppliers
- Streamlined Reporting: The console simplifies collecting and submitting required FFATA compliance data, reducing the administrative burden on suppliers.
- Accessible Data: Suppliers have a centralized platform to manage and access all compliance-related information, making it easier to track and update as needed.
- Preferred Status: Suppliers who consistently meet compliance requirements may be favored by buyers for future contracts, leading to more business opportunities.
- Reduced Risk of Non-Compliance: The console helps suppliers ensure they meet all FFATA reporting requirements, reducing the risk of penalties and legal issues for their customers.
Inputs, Process, and Outputs
- User Inputs: Users need to input data related to federal funding received, including the total compensation of the top five executives for companies with whom they are doing business, subject to certain criteria1.
- Data Management: The data users enter is processed and managed within the SupplierGateway system, ensuring it is accurate and up-to-date. The system tracks compliance status and provides real-time updates to users.
- Compliance Reports: The console generates detailed compliance reports that can be used to meet FFATA reporting obligations. These reports provide a clear overview of suppliers’ compliance status and highlight any areas that require attention.
Configuration Options
The FFATA Console offers various configuration options to tailor the system to the organization’s specific needs. Users can configure:
- Tracking and Reporting Settings: Customize how compliance data is tracked and reported.
- Notification Preferences: Set up real-time alerts and notifications for compliance status updates.
- Data Access Controls: Define who has access to specific compliance data and reports within the organization.
TAKEAWAYS
SupplierGateway’s FFATA reporting feature is a powerful tool for organizations that need to comply with federal funding transparency requirements. The FFATA Console helps reduce administrative burdens, mitigate risks, and foster stronger supplier relationships by automating the tracking, management, and reporting of compliance data. This ensures that buyers and suppliers can meet their obligations efficiently and effectively.
