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cooperative agreements that are subject to these General Terms and Conditions must be familiar <br />with these regulations and any other applicable laws and follow the relevant requirements. <br />4. Do I have to be registered in the System for Award Management <br />(SAM)? <br />Grant payments cannot be made to organizations that do not hold current System for Award <br />Management (www.SA'vi.�-,ov) registrations. <br />You must maintain your registration in SAM until you submit the final financial report required <br />under this award or receive the final payment, whichever is later. This requires that you review <br />and update the information at least annually after the initial registration, more frequently if <br />required by changes in your information or by other guidance. <br />S. Do I have to comply with the Federal Funding Accountability and <br />Transparency Act (FFATA)? <br />You must comply with the Federal Funding Accountability and Transparency Act (as <br />implemented in 2 CFR Part 170) and report total compensation for each of your five most highly <br />compensated executives for the preceding completed fiscal year, if the following criteria are <br />true for your organization — <br />• More than 80 percent of annual gross revenues are From the federal government, and <br />tttose revenues are greater than $25M annually; and <br />• Compensation information is not already available through reporting to the Securities and <br />Exchange Commission (SEC). <br />6. What determines allowable costs for IMLS- funded work? <br />Allowable costs and cost allocation methods for work performed under an IMLS grant must be <br />determined in accordance with the applicable federal cost principles and the terms and conditions <br />of the grant award. <br />'The following circulars set forth the federal cost principles that apply to the various types of <br />IMLS grantees: <br />2 CFR Part 220 - Cost Principles for Educational Institutions (formerly OMB Circular A- <br />2l ); <br />2 CFR Part 230 - Cost Principles for Non -Profit Organizations (formerly OMB Circular <br />A -122); <br />2 CFR Part 225 - Cost Principles for State, Local, and Indian Tribal Governments <br />(formerly OMB Circular A -87). <br />Copies of the cost principles may be obtained from www.omb.go%. <br />20B -24 <br />