WASHINGTON, Oct. 18, 2012 /PRNewswire-USNewswire/ -- In a blog posted on Recovery.gov Wednesday, Executive Director Michael Wood of the Recovery Accountability and Transparency Board announced the launch of a new pilot project that will test the effectiveness of a centralized financial reporting system.
Modeled after the reporting system the Recovery Board created for the economic stimulus program, the Grants Reporting Information Project, or GRIP for short, will collect data on grant awards made by several agencies to pilot participants, including seven universities and a community college.
The groundbreaking project is designed to determine if a single, centralized system will save recipients of government funds and agencies time and money as well as reduce the reporting burden on recipients. Recipients often complain that they are required to submit multiple reports on the same government award to different federal agencies.
"It would seem more sensible to consolidate government reporting requirements so that recipients could submit reports to a single collection system,'' Wood wrote in his blog "With that in mind, the Recovery Board will be testing whether a centralized system of data collection and warehousing would save recipients and government agencies money and time.''
SOURCE Recovery Accountability and Transparency Board