[Federal Register Volume 85, Number 130 (Tuesday, July 7, 2020)]
[Notices]
[Page 40688]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14580]


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LEGAL SERVICES CORPORATION


Legal Services Corporation Financial Guide; Request for Comments

AGENCY: Legal Services Corporation.

ACTION: Request for comments.

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SUMMARY: The Legal Services Corporation (``LSC'') has drafted revisions 
to its Accounting Guide and retitled it as the Financial Guide. LSC 
seeks comments on the draft Financial Guide.

DATES: All comments must be received on or before the close of business 
on October 15, 2020.

ADDRESSES: You may submit comments by any of the following methods.
    Instructions: Electronic submissions are preferred via email with 
attachments in Acrobat PDF format. LSC may not consider written 
comments sent via any other method or received after the end of the 
comment period.
    Email: [email protected]. Please include ``Financial Guide 
Comment'' in the subject line of the message.
    Fax, U.S. Mail, Hand Delivery, or Courier: Please call 202-295-1623 
for instructions if you need to send materials by one of these methods.

FOR FURTHER INFORMATION CONTACT: Mark Freedman, Senior Associate 
General Counsel, (202) 295-1623 or [email protected].

SUPPLEMENTARY INFORMATION: The Legal Services Corporation (LSC) has 
conducted a comprehensive review of the Accounting Guide for LSC 
Recipients, 2010 Edition. Based on input from LSC grantees and LSC 
fiscal compliance analysis staff, LSC believes that the format of the 
Accounting Guide no longer best serves grantees or LSC. LSC has 
restructured the document and renamed it the Financial Guide. The new 
draft Financial Guide removes outdated or inapplicable materials, 
improves materials directly related to LSC-specific issues, and adds 
clarity about both required and recommended financial practices. The 
draft Financial Guide also addresses areas that were previously 
identified as problematic, such as Cost Allocation, and assists 
grantees in the financial management of LSC grants.
    LSC has removed sections that provided general accounting and 
financial guidance, because neither LSC nor grantees found these 
sections useful. The Financial Accounting Standards Board (FASB) 
establishes and updates the generally accepted accounting principles 
(GAAP) that provide the applicable accounting methods and practices. 
The draft Financial Guide references GAAP requirements rather than 
restating them.
    Overall, the draft Financial Guide conforms to existing LSC and 
grantee practices and requirements. Additionally, in some places, the 
draft Financial Guide sets out requirements that have not previously 
been published for comment.
    LSC has published on the Matters for Comment web page on 
www.lsc.gov the draft Financial Guide for comment and a reference guide 
to the draft updates and new requirements. LSC seeks comments on the 
entire draft Financial Guide, particularly the sections with 
significant changes. LSC will review the comments and, if possible, 
implement the Financial Guide with any appropriate revisions before 
January 1, 2021.
    LSC also seeks comment on the following question:
    Should LSC implement the new Financial Guide as of a single date 
for all grantees (e.g., January 1, 2021) or by applying it to each 
grantee with the start of the grantee's new fiscal year.

    Dated: July 1, 2020.
Mark Freedman,
Senior Associate General Counsel.
[FR Doc. 2020-14580 Filed 7-6-20; 8:45 am]
BILLING CODE 7050-01-P