Federal Award Law & Legal Definition

According to 38 CFR 41.105 [Title 38 -- Pensions, Bonuses, and Veterans' Relief; Chapter I -- Department of Veterans Affairs; Part 41 -- Audits of States, Local Governments, and Non-Profit Organizations; Subpart A – General], federal award means “Federal financial assistance and Federal cost-reimbursement contracts that non-Federal entities receive directly from Federal awarding agencies or indirectly from pass-through entities. It does not include procurement contracts, under grants or contracts, used to buy goods or services from vendors. Any audits of such vendors shall be covered by the terms and conditions of the contract. Contracts to operate Federal Government owned, contractor operated facilities (GOCOs) are excluded from the requirements of this part.”