After two years of discussion and debate, the new OMB uniform guidance was released on December 26, 2013. The Uniform Guidance, or Omni-Circular, consolidates eight OMB circulars into a single document and changes some fundamental concepts underlying the management of sponsored programs. Research administrators across the country have been reading, highlighting, flagging and tagging the regulations, while also trying to determine how the new material applies to our institutions. There has been considerable analysis to date, and this session will target information that universities need to understand about what the Guidance means and how it will affect our current policies and business practices.  Is there still effort reporting?  Can we buy iPads and laptops? Do we still have title to equipment vested in universities? How do we monitor subrecipients? Do we have to change the way we charge fringe benefits?