This bill, known as the GRANT Reform Act of 2026, aims to significantly increase transparency and accountability regarding federal grants. It mandates that the Comptroller General annually submit a comprehensive report to Congress and make it publicly available, detailing all federal grants from the previous fiscal year, including their purpose, amount, recipient, and project description. The legislation further requires federal grant recipients to submit detailed project reports to the Comptroller General within three months of project completion. These reports must itemize expenditures such as federal funds used for salaries, payments to subcontractors, administrative costs, and any unspent funds. A critical provision stipulates that any grant recipient failing to comply with these reporting requirements will be deemed ineligible for future federal grants until compliance is met. Additionally, the Comptroller General is tasked with compiling and submitting an annual report to Congress based on the information provided by grant recipients. To facilitate these new requirements, the Director of the Office of Management and Budget must issue guidance on all required reports and notify grant recipients of their new obligations.