1. Short title This Act may be cited as the Grant Reporting Efficiency and Agreements Transparency Act of 2018 or the GREAT Act . 2. Purposes The purposes of this Act are to— (1) modernize reporting by recipients of Federal grants and cooperative agreements by creating and imposing data standards for the information that grants and cooperative agreement recipients must report to the Federal Government; (2) implement the recommendation by the Director of the Office of Management and Budget, under section 5(b)(6) of the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6101 note), which includes the development of a comprehensive taxonomy of standard definitions for core data elements required for managing Federal financial assistance awards ; (3) reduce burden and compliance costs of recipients of Federal grants and cooperative agreements by enabling technology solutions, existing or yet to be developed, by both the public and private sectors, to better manage data recipients already provide to the Federal Government