OUR THOUGHTS ON:

PROCUREMENT STANDARDS UPDATE - Additional One-Year Grace Period Granted

Higher Education|Not-for-Profit

By Brittany Becker

In March, I wrote an article reminding everyone that the U.S. Office of Management and Budget’s (OMB) procurement standards deferral period had concluded or was concluding, depending on an organization’s fiscal year-end.  On May 17, 2017, the OMB announced an additional one-year grace period for non-Federal entities.  This extends the effective date through December 25, 2017.  Therefore, organizations with a fiscal year beginning January 1 will be required to implement for the year beginning January 1, 2018, and June 30 fiscal year-end organizations for the fiscal year beginning July 1, 2018.  This deferral had no impact on the procurement requirements under Uniform Guidance, only on the effective date of the requirements.  View the amendment here.

If this additional extension has been elected, organizations are required to document it in their procurement policies.

Some organizations might have already implemented the new procurement standards, but for those who were still working out the kinks, have some additional time to ensure that your policies and procedures are in full compliance with the requirements.  However, we recommend that organizations finalize processes in the near term, since we do not anticipate that the OMB will offer additional grace periods.  View the complete procurement requirements here.

If you have questions, please contact Schneider Downs or visit the Our Thoughts On... blog.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments