September 20, 2016 — You probably know that the new Uniform Guidance over federal programs allows for a two year grace period for implementation of the new procurement requirements. However, we are finding that many entities do not know that Uniform Guidance requires the election to defer implementation to be included in the entity’s documented procurement policies.
If you have federal expenditures and have elected to defer implementation of the new procurement requirements, you should update your documented procurement policies to reflect that election.
Entities with a December year end are required to implement the new requirements starting January 1, 2017 and entities with a June year end are required to implement them starting July 1, 2017.
Procurement requirements under Uniform Guidance can be found here.
Photo Source: cfo.gov
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