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.
If you have any questions on implementation of the procurement requirements under Uniform Guidance or any other single audit related questions please contact Cathy Lydon at firstname.lastname@example.org or 651-255-9337 or Melissa Johnson at email@example.com or 651-407-5896.
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Cathy Lydon is a Senior Manager at Redpath and Company. She has been in public accounting since 2004 and specializes in working with not-for-profit organizations. Cathy also has extensive experience performing financial audits and Federal single audits in accordance with Uniform Guidance. Her audit experience includes governmental entities, charter schools, healthcare, DEED Extended Employment Program Compliance audits, and employee benefit plan audits. Cathy has been a member of the Redpath team for over 9 years. Cathy is a holder of The Advanced Single Audit Certificate issued by the AICPA. The Advanced Single Audit Certificate requires the ability to evaluate and analyze the core concepts related to client acceptance, engagement planning, engagement analysis, concluding an engagement, and guiding principles for single audits at an advanced level as outlined in the AICPA Competency Framework: Governmental Auditing.More posts by Cathy Lydon