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Can you believe it? The first quarter of 2017 has ended, spring is here and we are headed toward summer. This also means that the deferment period on the U.S. Office of Management and Budget’s (OMB) procurement standards has come to a close.
In September 2015, the OMB issued an amendment providing a two-year grace period for implementation of the procurement standards in 2 CFR 200.317 through 200.326 for all non-Federal entities. The grace period referenced a full fiscal year that began on or after December 26, 2014, the effective date of Uniform Guidance. Therefore, if a non-Federal entity’s fiscal year begins on January 1st, that entity’s procurement procedures must comply with Uniform Guidance as of January 1, 2017. Likewise, for June 30 fiscal year end non-Federal entities, the procurement procedures must comply as of July 1, 2017.
So for those of you who deferred, does your procurement policy cover the required documentation? Here is a brief refresher of key things to make sure you have documented in your policy.
Make sure that you are covered and review the complete procurement requirements here.
If you have questions, please contact Schneider Downs or visit the Our Thoughts On... blog.
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