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
Joel Newby, CPA: May 14, 2026
Scope changes can either protect your margin or quietly erode it. The difference comes down to how they’re identified, communicated, and accounted...
Jared Weiskopf, CPA: May 5, 2026
Washington has historically stood out as a state without a broad-based individual income tax. That will change at the beginning of 2028. In March of...
Joe Hellman, CPA: April 30, 2026
Artificial intelligence is no longer a future consideration in Mergers and Acquisitions. It is already here, and it is actively influencing how...
Cathy Lydon, CPA