Grace Period for Implementation of the New Procurement Standards Should Not Delay Your Organization’s Preparation

May 26, 2017

Announced last week, OMB has provided an additional one-year postponement for implementation of the new procurement standards set forth under Uniform Guidance, Title 2, CFR 200. With the grace period extending through December 25, 2017 for non-Federal entities, the new implementation date will start for fiscal years beginning on or after December 26, 2017. Click here for the May 17, 2017 announcement.

This deferral should not delay your organization’s preparation for the standards.  While federally funded entities receive some additional time to implement appropriate policies and procedures, organizations should address the ten areas discussed in Chart Your Course to Compliance Under the New Procurement Standards now to ensure compliance and prepare for a clean audit.

For questions about procurement under Uniform Guidance, contact Terri M. McKnight, CPA, Partner, Gelman, Rosenberg & Freedman at 301-951-9090 or at tmcknight@grfcpa.com.