Redpath Insights

Uniform Guidance: Procurement Grace Period

by Cathy Lydon, CPA

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.

procurement-claw1 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

Cathy Lydon, CPA

Cathy Lydon, CPA

Cathy Lydon is a director and leader of the not-for-profit industry team. She has been in public accounting since 2004 and specializes in working with not-for-profit organizations. Cathy 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 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. She has provided public accounting services since 2004 and has been at Redpath and Company since 2008.