Uniform Guidance: Procurement Grace Period

by Cathy Lydon, CPA

September 20, 2016 β€” 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.

Uniform Guidance: Procurement Grace Period 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 leads the not-for-profit and governmental industry team at Redpath and Company. 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 also 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 since 2008. 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. Relevant continuing professional education includes the annual AICPA Not-for-Profit Industry Conference and the annual MNCPA Not-for-Profit Conference.