OMB Announces New Procurement Guidelines
Understand what the 2018 Compliance Supplement updates and changes mean for your institution.
On May 18, 2018, The Office of Management and Budget (OMB) published the 2018 Compliance Supplement. The 2018 Supplement only includes significant updates and changes.
These significant changes include:
- Increased Procurement Threshold
- The simplified acquisition threshold (SAT) increased from $150,000 to $250,000
- The micro-purchase threshold increased from $3,500 to $10,000
- Institutions may request a micro-purchase threshold higher than $10,000, subject to approval by the head of the relevant executive agency
- The uniform guidance (UG) procurement (2 CFR 200.317-200.326) requirements are now required for all non-federal entities with fiscal years beginning on or after December 26, 2017
Impact to Your Institution
Institutions can use this update as an opportunity to:
- Review existing procurement policies for compliance with the UG
- Consider revising existing policies to take advantage of the UG/2018 supplement flexibility
- Consider undertaking an internal review if policies or procedures are revised to ensure policies and procedures have been implemented effectively
How Huron Can Help
Procurement and travel and expense management functions create value for their organizations by generating savings, improving the efficiency or processes, enhancing customer service and supporting compliance. Research institutions with established and effective compliance programs have greater success managing institutional risk and mitigating the impact of external audits and investigations.
Huron has helped more than 250 university and industry clients in each of these areas. Contact us if you would like additional insight into the 2018 Compliance Supplement, or assistance identifying the most effective ways to help prepare your organization.
Download the Huron perspective piece to learn more about the Uniform Guidance Procurement Standards.Learn More