Exploring the Revised Procurement Standards

Description

The Uniform Guidance (2 CFR 200) is revised effective November 12, 2020.  The greatest changes occur to the procurement standards and particularly he methods of procurement.  A delineation between the informal and formal procurement processes is the threshold for competition.  The ability to increase the Micro Purchase Threshold (MPT) and limitation on the Simplified Acquisition Threshold (SAT) requires a careful look at this OMB update to the Uniform Guidance.

Highlights


	
• New and revised definitions

	
• New cost principle

	
• New prohibitions

	
• New procurement preferences

	
• New approach to determining the MPT and SAT based on risk and internal controls

	
• Defining the “floor” for the monetary level for sole source procurements

	
• The flexibility that no “one-size-fits-all” procurement standards



Objectives


	
• Understand the critical updates to the Uniform Guidance

	
• Compare the precise language changes for the various policies and procedures

	
• Learn the key updates organized by each revised topic

	
• Ability to take action to enhance an organization’s existing procedures to conform to this important update



Designed For

Public Accountants, Consultants, Government Contractors and Awardees of Federal Grants and Cooperative Agreements which include: nonprofits, institutes of higher education, hospitals, Federal, state, local and tribal units of government.