https://nfpnet.org/wp-content/uploads/2019/01/micropurchase.jpg 4667 7000 jheveron https://nfpnet.org/wp-content/uploads/2017/04/Non-Profit-Resource-center-logo-2.png jheveron2019-01-17 17:27:142019-01-17 17:27:16Federal Micro Purchase Limit Has Been Increased
Federal Micro Purchase Limit Has Been Increased
If your organization receives federal funding and is subject to federal procurement standards, you should already have a policy in place. Those policies generally identify the different rules for different purchasing thresholds including micro purchases, simplified acquisitions and larger purchases. The micro purchase threshold was initially increased from $3500-$10,000 for all entities dealing with the Department of Defense. After the Office of Management and Budget increased the thresholds for transactions involving the National Defense Authorization Act, they issued a memo, OMB Memo M-18-18, which increased the simplified acquisition threshold for all nonfederal entities dealing with all federal agencies. Procurement responsibilities for the simplified acquisition threshold are the least restrictive. When the aggregate amount does not exceed the micro purchase threshold (now $10,000), nonfederal entities (that’s you!) must distribute micro purchases among qualified suppliers if practical. Micro purchases can be made without soliciting competitive quotations if you consider the price reasonable.