MadMimi-logo 11-13-2014
 

Government Spending and Contract Funding: Did you know…?

volkan-olmez-73767-unsplash

I recently went to an Appropriation Law Seminar and thought you might find this information useful.

• For Procurement purposes, you can check whitehouse.gov/omb/budget to find out about the President’s budget for the current fiscal year. (Most of the Government websites reflect previous fiscal years.)

• An appropriation, budget authority to incur an obligation, can be for one year, multi-year, or no-year duration. No year funds are available until they are either spent or rescinded by Congress.

• The three elements of an appropriation are purpose, time and amount.

• These are the Contractual Obligation requirements for the following contract types:

Time and Materials/Labor Hour Contracts: Obligate total estimated and not more than maximum current liability;

Indefinite Delivery Indefinite Quantity (IDIQ): Obligate minimum amount; and

Purchase Orders: Amount liable at time of contract formation.

• If a contract is terminated for default, all excess funds are de-obligated. However, if there is still a bona fide need, it is within the scope of the original contract, and a contract is awarded promptly, the same funding may be used.

Please e-mail KLong@Streamlinegovcon.com let me know if you are interested in another blog next month on this subject. Or if you have suggestions on other topics, let me know that too! Feedback is always appreciated.

***
Updated
***
KarenImg

About Karen

Karen Long is the President and a Consultant for Streamline Government Contracts, LLC (Streamline). Karen has over 15 years of experience in Government Contracting, a B.S. in Education from the University of Connecticut (UConn), a M.S. in Management /Procurement and Contracts Management Track and a M.B.A. from the University of Maryland University College (UMUC) and earned a Certified Federal Contracts Manager (CFCM) certificate. Karen has worked for both small and mid-size companies administering contracts cradle to grave. For more information on her background, go to Karen's bio

***

For more information, please visit our website at:
Streamlinegovcon.com
email: KLong@Streamlinegovcon.com
In order to view our services offered, please go to Our Services

Please feel free to forward this e-zine to someone who may find it useful, as long as it is done in its entirety with the contact and copyright information.

This e-zine is for informational purposes only. None of the content is, or will be deemed to constitute legal opinions or legal advice.

 
 
 
Powered by Mad Mimi®A GoDaddy® company