On June 20th, OMB Office of Federal Financial Management Deputy Controller, Tim Soltis, issued a memorandum to all CFOs and heads of small Executive Agencies. It states, “This memorandum raises the threshold for micro-purchases under Federal financial assistance awards to $10,000, and raises the threshold for simplified acquisitions to $250,000 for all recipients. Further, it implements an approval process for certain institutions that want to request micro-purchase thresholds higher than $10,000.” Regarding implementation, the memo goes on to say, “Federal agencies are required to implement these changes in the terms and conditions of their awards, and recipients of existing Federal financial assistance awards may implement them in their internal controls.”
For a full copy of the memorandum, please visit the White House website: www.whitehouse.gov/wp-content/uploads/2018/06/M-18-18.pdf.