Table of Contents
How long are procurement funds good for?
Most appropriations are available for obligation purposes for a finite period of time. Operation and maintenance (O&M) funds are available for 1 year, procurement appropriations for 3 years, and construction funds for 5 years.
What does it mean to Deobligate funds?
An agency’s cancellation or downward adjustment of previously incurred obligations. Deobligated funds may be reobligated within the period of availability of the appropriation.
What actions are taken during the contract reconciliation process?
The duties of the staffers working on reconciliation include comparing the basic contract, along with any change orders, with billing records, payment vouchers, official accounting systems and any transactions that have already been processed.
Does FMS funding expire?
Budget authority associated with these FMS cases is treated as non-expiring funds. Obligations may be placed as long as money is on the case.
What Deobligate means?
Reducing the obligations on a contract. This is done by canceling a project, reducing cost, cost overrun, or correcing amounts recorded.
What is a contract reconciliation?
A Reconciliation Agreement is a written agreement you and your spouse prepare in an attempt to reconcile marital differences while acknowledging the possibility of divorce. The agreement sets out the rights and obligations of you and your spouse if divorce becomes an unfortunate reality.
When to use expired funds for replacement action?
100206. Reprocurements. Expired funds also may be used to fund a replacement action (a replacement contract) under certain conditions. When a reprocurement action will result in a replacement…
What happens to a contract after it expires?
A contract is not “dead” as long as rights and duties continue in effect and the contract has not otherwise been discharged. Exercising a valid option after the ordering period or performance period has expired does not “revive” a “dead” contract.
When do expired funds lose their fiscal year identity?
Expired funds retain their fiscal year identity for 5 years after the time an appropriation expires (see Chapter 13, subparagraph 130208.B of this volume). Expired funds
What does it mean to have an expired account?
Expired Accounts. Appropriation or fund accounts in which the balances no longer are available for incurring new obligations because the time available for incurring such obligations has expired….