OMB sets rules for interagency transactions
- By Jason Miller
- Oct 18, 2002
The Office of Management and Budget has no idea how much money agencies exchange among themselves for goods and services, but that's about to change. OMB earlier this month issued two sets of standard business rules for intragovernmental and certain fiduciary transactions.
OMB director Mitchell E. Daniels Jr. told agency executives to record such transactions starting Jan. 1. New rules for fiduciary transactions take effect Oct. 1, 2003.
OMB also is developing an e-commerce portal for agencies to exchange acquisition and payment data. They must use the portal for all buys of $100,000 or more starting Oct. 1, 2003.
The memo is online, at www.whitehouse.gov/omb/memoranda/m03-01.html