What is a micro-purchase?
Micro-purchase – As defined in the Federal Acquisition Regulation (FAR) 2.101, a micro-purchase is an acquisition of supplies or services using simplified acquisition procedures, the aggregate amount of which does not exceed the micro-purchase threshold.
What types of purchases are considered micro purchases?
Generally speaking, government purchases of individual items under $3,000.00 are considered micro- purchases. Such government buys do not require competitive bids or quotes and agencies can simply pay using a Government Purchase Card or credit card, without the involvement of a procurement officer.
What is the threshold for micro purchases?
This change applies the word-based threshold to ensure continued alignment with any future changes to the thresholds. FAR Case 2018-004 was published July 2, 2020 (85 FR 40064) with an effective date of August 31, 2020. It raised the micro-purchase threshold, as defined at FAR 2.101, to $10,000.
Are micro purchases unrestricted?
Federal Acquisition Streamlining Act of 1994 meant that dollar thresholds were changed to: $2,500/Under: Micro Purchases – unrestricted, credit cards, “off the shelf”
Which method of purchase is preferred for micro purchases?
The preferred purchase and payment method for micro- purchases is the government purchase card. Both the FAR and the Treasury Financial Manual emphasize that federal agencies use government purchase cards as the preferred method, and to use the purchase card to the maximum extent.
What is the current micro purchase threshold?
A Micro-purchase is a government purchase under $10,000. The threshold for micro-purchases was $ 3,500 or $5,000 for the DoD, but it was raised with the National Defense Authorization Act (NDAA) for the fiscal year of 2018.
What is micro purchase services?
A micro-purchase is one for goods or services that, due to its relatively low value, does not require the government to abide by many of its ordinary competitive procedures, including small business set asides.
What is a small purchase threshold?
Small-Dollar Purchase Threshold. The threshold established by Procurement Services and approved by President’s Council over which adequate competition must be sought in accordance with Small-Dollar guidelines. Procurements under the Small-Dollar Purchase Threshold may be placed at the discretion of Procurement Services without seeking competition.
