What is the micro-purchase threshold?

The micro-purchase threshold is set by the Federal Acquisition Regulation at 48 CFR Subpart 2.1 (Definitions). It is $3,500 except as otherwise discussed in Subpart 2.1 of that regulation, but this threshold is periodically adjusted for inflation.

What is the micro-purchase threshold for 2022?

While these rates are periodically adjusted for inflation, the thresholds remain unchanged going into 2022. Currently, the micro-purchase threshold is $10,000 and the simplified acquisition threshold is $250,000.

What is the micro-purchase threshold for GPC?

The GPC is used to purchase supplies and services per the Federal Acquisition Regulation (FAR). Purchase Cards are used as the procurement method for micro- purchases as defined in FAR 13.2. The Micro-Purchase Thresholds are: $10,000 for supplies/equipment; $2,500 for services; and $2,000 for construction.

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.

When did the micro-purchase threshold increase?

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.

What are a cardholder’s responsibility in the GPC program?

The Cardholder is responsible for the following: 1. Completing all required training prior to being issued a Purchase Card. 2. Purchasing goods or services in accordance with established Department policy, procurement regulations, and individual internal office procedures.

What are three examples of misuse of the GPC?

Terms in this set (23)

• Purchasing office supplies for home use.
• failing to certify “purchase card certification statements” on time.
• violating a specific-use policy.

The Micro-Purchase Threshold would be increased from $3,500 to $10,000. The rule will also eliminate the specific dollar amounts listed in other parts of the FAR, and simply replace those amounts with the terms “micro-purchase threshold” and “simplified acquisition threshold.” This will save some work when adjusting these thresholds in the future.

What is the simplified acquisition threshold?

The Simplified Acquisition Threshold would be increased from $150,000 to $250,000 The rule will also eliminate the specific dollar amounts listed in other parts of the FAR, and simply replace those amounts with the terms “micro-purchase threshold” and “simplified acquisition threshold.”

What is micro purchase in FAR Part 13?

Simplified Acquisitions (FAR Part 13): Micro-Purchase . Method for procurement of supplies and services below the micro-purchase threshold. Government Purchase Card (GPC) is the preferred method to acquire requirements below the micro-purchase threshold. Common Applications. GPC purchases for low-dollar supplies and services

What are the new thresholds under the far?

For instance, GSA, had increased both thresholds in March 2018, while the DoD raised the thresholds in a deviation back in fall 2018. Here are what the new thresholds will be under the FAR. The Micro-Purchase Threshold would be increased from $3,500 to $10,000. The Simplified Acquisition Threshold would be increased from $150,000 to $250,000