25 April 2022 8:00

What is the bona fide needs rule?

The Bona Fide Need rule (31 USC, Section 1502) requires appropriated funds to be used only for goods and services for which a need arises during the period of that appropriation’s availability for obligation.

What type of funds are subject to the bona fide needs rule?

§ 1502(a), commonly referred to as the bona fide needs rule, which provides that fixed period appropriations are only available for the legitimate needs of the period of availability for which they were made. The bona fide needs rule applies to cost-reimbursement contracts, just as it does to other contract types.

What is the minimum needs rule?

The minimum necessary standard requires covered entities to evaluate their practices and enhance safeguards as needed to limit unnecessary or inappropriate access to and disclosure of protected health information.

What is a lead time exception in the federal government?

Lead-time exception: Agencies are permitted to consider normal lead-time in determining bona fide need for a purchase. For example, if the normal lead-time for an item is 30 days, the government may obligate FY 21 funds for an item required on or before 30 Oct 21.

What is severable vs non severable?

“Severable” describes an action that can be divided into two or more parts that are not necessarily dependent upon each other. “Non-severable” describes an action that cannot be divided into two or more parts without negatively effecting performance of the task.

Does bona fide need apply to no year funds?

(Note: The bona fide need rule does not apply to no-year funds. 43 Comp. Gen. 657 (1964).)

At what point must the bona fide need exist?

The bona fide need for a supply is determined by when the government actually requires (will be able to use or consume) the supplies being acquired. Accordingly, DCMA generally must obligate funds from the fiscal year in which the supplies will be used.

What is a no year appropriation?

No Year Appropriations — Appropriations available for obligations for an indefinite period of time without fiscal year limitation. They are available until they are used up.

What is the necessary expense rule?

The “Necessary Expense Doctrine” – Where a particular expenditure is not specifically provided for in the appropriation act, it is permissible if it is necessary and incident to the proper execution of the general purpose of the appropriation.

What is an economy Act order?


order goods and services from other federal agencies (including other Military Departments and Defense Agencies) and to pay the actual costs of those goods and services. The Congress passed the Act in 1932 to obtain economies of scale and eliminate overlapping activities of the federal government.

What documents are needed for economic act?

The FAR states that Economy Act orders must include (1) a description of the supplies or services required; (2) delivery requirements; (3) a funds citation; (4) a payment provision ; and (5) acquisition authority as may be appropriate.

What are the statutory conditions for use of the Economy Act?

(a) The Economy Act (31 U.S.C. 1535) authorizes agencies to enter into agreements to obtain supplies or services from another agency. The FAR applies when one agency uses another agency’s contract to obtain supplies or services.

What is the Economy Act 31 USC 1535?

(a) The Economy Act ( 31 U.S.C. 1535 ) authorizes agencies to enter into agreements to obtain supplies or services from another agency. The FAR applies when one agency uses another agency’s contract to obtain supplies or services.

What did the Economy Act of 1933 do?

8, enacted March 20, 1933; 38 U.S.C. § 701), is an Act of Congress that cut the salaries of federal workers and reduced benefit payments to veterans, moves intended to reduce the federal deficit in the United States.

Which of the following are prohibited by the Antideficiency Act?

The Antideficiency Act prohibits Federal Employees from obligating funds unless both the amount and purpose of such spending has been approved by Congress in the form of enacted law. An Antideficiency Act Violation occurs when this prohibition is violated, and which includes both administrative and criminal penalties.

What does the economic policy do?

The economic policy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy.

What are the 3 areas of economic policy?

Policy makers undertake three main types of economic policy: Fiscal policy: Changes in government spending or taxation. Monetary policy: Changes in the money supply to alter the interest rate (usually to influence the rate of inflation). Supply-side policy: Attempts to increase the productive capacity of the economy.

What are the five economic policies?

A list of different types of economic policies.

  • Monetary policy.
  • Fiscal policy.
  • Supply-side policies.
  • Microeconomic policies – tax, subsidies, price controls, housing market, regulation of monopolies.
  • Labour market policies.
  • Tariff/trade policies.

What 3 things are best used to measure the economy?

What Are the Top 3 Indicators of Economic Growth? In addition to GDP, two of the other most significant measures of economic growth are the Consumer Price Index (CPI), which measures pricing power and inflation, and the Monthly Unemployment report, including weekly non-farm payrolls.

What are the 4 stages of an economy?

An economic cycle is the overall state of the economy as it goes through four stages in a cyclical pattern. The four stages of the cycle are expansion, peak, contraction, and trough.

What are the 5 ways to measure economic activity?

Other measures of economic performance can include:

  • Government borrowing/national debt.
  • Real disposable incomes.
  • Income inequality (Gini coefficient)
  • Labour productivity.
  • Investment levels.
  • Exchange rate.
  • Misery index (inflation rate + Unemployment rate)
  • Poverty levels.

What is the GDP formula?

The formula for calculating GDP with the expenditure approach is the following: GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). GDP is usually calculated by the national statistical agency of the country following the international standard.

What are the 3 ways to calculate GDP?

GDP can be measured in three different ways: the value added approach, the income approach (how much is earned as income on resources used to make stuff), and the expenditures approach (how much is spent on stuff).

How do I calculate GDP per capita?

How Do You Calculate GDP Per Capita? The formula to calculate GDP per capita is a country’s gross domestic product (GDP) divided by its population. This calculation reflects a nation’s standard of living.