1. Does a 501(c)3 agency need to provide a procurement policy? Our agency is human service related, not bricks and mortar or construction related.
Every agency is to ensure that purchases used in connection with a federally-funded program/project acquired in whole or in part with Federal funds are: 1) Obtained as efficiently and economically as possible and 2) Procured in a manner that provides, to the maximum extent practical, open and free competition. All agencies should be able to ensure the integrity of their purchasing decisions; to document the history, results, and decisions behind their purchases; to follow the rules for certain kinds of transactions; and to offer opportunities to local and disadvantaged firms to respond to the agency's purchasing needs. HUD wants to know that agencies are helping to guarantee the fairness and the vitality of our free market system, and to ensure that taxpayer resources are not being wasted. To assist in the development of a procurement policy, reference the Code of Federal Regulations 2 CFR Part 200. The procurement guidelines are found in Sections 200.318-200.326.
2. Could you elaborate on exactly what you want in regard to the average cash flow reserves for the most recent fiscal year?
Cash flow reserve refers to the money an organization keeps on hand to meet its short-term and emergency funding needs.