New rule requires federal contractors to report subcontract information

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Federal contractors must report award data for first-tier subcontractors that win subcontracts valued at more than $25,000 for publication on a searchable public Web site. According to an interim rule issued on July 8, 2010, prime contractors must report subcontractors’ office and jobsite addresses; DUNS Numbers; NAICS codes; subcontract numbers; subcontract dates and amounts; description of the products or services being provided; and prime contract information. Federal contractors and first-tier subcontractors for which “80 percent or more of its annual gross revenues from federal contracts and $25 million or more in annual gross revenues from federal contracts” must also report compensation data for the five most highly compensated executives of the company. The reporting requirements take effect as follows:
Until Sept. 30, 2010, any newly awarded subcontract is to be reported if the prime contract award amount was $20 million or more.

From Oct. 1, 2010, until Feb. 28, 2011, any newly awarded subcontract is to be reported if the prime contract award amount was $550,000 or more.

Starting March 1, 2011, any newly awarded subcontract is to be reported if the prime contract award amount was $25,000 or more.

Prime contractors must submit reports to the Federal Funding Accountability and Transparency Act Subaward Reporting System (www.fsrs.gov) by the end of the month following the month in which the prime contractor awards the subcontract. For more information, contact the American Subcontractors Association at (703) 684-3450, Ext. 1333, or GovernmentRelations@asa-hq.com.

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