General
Imprest funds and third party drafts can be used for procurement, but must be managed in strict accordance with Treasury, GAO, and agency-specific financial regulations.
Overview
FAR 13.305-1 outlines the general authorization for using imprest funds and third party drafts to acquire and pay for supplies or services in government contracting. It directs contracting professionals to follow established policies and regulations for the establishment, use, and accounting of these payment methods. The section references key external guidance documents, including the Treasury Financial Manual, GAO Policy and Procedures Manual, and agency-specific regulations, as well as the Manual of Procedures and Instructions for Cashiers. These documents detail the responsibilities of designated cashiers and alternates, ensuring proper management and accountability of government funds. This section serves as a gateway, emphasizing adherence to broader financial management standards when using these payment mechanisms in procurement.