4.1400 Scope of subpart
Source: FAR 4.1400 on acquisition.gov
FAR 4.1400 establishes mandatory reporting of first-tier subcontract awards and executive compensation to promote transparency in federal contracting.
Overview
- FAR 4.1400 defines the scope of Subpart 4.14, which implements federal requirements for transparency in government contracting. It mandates that contractors report data on first-tier subcontract awards and disclose the total compensation of their top five executives, as well as those of their subcontractors. This information is made publicly available to promote accountability in federal spending.
Key Rules
- Reporting Requirements
- Contractors must report first-tier subcontract award data and executive compensation details as required by federal law.
- Public Disclosure
- Reported data is accessible to the public via the USAspending.gov website, enhancing transparency.
Responsibilities
- Contracting Officers: Ensure contractors are aware of and comply with reporting requirements.
- Contractors: Accurately report required subcontract and executive compensation data.
- Agencies: Oversee contractor compliance and facilitate public access to reported information.
Practical Implications
- This section exists to increase transparency and accountability in federal contracting by making key financial and subcontracting information public. Contractors must be diligent in collecting and reporting accurate data to avoid compliance issues. Common pitfalls include incomplete reporting or misunderstanding which data must be disclosed.
This subpart implements section 2 of the Federal Funding Accountability and Transparency Act of 2006 (Pub.L.109-282), as amended by section 6202 of the Government Funding Transparency Act of 2008 (Pub. L. 110-252), which requires contractors to report subcontract award data and the total compensation of the five most highly compensated executives of the contractor and subcontractor. The public may view first-tier subcontract award data at http://www.usaspending.gov" target="_blank">http://www.usaspending.gov.