Department of the Treasury

Extend payment terms beyond 30 days to save interest

In private industry, powerful customers sometimes unilaterally impose extended payment terms to improve their cash position, often to 60 or even 90 days. Currently, the Federal Acquisition Regulation (FAR), as well as the Prompt Payment Act of 1998, mandate paying contractors in 30 days. This limits our ability to better manage cash by negotiating extended terms. Given the enormous daily volume of Federal payments ...more »

Voting

1 like
Active

Department of Veterans Affairs

1 computer system - VA ONE Processing System

When I began working for VA over 20 yrs ago we operated out of computer system under the (BDN) Benefits Delivery Network. This system was tied into all parts of VA. The main part we used was to pay deserving veterans benefits for their lost wages due to a slightly to completely debilitating disability. This disability being due to their service for their country. This system was in the DOS format and slightly cumbersome ...more »

Voting

6 likes
Active

Department of Education

Better Management of Pell Grant Payments

Students that receive Pell Grants often have other sources of financial aid (such as state-funded programs and scholarships). Students often end up with more college funding than college bills. The surplus can be in the thousands of dollars. Students use this money to buy cars, high-end electronics, and other luxury items not associated with college. This is done at the taxpayer’s expense. Pell Grants should be paid directly ...more »

Voting

10 likes
Active