The U.S. Department of Transportation has informed AGC that contractors working on federally-assisted contracts for projects funded through the American Recovery and Reinvestment Act (ARRA) are not required to meet executive compensation reporting requirements.
Provisions in the ARRA law require direct recipients and their subrecipients of stimulus funds to report the total annual compensation of the five most highly compensated officers of the company. AGC questioned whether this was intended to apply to contractors working on federally-assisted projects funded with ARRA funds. As a result, DOT asked the Office of Management and Budget (OMB) to clarify the application of these provisions. OMB, which is charged with issuing guidance for federally assisted contracts under this program, advised DOT that for federally-assisted projects, the reporting requirements on executive compensation apply only to direct recipients and their subrecipients. The executive compensation requirements do not apply to contractors working for either the recipient of federal financial assistance or its subrecipient. FHWA and FTA will provide guidance to their division offices clarifying these requirements.
Contractors working on direct contracts with the federal government are covered under guidance issued by the Federal Acquisition Regulatory (FAR) Council, which calls for reporting of this information.
Read more on OMB guidance here.
For more information, contact Brian Deery at (703) 837-5319 or deeryb@agc.org.
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