Revised federal procurement standards significantly alter the way not-for-profits handle purchasing. Now, purchases between $3,500 and $150,000 require price or rate quotes from several qualified sources. For purchases over $150,000, you must select vendors based on publicly solicited sealed bids or competitive proposals. Also, there are multiple documentation requirements. Designing a checklist that outlines decisions needed at each price level will make the process more manageable. And we recommend you audit your new procedures to confirm their effectiveness.