WASHINGTON (CN) - Defense and space contractors will have to disclose on a public website the compensation of their five highest paid executives and every subcontract worth more than $25,000, under new rules adopted by three agencies.
Under the Federal Funding Accountability and Transparency Act and the American Recovery and Reinvestment Act, the DoD, General Services Administration and NASA operated a pilot public reporting website for federal awards of $25,000 or more on contracts worth more than $500 million. The pilot program was terminated in 2009, but the agencies proposed a permanent program in 2010 with full implementation by 2012.
Under the permanent program, any award for a contract or subcontract greater than $25,000 must be disclosed and the total compensation of each of the five highest paid executives for the recipient must be disclosed by the end of the month following the month the award was made.
Reporting of executive compensation is only required for contractors and first tier subcontractors that receive more than $25 million in federal awards per year and receive 80 percent of their annual gross revenue from federal sources.
The income thresholds include amounts from all federal awards not just the DoD and NASA.
The rules go into effect Aug. 27.
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