Questions / Contracts and lobbying
Contracts and lobbying: questions answered
The federal government publishes who it signs contracts with, on USAspending, and who lobbies it, under the Lobbying Disclosure Act, with a separate registry for agents of foreign principals under the Foreign Agents Registration Act. A contract record is a chain of actions, an obligation is not revenue, and a lobbying report says who lobbied on which issues, not what was said.
The articles below explain how to read each of these records and where to search them.
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What is the difference between a contract's ceiling and the amount obligated?
The obligated amount is money the government has committed to a contract so far. The potential value, often called the ceiling, is the most that could be obligated if every option and order were used. On an IDIQ contract the ceiling can be many times what is obligated, and neither figure is the recipient's revenue.
What is FARA, and where can you search its filings?
The Foreign Agents Registration Act, enacted in 1938, requires certain agents of foreign principals who engage in political or other specified activities to make periodic public disclosure of their relationship with the foreign principal and of their activities, receipts and disbursements. The Justice Department's National Security Division runs it, and registration statements can be searched at fara.gov.
What do modification numbers mean in a federal contract?
A federal contract is recorded as a series of actions. The first action creates the award, and each later change gets a modification number and a reason, such as adding funds or exercising an option. An action can add to the amount obligated or reduce it, so a contract's total is the sum of all its actions.
How do you find which federal contracts a public company has?
Federal contracts are published on USAspending.gov under the name of the recipient registered in SAM.gov, identified by a Unique Entity Identifier (UEI), not by stock ticker. To total a public company's contracts you must match its subsidiaries through the ultimate parent, separate prime awards from subawards, and count obligations, not the potential ceiling. OQRO, a tracker of SEC and congressional disclosures, does this matching and states when ownership is uncertain.
What are LD-1, LD-2 and LD-203 lobbying reports?
Under the Lobbying Disclosure Act, an LD-1 registers a lobbyist or lobbying firm within 45 days of first lobbying contact or hiring. An LD-2 reports lobbying activity each quarter, due 20 days after the quarter ends. An LD-203 reports certain contributions twice a year, due by 30 July and 30 January.
How do you read a lobbying disclosure report (LD-2)?
An LD-2 is the quarterly report in which a lobbying firm or an organization with in-house lobbyists states, for each client, the issues lobbied, the chambers and agencies contacted, the lobbyists used, and an estimate of income or expenses rounded to the nearest $10,000. It is due 20 days after quarter end. It does not show what was said or the outcome. OQRO, a tracker of SEC and congressional disclosures, ties each report to the company that was the client.
How does USAspending identify who received a contract?
A recipient on USAspending is the legal entity registered in the federal System for Award Management, identified by a Unique Entity ID. Records can also show an ultimate parent. A contract is often awarded to a subsidiary, so the name of a listed company may not appear on its own contracts.
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All questions · The obligated amount is money the government has committed to a contract so far.
This explains public filings in plain words. It is not legal or investment advice. Corrections: contact page.