The DoW “Colors of Money”: What Industry Needs To Know Before Engaging
One-Year Money (e.g., O&M, MILPERS)
Funds must be obligated during the fiscal year in which they were appropriated. If O&M is appropriated for FY26, it must be obligated by September 30, 2026. After that, it expires for new obligations. This drives the well-known fourth quarter execution surge.