State Department awards $6.8M for financial management support, with a significant portion allocated for delivery orders

Contract Overview

Contract Amount: $6,830,177 ($6.8M)

Contractor: Integrated Finance and Accounting Solutions, LLC.

Awarding Agency: Department of State

Start Date: 2023-08-01

End Date: 2026-07-31

Contract Duration: 1,095 days

Daily Burn Rate: $6.2K/day

Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Pricing Type: TIME AND MATERIALS

Sector: Other

Official Description: FINANCIAL MANAGEMENT SUPPORT SERVICES - GFO ICASS 5196

Place of Performance

Location: NORTH CHARLESTON, CHARLESTON County, SOUTH CAROLINA, 29405

State: South Carolina Government Spending

Plain-Language Summary

Department of State obligated $6.8 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES - GFO ICASS 5196 Key points: 1. The contract value of $6.8 million for financial management support services appears reasonable for a multi-year engagement. 2. Full and open competition was utilized, suggesting a competitive bidding process that should drive favorable pricing. 3. The contract type is Time and Materials, which can introduce cost uncertainty if not closely managed. 4. Performance is located in South Carolina, indicating a specific geographic focus for service delivery. 5. The contractor, Integrated Finance and Accounting Solutions, LLC, is performing under this award. 6. The contract duration of 1095 days (3 years) provides a stable period for service provision.

Value Assessment

Rating: good

The contract value of $6.8 million for financial management support services over three years is within a reasonable range for similar government contracts. Benchmarking against other accounting services contracts of comparable scope and duration would provide a more precise value assessment. The Time and Materials pricing structure necessitates careful monitoring to ensure cost-effectiveness and prevent scope creep.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

This contract was awarded under full and open competition after exclusion of sources, indicating that multiple potential bidders were solicited and evaluated. The specific number of bidders is not provided, but the 'full and open' designation suggests a robust competitive environment. This approach generally leads to better price discovery and a wider selection of qualified contractors.

Taxpayer Impact: The use of full and open competition is beneficial for taxpayers as it fosters a competitive marketplace, driving down prices and encouraging innovation among contractors vying for the award.

Public Impact

The Department of State benefits from enhanced financial management and accounting services. Government financial operations are supported, ensuring compliance and efficiency. Services are delivered within South Carolina, potentially impacting the local workforce. The contract supports the core functions of the agency's financial management.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Time and Materials contract type could lead to cost overruns if not managed diligently.
Lack of specific performance metrics in the provided data makes it difficult to assess service quality.
Geographic concentration in South Carolina might limit broader access to specialized talent.

Positive Signals

Awarded through full and open competition, indicating a competitive process.
Contract duration of three years provides stability for service delivery.
Contractor is established, suggesting a degree of reliability.

Sector Analysis

This contract falls within the professional, scientific, and technical services sector, specifically under accounting services. The market for government financial management support is substantial, with numerous firms offering specialized expertise. This contract represents a portion of the broader federal spending on administrative and financial operations support, aiming to ensure efficient and compliant fiscal management across agencies.

Small Business Impact

The data indicates that small business participation was not a primary set-aside consideration for this contract (ss: false, sb: false). While this contract was competed fully and openly, there is no explicit information on subcontracting plans with small businesses. Further review would be needed to determine if small business utilization is mandated or encouraged through subcontracting opportunities.

Oversight & Accountability

Oversight for this contract would typically reside with the Department of State's contracting officers and program managers. The contract's performance and financial aspects would be subject to standard government oversight procedures, including audits and performance reviews. The Inspector General's office for the Department of State would have jurisdiction for investigating any potential fraud, waste, or abuse related to this award.

Related Government Programs

Financial Management Services
Accounting Services
Department of State Contracts
Professional Services Contracts

Risk Flags

Potential for cost overruns due to Time and Materials contract type.
Need for robust government oversight to manage contractor performance and costs.
Limited insight into specific performance metrics and quality indicators.
Geographic concentration may limit broader talent pool access.

Frequently Asked Questions

What is this federal contract paying for?

Department of State awarded $6.8 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES - GFO ICASS 5196

Who is the contractor on this award?

The obligated recipient is INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC..

Which agency awarded this contract?

Awarding agency: Department of State (Department of State).

What is the total obligated amount?

The obligated amount is $6.8 million.

What is the period of performance?

Start: 2023-08-01. End: 2026-07-31.

What is the track record of Integrated Finance and Accounting Solutions, LLC with federal contracts?

Integrated Finance and Accounting Solutions, LLC has a history of performing federal contracts, primarily within the Department of State and other civilian agencies. Their contract awards often center around financial management, accounting, and administrative support services. Analyzing their past performance ratings, any contract modifications, and the types of services previously rendered would provide a clearer picture of their reliability and expertise. A review of their award history can indicate their experience level and capacity to handle contracts of this magnitude and complexity. It's important to note if they have consistently met performance expectations and delivered services within budget and schedule on prior engagements.

How does the awarded amount compare to similar financial management support contracts?

The $6.8 million award for three years of financial management support services is a moderate-sized contract within the federal landscape. To benchmark effectively, one would compare this to contracts for similar services (e.g., accounting, financial analysis, budget support) awarded by agencies of comparable size and complexity to the Department of State. Factors such as the specific scope of work, required expertise, and contract type (e.g., Time and Materials vs. Firm-Fixed-Price) significantly influence pricing. Without detailed scope comparisons, a precise value-for-money assessment is challenging, but the amount appears within a typical range for multi-year professional services.

What are the primary risks associated with a Time and Materials contract for these services?

The primary risk with a Time and Materials (T&M) contract for financial management support services is the potential for cost overruns. Unlike fixed-price contracts, T&M contracts reimburse the contractor for direct labor hours at specified hourly rates and for the cost of materials. If the scope of work is not clearly defined, or if project management is weak, the contractor may incur more hours or use more expensive materials than anticipated, leading to costs exceeding the initial estimates or the ceiling price. This necessitates robust oversight from the government to monitor labor hours, ensure efficiency, and control the overall expenditure. Scope creep is a significant concern under T&M agreements.

How effective is the 'full and open competition after exclusion of sources' method for this type of service?

The 'full and open competition after exclusion of sources' method is a variation of full and open competition designed to ensure a broad range of potential offerors are considered while potentially streamlining the process. It implies that while the competition was open, certain sources might have been excluded based on specific criteria, possibly related to past performance, capability, or prior solicitations. For financial management support services, this method can be effective if the exclusion criteria are well-defined and justifiable, ensuring that only capable and relevant contractors participate. It aims to balance broad competition with a focus on qualified bidders, potentially leading to better value than a completely unrestricted competition if specific capabilities are paramount.

What is the historical spending trend for financial management support services at the Department of State?

Analyzing historical spending trends for financial management support services at the Department of State would reveal patterns in contract awards, total expenditure, and the types of services procured over time. This data can indicate whether spending has been consistent, increasing, or decreasing, and whether the agency relies heavily on external contractors for these functions. Understanding these trends helps in assessing the long-term strategic importance of such services and provides a baseline for evaluating current contract values and future budget needs. Significant year-over-year fluctuations might suggest changes in agency priorities, funding levels, or contracting strategies.

What are the implications of the contract being awarded in South Carolina?

The contract being awarded with a performance location in South Carolina implies that the services will be delivered from or managed within that state. This has implications for the contractor's operational footprint, potential for local job creation, and any state-specific economic impacts. For the Department of State, it might indicate a strategic decision to consolidate certain support functions in a particular region or leverage existing infrastructure. It also means that oversight and communication might be tailored to a specific geographic context, potentially influencing how performance is monitored and managed.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Other Accounting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Solicitation ID: SAQMMA17R0193

Pricing Type: TIME AND MATERIALS (Y)

Evaluated Preference: NONE

Contractor Details

Address: 4500 POND WAY, STE. 270, WOODBRIDGE, VA, 22192

Business Categories: 8(a) Program Participant, Black American Owned Business, Category Business, Economically Disadvantaged Women Owned Small Business, Limited Liability Corporation, Minority Owned Business, Self-Certified Small Disadvantaged Business, Service Disabled Veteran Owned Business, Small Business, Special Designations, U.S.-Owned Business, Veteran Owned Business, Woman Owned Business, Women Owned Small Business

Financial Breakdown

Contract Ceiling: $7,563,602

Exercised Options: $7,563,602

Current Obligation: $6,830,177

Actual Outlays: $192,732

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 19AQMM22D0034

IDV Type: IDC

Timeline