State Department Awards $14.1M Financial Management Support Contract to Integrated Finance and Accounting Solutions

Contract Overview

Contract Amount: $14,093,377 ($14.1M)

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: $12.9K/day

Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Pricing Type: TIME AND MATERIALS

Sector: Other

Official Description: FINANCIAL MANAGEMENT SUPPORT SERVICE - CST ICASS MAIN 5196

Place of Performance

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

State: South Carolina Government Spending

Plain-Language Summary

Department of State obligated $14.1 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICE - CST ICASS MAIN 5196 Key points: 1. Contract awarded to Integrated Finance and Accounting Solutions, LLC for financial management support. 2. The contract has a duration of 1095 days, ending July 31, 2026. 3. Awarded under full and open competition after exclusion of sources. 4. The North American Industry Classification System (NAICS) code is 541219 (Other Accounting Services).

Value Assessment

Rating: good

The contract value of $14.1 million over three years appears reasonable for specialized financial management support services. Benchmarking against similar contracts for accounting services would provide a more precise assessment.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded using full and open competition after exclusion of sources, indicating a competitive bidding process. This method generally promotes price discovery and ensures fair market value.

Taxpayer Impact: The competitive nature of the award suggests that taxpayers are likely receiving a fair price for the services rendered.

Public Impact

Ensures continuity of essential financial management operations for the Department of State. Supports the agency's ability to manage its finances effectively and compliantly. Provides specialized accounting services critical for government operations.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for cost overruns with Time and Materials contract type.
Limited visibility into specific performance metrics without further detail.

Positive Signals

Awarded through full and open competition.
Long-term contract provides stability for service delivery.

Sector Analysis

This contract falls under professional, scientific, and technical services, specifically accounting. Government spending in this sector is consistent with the need for specialized financial expertise to manage complex agency budgets and operations.

Small Business Impact

The contract was awarded to Integrated Finance and Accounting Solutions, LLC, and there is no indication that small businesses were involved as subcontractors or prime contractors in this specific award. Further analysis would be needed to determine if small business goals were considered.

Oversight & Accountability

The Department of State is responsible for oversight of this contract. Regular performance reviews and financial audits are standard mechanisms to ensure accountability and proper use of funds.

Related Government Programs

Other Accounting Services
Department of State Contracting
Department of State Programs

Risk Flags

Time and Materials contract type can lead to cost overruns if not closely monitored.
Lack of specific performance metrics in the provided data.
Potential for scope creep without clear deliverables.
Dependence on a single contractor for critical financial functions.

Frequently Asked Questions

What is this federal contract paying for?

Department of State awarded $14.1 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICE - CST ICASS MAIN 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 $14.1 million.

What is the period of performance?

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

What is the projected cost per hour or per deliverable for this contract, and how does it compare to industry benchmarks?

The contract is a Time and Materials type, making a fixed per-unit cost difficult to ascertain without specific labor categories and rates. To assess value, one would need to compare the average hourly rates for different skill levels against government-wide or industry-specific benchmarks for accounting and financial management support services. This comparison would reveal if the negotiated rates are competitive and reflect fair market value.

What are the key performance indicators (KPIs) for this contract, and how will performance be measured to ensure effectiveness?

The provided data does not detail the specific Key Performance Indicators (KPIs) or the measurement methodology for this contract. Effective oversight would require clearly defined KPIs related to accuracy, timeliness, compliance, and responsiveness. The Department of State should have a robust performance management plan in place to track these metrics and ensure the contractor is meeting all contractual obligations and delivering effective financial support.

Are there any identified risks associated with the contractor's past performance or the specific nature of the services provided?

The data does not include information on the contractor's past performance or specific risks related to the services. A comprehensive risk assessment would involve reviewing past performance evaluations, financial stability, and any potential conflicts of interest. Given the critical nature of financial management, any identified risks should be actively managed through contract clauses, regular reviews, and contingency planning by the Department of State.

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: $15,730,713

Exercised Options: $15,730,713

Current Obligation: $14,093,377

Actual Outlays: $431,771

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