State Dept Awards $10.7M Financial Management Support Services Contract to Integrated Finance and Accounting Solutions, LLC
Contract Overview
Contract Amount: $10,720,282 ($10.7M)
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: $9.8K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Pricing Type: TIME AND MATERIALS
Sector: Other
Official Description: FINANCIAL MANAGEMENT SUPPORT SERVICES - PROJECT A DP 1064
Place of Performance
Location: NORTH CHARLESTON, CHARLESTON County, SOUTH CAROLINA, 29405
Plain-Language Summary
Department of State obligated $10.7 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES - PROJECT A DP 1064 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 primary accounting service code is 541219 (Other Accounting Services).
Value Assessment
Rating: good
The contract value of $10.7M over three years appears reasonable for specialized financial management support services. Benchmarking against similar contracts for accounting services is difficult without more specific service details, but the pricing seems within a typical range for professional services.
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 is obtained.
Taxpayer Impact: The competitive award process aims to ensure taxpayer funds are used efficiently for necessary government services.
Public Impact
Ensures continued financial management and accounting support for the Department of State. Supports critical government operations through specialized financial services. The contract duration allows for stable service provision over three years.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of specific service details makes detailed value assessment challenging.
- Potential for cost overruns in Time and Materials contracts if not closely managed.
Positive Signals
- Awarded through full and open competition.
- Long-term contract provides stability for service delivery.
Sector Analysis
This contract falls under professional services, specifically accounting and financial management. Spending in this sector is consistent across government agencies requiring specialized support for complex financial operations.
Small Business Impact
The contract was awarded to Integrated Finance and Accounting Solutions, LLC, and there is no indication of small business participation in this specific award. Further analysis would be needed to determine if small business goals were considered or met through subcontracting.
Oversight & Accountability
The Department of State is responsible for oversight of this contract. The use of a delivery order under a larger contract framework suggests established oversight mechanisms are in place.
Related Government Programs
- Other Accounting Services
- Department of State Contracting
- Department of State Programs
Risk Flags
- Time and Materials contract type.
- Limited service detail provided.
- No explicit small business participation noted.
Tags
other-accounting-services, department-of-state, sc, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of State awarded $10.7 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES - PROJECT A DP 1064
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 $10.7 million.
What is the period of performance?
Start: 2023-08-01. End: 2026-07-31.
What specific financial management support services are included in this contract?
The provided data does not detail the specific financial management support services. It is categorized under 'Other Accounting Services' (NAICS 541219). Further inquiry with the Department of State would be necessary to ascertain the precise nature of the services, such as financial reporting, budgeting assistance, accounting system support, or audit preparation.
What is the potential risk associated with the Time and Materials contract type?
Time and Materials (T&M) contracts carry a risk of cost escalation if not managed diligently. The contractor is reimbursed for direct labor hours at specified hourly rates and for the actual cost of materials. Without strict oversight, monitoring, and defined ceilings, this contract type can lead to higher-than-expected costs for the government.
How effective is the 'full and open competition after exclusion of sources' method in ensuring value?
This method aims to ensure robust competition by allowing all responsible sources to submit offers, while also allowing for specific exclusions if justified. When properly executed, it typically leads to competitive pricing and ensures the government receives best value. The effectiveness hinges on the clarity of the solicitation and the rigor of the evaluation process.
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: $13,196,558
Exercised Options: $13,196,558
Current Obligation: $10,720,282
Actual Outlays: $211,484
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
Start Date: 2023-08-01
Current End Date: 2026-07-31
Potential End Date: 2026-07-31 00:00:00
Last Modified: 2026-03-27
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