State Dept. Awards $2M for Financial Management Support to Integrated Finance and Accounting Solutions, LLC
Contract Overview
Contract Amount: $2,000,973 ($2.0M)
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: $1.8K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Pricing Type: TIME AND MATERIALS
Sector: Other
Official Description: FINANCIAL MANAGEMENT SUPPORT SERVICES - OMA 1064
Place of Performance
Location: NORTH CHARLESTON, CHARLESTON County, SOUTH CAROLINA, 29405
Plain-Language Summary
Department of State obligated $2.0 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES - OMA 1064 Key points: 1. Contract awarded to Integrated Finance and Accounting Solutions, LLC for financial management support. 2. The contract has a total value of $2,000,973.44 over three years. 3. Competition method was 'Full and Open Competition After Exclusion of Sources', indicating a specific reason for excluding other sources. 4. The sector is Other Accounting Services, with a NAICS code of 541219.
Value Assessment
Rating: fair
The contract is a Time and Materials type, which can lead to cost overruns if not managed carefully. Benchmarking against similar contracts for financial management support is difficult without more specific service details.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under 'Full and Open Competition After Exclusion of Sources'. This suggests that while competition was sought, certain sources were excluded, potentially impacting the breadth of price discovery.
Taxpayer Impact: The $2M award represents taxpayer funds allocated for essential financial management services within the Department of State.
Public Impact
Ensures continuity of financial operations within the Department of State. Supports critical accounting and financial reporting functions. Potential for cost increases due to Time and Materials pricing structure.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Time and Materials pricing can lead to uncontrolled costs.
- Exclusion of sources in competition may limit optimal pricing.
- No small business participation noted.
Positive Signals
- Awarded under full and open competition.
- Supports essential government functions.
Sector Analysis
This contract falls under Other Accounting Services, a broad category. Spending in this sector can vary significantly based on agency size and complexity of financial operations. The Department of State's global operations likely necessitate robust financial support.
Small Business Impact
The data indicates that this contract was not awarded to a small business (sb: false). There is no specific mention of small business subcontracting goals or participation in the provided details.
Oversight & Accountability
The Department of State is responsible for overseeing this contract to ensure services are delivered as specified and within budget. The 'Exclusion of Sources' clause warrants further scrutiny to ensure fairness and prevent potential impropriety.
Related Government Programs
- Other Accounting Services
- Department of State Contracting
- Department of State Programs
Risk Flags
- Potential for cost overruns due to Time and Materials pricing.
- Lack of transparency regarding excluded sources in competition.
- No indication of small business participation or subcontracting.
- Broad service description makes value assessment difficult.
Tags
other-accounting-services, department-of-state, sc, delivery-order, 1m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of State awarded $2.0 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES - OMA 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 $2.0 million.
What is the period of performance?
Start: 2023-08-01. End: 2026-07-31.
What specific services are included under 'Financial Management Support' to justify the $2M cost?
The provided data lacks specific details on the services rendered. 'Financial Management Support' can encompass a wide range of activities, from basic bookkeeping to complex financial analysis, budgeting, and auditing. Understanding the precise scope is crucial for evaluating value for money and ensuring the $2M is appropriately utilized for critical departmental needs.
What was the justification for excluding certain sources during the 'Full and Open Competition' process?
The justification for excluding sources is not provided. Typically, such exclusions might be based on specific technical requirements, past performance, or unique capabilities. Without this information, it's difficult to assess if the exclusion was warranted or if it potentially limited competition and resulted in a less favorable price for taxpayers.
How effectively will the Time and Materials contract structure be managed to prevent cost overruns?
The effectiveness of managing a Time and Materials contract hinges on robust oversight and clear performance metrics. The Department of State must actively monitor labor hours, rates, and material costs against the contract's ceiling. Without proactive management and detailed reporting, this contract type carries a significant risk of exceeding its allocated budget.
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: $3,096,255
Exercised Options: $3,096,255
Current Obligation: $2,000,973
Actual Outlays: $72,453
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: 2026-02-24
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