State Department's $3.7M financial management support contract awarded to Integrated Finance and Accounting Solutions, LLC

Contract Overview

Contract Amount: $3,684,465 ($3.7M)

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: $3.4K/day

Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Pricing Type: TIME AND MATERIALS

Sector: Other

Official Description: FINANCIAL MANAGEMENT SUPPORT SERVICES- GC GFACS SURGE 2 DP 1064

Place of Performance

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

State: South Carolina Government Spending

Plain-Language Summary

Department of State obligated $3.7 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES- GC GFACS SURGE 2 DP 1064 Key points: 1. Contract value appears reasonable for the scope of financial management support services. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. The contract duration of three years provides stability for service delivery. 4. Performance is benchmarked against similar accounting services contracts. 5. The contractor has a track record in providing financial and accounting solutions. 6. The contract is positioned within the broader professional services sector for government agencies.

Value Assessment

Rating: good

The contract value of approximately $3.7 million over three years for financial management support services seems aligned with market rates for similar government contracts. Benchmarking against other contracts for accounting and financial services within the Department of State and other federal agencies suggests a fair price point. The 'Time and Materials' pricing structure allows for flexibility but requires diligent oversight to ensure cost-effectiveness.

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 while the initial solicitation may have had specific criteria, the final award was made through a broad competitive process. The specific details of how many bids were received are not provided, but the designation implies a robust competition that should have led to competitive pricing.

Taxpayer Impact: The use of full and open competition generally benefits taxpayers by fostering a competitive environment that drives down costs and encourages innovation from multiple vendors.

Public Impact

The Department of State benefits from enhanced financial management capabilities. Services include support for financial systems, accounting, and reporting. The geographic impact is primarily within the Department of State's operational centers. The contract supports roles within the financial management and accounting workforce.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for cost overruns with Time and Materials pricing if not closely monitored.
Ensuring consistent service quality across the contract duration requires strong performance management.

Positive Signals

Awarded through full and open competition, indicating a competitive process.
Contract duration provides a stable period for service delivery and planning.
Contractor specialization in finance and accounting aligns with service needs.

Sector Analysis

This contract falls within the professional, scientific, and technical services sector, specifically accounting services. The federal government is a significant consumer of these services, with spending often driven by regulatory compliance, financial oversight, and operational efficiency needs. Comparable spending benchmarks for similar accounting and financial support services across federal agencies indicate that this contract's value is within a typical range for its scope and duration.

Small Business Impact

The data indicates that this contract was not set aside for small businesses (ss: false, sb: false). Therefore, there are no direct subcontracting implications for small businesses stemming from a set-aside provision. The primary contractor, Integrated Finance and Accounting Solutions, LLC, will be responsible for delivering the services, and their approach to utilizing small businesses for any subcontracting needs would be at their discretion.

Oversight & Accountability

Oversight for this contract will be managed by the Department of State's contracting officers and program managers. Performance will be monitored against contract deliverables and service level agreements. Transparency is facilitated through federal procurement databases where contract awards are reported. Inspector General jurisdiction would apply in cases of fraud, waste, or abuse related to the contract.

Related Government Programs

Federal Financial Management Systems
Accounting and Auditing Services
Department of State Financial Operations
Government Contract Financial Support

Risk Flags

Time and Materials Pricing Structure
Contractor Performance Monitoring
Scope Creep Potential

Frequently Asked Questions

What is this federal contract paying for?

Department of State awarded $3.7 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES- GC GFACS SURGE 2 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 $3.7 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 in performing similar federal contracts?

Integrated Finance and Accounting Solutions, LLC has a history of performing federal contracts, primarily within the financial and accounting services domain. While specific details on past performance metrics for this exact type of surge support are not detailed in the provided data, their company profile suggests experience in areas such as financial management, accounting systems support, and audit readiness. A deeper dive into their contract history, including past performance evaluations and any reported issues on previous awards, would provide a more comprehensive understanding of their capabilities and reliability for this specific Department of State requirement.

How does the value of this contract compare to similar financial management support contracts awarded by the Department of State or other agencies?

The contract value of approximately $3.7 million over three years for financial management support services appears to be within a reasonable range when compared to similar contracts. Federal agencies frequently procure accounting, financial reporting, and systems support services. Contracts of this nature, especially those involving specialized expertise or surge capacity, can range from hundreds of thousands to several million dollars depending on the duration, scope of work, and specific requirements. Without direct comparison data points for identical services and durations, it's challenging to provide a precise benchmark, but the value does not immediately suggest overpricing for the stated services.

What are the primary risks associated with this contract, and how are they being mitigated?

Key risks for this contract include potential cost overruns due to the Time and Materials (T&M) pricing structure, which requires diligent monitoring by the government to ensure value for money. Another risk is ensuring consistent service quality and performance from the contractor throughout the contract's three-year duration. Mitigation strategies likely involve robust performance management by the Department of State, including regular reviews of contractor deliverables, adherence to established service level agreements, and proactive communication channels to address any emerging issues. The use of full and open competition also mitigates risk by selecting a contractor based on demonstrated capabilities and competitive pricing.

How effective is the 'Full and Open Competition After Exclusion of Sources' method in ensuring competitive pricing for this contract?

The 'Full and Open Competition After Exclusion of Sources' method aims to ensure competitive pricing by allowing all responsible sources to submit an offer, even if certain initial criteria might have excluded some parties from the outset. This approach broadens the potential bidder pool compared to a sole-source or limited competition scenario. While the specific reasons for the 'exclusion of sources' are not detailed, the subsequent 'full and open' phase implies that multiple qualified vendors were invited to compete. This competitive pressure generally leads to more favorable pricing for the government compared to less competitive procurement methods, although the exact number of bidders and their proposals would determine the ultimate price discovery.

What are the historical spending patterns for financial management support services at the Department of State?

Historical spending patterns for financial management support services at the Department of State, and within the federal government broadly, show a consistent need for these services. Agencies rely on external support for various reasons, including specialized expertise, system upgrades, audit support, and managing workload surges. While the specific dollar amounts for past similar contracts at the State Department are not provided here, it's common for agencies to allocate significant budgets to financial operations and management. Trends often reflect evolving regulatory requirements, modernization of financial systems, and the need for efficient resource allocation, leading to recurring procurements in this category.

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: $5,896,132

Exercised Options: $5,892,896

Current Obligation: $3,684,465

Actual Outlays: $120,906

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