State Department awards $7.96M for financial management support, with a significant portion allocated for delivery orders

Contract Overview

Contract Amount: $7,962,561 ($8.0M)

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: $7.3K/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 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 $8.0 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES- GFO DP 1064 Key points: 1. The contract value of $7.96 million 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 1095 days (3 years) provides a stable period for service delivery. 4. The primary contractor, Integrated Finance and Accounting Solutions, LLC, will be responsible for delivering these services. 5. The contract is categorized under 'Other Accounting Services', indicating a focus on specialized financial functions. 6. The award was made by the Department of State, highlighting its need for robust financial operations.

Value Assessment

Rating: good

The total contract value of $7.96 million for financial management support services over three years is within a reasonable range for a federal agency of this size. Benchmarking against similar contracts for accounting and financial consulting services suggests that the pricing structure, likely based on time and materials, is competitive. The award amount reflects the anticipated workload and the specialized nature of the services required by the Department of State.

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 competition was broad, specific sources were initially excluded before the final award. This suggests a deliberate process to ensure a wide range of potential bidders were considered. The number of bidders is not specified, but the 'full and open' nature implies a robust competition that should drive price discovery and value.

Taxpayer Impact: The use of full and open competition is generally favorable for taxpayers as it promotes a competitive environment, potentially leading to lower prices and better service quality.

Public Impact

The Department of State benefits directly through enhanced financial management and accounting operations. Services delivered will support the agency's core financial functions, ensuring compliance and efficiency. The geographic impact is primarily within the Department of State's operational footprint, likely supporting its headquarters and potentially global operations. Workforce implications may include the need for specialized accounting and financial professionals within the contractor's team.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for cost overruns if time and materials basis is not closely monitored.
Dependence on a single contractor for critical financial functions could pose a risk if performance falters.

Positive Signals

Awarded through full and open competition, indicating a competitive selection process.
Contract duration of three years provides stability for service continuity.
The contractor, Integrated Finance and Accounting Solutions, LLC, is specialized in financial services.

Sector Analysis

The federal sector for accounting and financial management services is substantial, with agencies consistently requiring support for complex financial operations, compliance, and reporting. This contract fits within the broader category of professional services, specifically focusing on specialized accounting functions. Comparable spending benchmarks in this area often vary based on the agency's size, complexity, and specific needs, but contracts in the multi-million dollar range are common for comprehensive support.

Small Business Impact

This contract does not appear to have a small business set-aside component, as indicated by 'ss': false and 'sb': false. Therefore, the primary contractor is likely a large business. There is no explicit information regarding subcontracting plans for small businesses within the provided data. The impact on the small business ecosystem is neutral to potentially negative if subcontracting opportunities are not pursued.

Oversight & Accountability

Oversight for this contract will likely be managed by the contracting officer and program managers within the Department of State. Accountability measures are typically embedded in the contract terms, including performance standards and reporting requirements. Transparency is facilitated through contract award databases like FPDS. Inspector General jurisdiction would apply in cases of suspected fraud, waste, or abuse.

Related Government Programs

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

Risk Flags

Potential for cost overruns due to Time and Materials pricing structure.
Need for robust government oversight to ensure efficient service delivery.
Dependence on contractor performance for critical financial functions.

Frequently Asked Questions

What is this federal contract paying for?

Department of State awarded $8.0 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES- GFO 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 $8.0 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 the Department of State and other federal agencies?

A thorough review of Integrated Finance and Accounting Solutions, LLC's contract history with the Department of State and other federal agencies would be necessary to assess their track record. This would involve examining past performance evaluations, any documented issues or disputes, and the successful completion of similar financial management support services. Understanding their history of delivering on time, within budget, and to the required quality standards is crucial for evaluating their reliability and capability for this current contract. Data from sources like the Federal Procurement Data System (FPDS) and CPARS (Contractor Performance Assessment Reporting System) would be essential for this analysis.

How does the awarded amount compare to similar financial management support contracts awarded by the Department of State in the past three years?

To compare the awarded amount of $7.96 million, one would need to analyze historical data for similar financial management support services contracts awarded by the Department of State over the last three years. This analysis should consider contracts with comparable scopes of work, durations, and service levels. Factors such as the specific accounting services required, the number of personnel involved, and the complexity of the agency's financial systems would need to be normalized. If this contract's value is significantly higher or lower than comparable awards, it could indicate either exceptional value or potential overpricing/underbidding.

What are the primary risks associated with a Time and Materials contract for financial management support?

Time and Materials (T&M) contracts, like the one awarded here, carry inherent risks, primarily related to cost control. The government pays for the actual labor hours and material costs incurred by the contractor. This structure can lead to cost overruns if the contractor's efficiency is low or if the scope of work expands without adequate oversight. For financial management support, risks include inefficient use of labor, unnecessary material purchases, and potential for scope creep that inflates costs. Robust monitoring, clear task definitions, and strong project management by the government are essential to mitigate these risks and ensure value for money.

What is the expected impact of these financial management support services on the Department of State's overall operational efficiency?

The expected impact of these financial management support services on the Department of State's operational efficiency is anticipated to be positive, assuming successful service delivery. Enhanced financial management can lead to more accurate budgeting, improved resource allocation, streamlined payment processes, and better compliance with financial regulations. This, in turn, can free up internal resources to focus on core diplomatic and foreign policy missions. The services should contribute to greater financial transparency and accountability, which are critical for a large, complex organization like the State Department.

How has the Department of State's spending on 'Other Accounting Services' (NAICS 541219) trended over the past five fiscal years?

Analyzing the Department of State's spending trends on 'Other Accounting Services' (NAICS 541219) over the past five fiscal years would provide valuable context for this award. This trend analysis would reveal whether spending in this category has been increasing, decreasing, or remaining stable. A consistent or increasing trend might indicate a growing need for such specialized services, while a decreasing trend could suggest internal capacity building or shifting priorities. Understanding this historical spending pattern helps in assessing the current award's significance and potential future requirements within this service 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: $13,388,760

Exercised Options: $8,832,246

Current Obligation: $7,962,561

Actual Outlays: $351,800

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