State Dept. Awards $6.4M Financial Management Support Services Contract to Integrated Finance and Accounting Solutions, LLC
Contract Overview
Contract Amount: $6,422,794 ($6.4M)
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: $5.9K/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 R&R CA OTHER DP 1064
Place of Performance
Location: NORTH CHARLESTON, CHARLESTON County, SOUTH CAROLINA, 29405
Plain-Language Summary
Department of State obligated $6.4 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC. for work described as: FINANCIAL MANAGEMENT SUPPORT SERVICES - GFO R&R CA OTHER DP 1064 Key points: 1. Contract awarded for financial management support services. 2. Integrated Finance and Accounting Solutions, LLC is the contractor. 3. The contract has a total value of $6.4 million. 4. The period of performance is from August 1, 2023, to July 31, 2026. 5. This is a delivery order under a larger contract.
Value Assessment
Rating: good
The contract value of $6.4 million for financial management support services appears reasonable given the 3-year duration. 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 through 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 award process aims to ensure taxpayer funds are used efficiently for necessary financial management support.
Public Impact
Ensures continued financial management and accounting support for the Department of State. Supports the agency's operational efficiency and compliance. Provides essential services for financial reporting and accountability.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for cost overruns with Time and Materials contract type.
- Reliance on a single contractor for critical financial functions.
Positive Signals
- Awarded through full and open competition.
- Long-term contract provides stability for services.
Sector Analysis
The accounting services sector is crucial for government operations, ensuring financial integrity and compliance. Spending benchmarks vary widely based on the scope and complexity of services required.
Small Business Impact
The data indicates this contract was not awarded to a small business. Further analysis would be needed to determine if small business set-asides were considered or if opportunities were missed.
Oversight & Accountability
The Department of State is responsible for overseeing this contract. Standard oversight mechanisms should be in place to monitor performance and ensure adherence to contract terms.
Related Government Programs
- Other Accounting Services
- Department of State Contracting
- Department of State Programs
Risk Flags
- Time and Materials contract type.
- No small business participation indicated.
- Potential for scope creep without strict oversight.
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 $6.4 million to INTEGRATED FINANCE AND ACCOUNTING SOLUTIONS, LLC.. FINANCIAL MANAGEMENT SUPPORT SERVICES - GFO R&R CA OTHER 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 $6.4 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 services. However, given the NAICS code 541219 (Other Accounting Services), it likely encompasses a range of activities such as financial analysis, accounting system support, budget formulation, and financial reporting assistance.
What is the potential risk associated with the Time and Materials contract type?
Time and Materials (T&M) contracts can pose a risk of cost escalation if not closely monitored. The government pays for the actual time and materials used, which can lead to higher costs than fixed-price contracts if the scope is not well-defined or if inefficiencies arise.
How does this contract contribute to the Department of State's overall mission effectiveness?
Effective financial management is critical for any government agency's mission. This contract ensures the Department of State has the necessary support to manage its finances accurately, maintain accountability, and allocate resources efficiently, thereby directly supporting its diplomatic and operational objectives.
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: $8,949,023
Exercised Options: $8,949,023
Current Obligation: $6,422,794
Actual Outlays: $221,231
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: 2026-03-25
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