Financial Monitoring Services

The vendor is required to provide financial monitoring services for areas such as accounting systems, disbursements, payroll, procurement, and cost allocation, providing written reports with findings and recommendations.
- Compliance knowledge and expertise
• Demonstrate knowledge of federal uniform administrative requirements, cost principles, and audit requirements for federal awards.
• Ensure familiarity with the state uniform grant management standards.
• Possess a thorough understanding of the requirements for auditing public funds, including experience with public and community-based organizations, as well as public/private colleges and universities.
- Audit and review experience
• Conduct financial audits and reviews, for public and nonprofit organizations, with an emphasis on those operating with federal workforce dollars.
• Conduct reviews and audits for large and small organizations to ensure compliance with regulatory requirements.
- Principal qualifications
• At least one principal of the firm must hold a certified public accountant (CPA) license in the state.
• If the proposal is submitted by a firm, the firm must have a current firm license and be registered with the state board of public accountancy.
- On-site and virtual presence
• Attend frequent, onsite and/or virtual meetings with agency staff as needed during the financial review and monitoring process.
- Attention to detail and documentation evaluation
• Demonstrate exceptional attention to detail and the ability to interpret and evaluate complex documentation.
• Conduct thorough documentation review, ensuring accuracy and completeness in all financial records and reports.
- Review areas:
• Written accounting policies and procedures
• Accounting systems and controls
• Accounting system transactions
• Personnel policies and procedures
• Payroll, time sheets, and salary allocation
• Disbursements
• Payments to participants
• Travel policies and procedures (including transaction testing)
• Procurement policies and systems
• Inventory policies and procedures, systems and controls
• Subcontracts and inventory controls
• Financial reporting (billings to agency)
• Cost allocation plans
• Budgeting
• Obligations and encumbrances
• Cash management
• Compliance with contractual and regulatory requirements
• Audits
- Contract Period/Term: 1 year
- Pre-Proposal Conference Date (Non-Mandatory): March 18, 2025
- Questions/Inquires Deadline: March 20, 2025