Fiscal Monitoring Services

The vendor required to provide fiscal monitoring services requested include, but may not be limited to:
•    Financial risk assessment, fiscal integrity reviews as appropriate, and financial compliance reviews yearly through the potential 5-year contract period.
•    Fiscal monitoring must include a risk assessment tool and a monitoring plan. 
•    The reporting and resolution process shall be based on the board's monitoring procedures. 
•    The selected bidder must create a risk assessment tool which shall identify high risk areas. 
•    The selected bidder shall be responsible, jointly with the board, for determining what constitutes high-risk areas. 
•    Provide a formal final written report of all monitoring findings and management observations to agency within 30 days of the review. 
•    All backup documentation pertaining to the monitoring process shall be provided to agency in its entirety. 
•    Use of desk and on-site reviews to conduct monitoring reviews. 
•    The desk review will include, but will not be limited to procedures, contract compliance, and financial reports. 
•    Develop a monitoring instrument that shall comply with the commission’s financial manual for grants and contracts and relevant federal and state regulations. 
•    Monitoring activities shall assess a contractor’s financial compliance with applicable laws, regulations, and authoritative pronouncements and contract provisions. 
•    Monitoring activities shall ensure all sub-recipients and sub-contractors have developed and implemented written policies and procedures that describe and support the monitoring process. 
•    Other special fiscal related reviews as deemed necessary by agency.