Financial Management Oversight Program - FMO

Added: Jun 03, 2015 7:41 pm  The Federal Transit Administration (FTA) intends to issue a solicitation on June 3, 2015 for recurring Financial Management Oversight Reviews (FMO); an FTA area of program oversight. The objective of the FMO program is to ensure that grantees have sound financial management systems and adequate internal controls to manage the Federal funds. This effort facilitates FTA compliance with Congressional direction to conduct independent financial assessments. FTA is charged with assisting the grantee community in meeting a high level of financial capacity needed to implement new start projects. The FMO program started in July 1991 and is authorized at 49 U.S.C., Section 5327(c). This section allows the set-aside of one-half or three-quarters of one percent from certain program funds. Section 5327(c) was originally established for program management oversight.  Safety, procurement management, and financial compliance reviews were specifically included later. FTA intends to award up to 5 multi-year contracts to Small Business concerns for FMO oversight services. The contracts will be hybrid in nature in that there are some fixed price contract line items and some Time and Materials contract line items.