JPMC GAAP Reporting Services

The State of Illinois, through its Central Management Services (CMS) agency, is procuring GAAP (Generally Accepted Accounting Principles) Reporting Services in an Invitation for Bid (IFB) contract opportunity. The contract will establish an indefinite quantity contract enabling CMS, governmental units, and qualified not-for-profit agencies to purchase GAAP reporting services, including the preparation and review of year-end agency GAAP packages, financial statements, footnotes, and schedules required by the Illinois Office of the Comptroller and/or Auditor General. The initial contract term is 8 years, with a maximum total term of 10 years including renewals and extensions. Vendors will submit hourly rates for key staff positions such as Senior Staff Accountants, Staff Accountants, and Project Managers. The state reserves the right to award the contract as 60% primary, 30% secondary, and 10% tertiary.

The procurement has a 22% Business Enterprise for Minorities, Women, and Persons with Disabilities (BEP) participation goal, but no Veteran Small Business (VSB) goal. Vendors must be able to accommodate resource needs during the GAAP season from July through October, with additional follow-up responses as necessary. The contract was awarded to Crowe LLP for a total value of $4,474,000, and Ringold Financial Management Services, Inc. was identified as the certified BEP vendor. The state has published a directory of certified BEP vendors that can potentially fulfill the accounting and financial services requirements.