Financials Requirement

All GSA MAS contract holders have to hit minimum sales requirements to maintain their contract.  Many contract holders find this out the hard way at contract renewal time when GSA decides not to offer the next option.  Find out what your requirements are and how to stay ahead of the curve inside the episode!

As always if you have any questions, or if you’d like direct support from a GSA consultant to help with a specific project please feel free to reach out to us at podcast@elevategsa.com

Episode Notes:

For more episodes: www.elevategsa.com/podcast

Helpful Links:

GSA Solicitation: https://eoffer.gsa.gov/util/publishedsolicitationutil?solicitationNumber=47QSMD20R0001&refreshAmendNumber=0021&scheduleNumber=MAS&solicitationType=SCHEDULES&isMas=Y

Transcript

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Financials Requirement

Welcome to GSA 101 brought to you by Elevate GSA: where we turn GOVSPEAK into a language YOU speak.  My name is Hannah Struss and I have Collin Hartsell here with me and we are going to be talking about the financials requirement detailed in the solicitation.

In order to provide a complete proposal package for a GSA contract, you must demonstrate financial responsibility by providing supporting documentation. The solicitation provides guidance on this, but let’s break this down into layman’s terms. 

To fulfill this requirement you will need to provide:

·      The previous 2 completed fiscal years of Profit and Loss Statements, as well as Balance Sheets.

·       If there are any negative financials, such as negative income or equity, you must provide an explanation as to why. Perhaps you sunk money into marketing, product development, hiring new employees, etc. Explain to GSA your process and how you plan to recover. 

·      The CO upon reviewing may come back and ask for additional documentation, such as letters of credit, etc. 

**If you are a Streamlined Proposal candidate which means you were a past successful GSA contractor and are now submitting for a new contract, you do not have to provide financials with your offer* A nice perk!

If you are submitting under the Springboard program and have less than 2 years of corporate experience,  as either an individual contractor or a Joint Venture, you will need to provide any financial documentation you do have. For JV’s this may be both managing partners financials instead, and any financials that exist for the JV.

As always if you have any questions of if you’d like direct support with your contract please feel free to reach out at podcast@elevategsa.com.

Thanks for listening! 

Links:

GSA Solicitation: https://eoffer.gsa.gov/util/publishedsolicitationutil?solicitationNumber=47QSMD20R0001&refreshAmendNumber=0021&scheduleNumber=MAS&solicitationType=SCHEDULES&isMas=Y