Consultant Financial Screening
Financial Screening is required for firms interested in becoming eligible for UDOT Consultant Services contracts as prime or subconsultants, per 2 CFR Part 200 Subpart E (Cost Principles) and 48 CFR Part 31 (Federal Acquisition Regulations (FAR)). Please contact Audrey R. D’Ambruoso at (801) 965-4138 or firstname.lastname@example.org with questions or inquiries regarding the financial screening process.
Consultants will need to be financially screened to the level required by the type of contract and services they will be performing.
The purpose of financial screening is to provide reasonable assurance that the consultant’s financial statements, presented Indirect Cost Rate (ICR), hourly billing rates, and direct costs comply with 2 CFR Part 200 (Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Federal Acquisition Regulations Part 31), and Utah Rule R907-66-7(2) (Consultant Financial Screening and Auditing).
Per Utah Administrative Rule R907-66-7 (2) (Consultant Financial Screening and Auditing), consultants are required to submit their firm’s financial screening application (including all required supporting documents) within 90 days of their most recent fiscal year-end or 60 days prior to the anniversary date of their previous financial screening application approval, whichever occurs first. Consultants that require an extension may send a request to email@example.com for consideration.
The financial screening process consists of verification, risk assessment, desk review, and audit procedures as necessary to:
- Accept a firm’s presented indirect cost rate(s), or
- Recommend adjustments to presented rate(s) in order to accept compliant rate(s), or
- Develop/provide rate(s) to new entities that do not have an existing financial history, or
- Develop/assign acceptable rate(s) for non-compliant consultant presentations, or
- Reject presented rate(s) when processes listed above do not result in reasonable assurance of compliance, or
- Provide financial screening approval for firms that do not present/ require indirect cost rate(s).