Financial Responsibility Assessment

Once your proposal is submitted, you may be selected to go through a Financial Responsibility Assessment. This may be due to negative financials, a young company, or another reason GSA deems necessary to conduct an assessment. You will receive an email from the Financial Assessor inside GSA (this will be a different person from the CO assigned to review your proposal) asking for a handful of documents.

It is imperative to respond immediately, and thoroughly answer each question, and fill out each document requested. This person holds the power to reject your offer- so be prompt! Your assessor will request you to fill out several forms internal and specific to GSA (GSA Form 527, and a Questionnaire) regarding your financials to assess responsibility. You will also need to provide a Bank Reference that will need to go straight from your Bank to your assessor- which can be tricky so make sure to reach out to your bank as soon as possible and explain the situation. They will need to do this on your behalf in an expedited fashion- some banks are easier to deal with than others!

Your assessor may also ask for additional financial information such as reports from the current fiscal year, tax returns, etc. This will vary from assessment to assessment.

Most of the companies who enter into this process pass with flying colors and the review process continues on as normal. If you receive this email, do not panic and know it is all pretty routine. Just get a checklist in order and get to work on it as soon as possible. Communicate with your assessor so they know you are diligently working on getting them the requested items. (You got this!)

As always if you have any questions about the topic covered here, or about the general management of your GSA contract, please don’t hesitate to reach out to info@elevategsa.com.