Financial Documentation Requirements
It is important for prospective bidders to review, as soon as possible, all the details of what types of financial information are required to be submitted electronically in Connexion, the bid program’s secure portal, before the close of the bid window.
Bidders must upload the following financial documents by the close of the bid window:
Credit Report with Numerical Credit Score or Rating
Statement of Cash Flows
Tax Return Extract*
* Bidders who filed Form 1120 for the 2018 tax year must upload pages 1-6 of Form 1120 in Connexion. Bidders whose most recently filed tax return was for the 2016 or 2017 tax year, and who filed Form 1120, must upload pages 1-5 of Form 1120 in Connexion. The requirements vary based upon the bidder’s type of organization. The CBIC site provides detailed examples and guidance which can be found here.
You should review the CBIC’s Required Financial Documents fact sheet, the Required Financial Documents by Business Type Table, the Required Documents Checklist, and the Sample Financial Statements on the Competitive Bidding Implementation Contractor (CBIC) website for instructions and guidelines. The CBIC notes that many off-the-shelf accounting programs’ default settings do not generate properly formatted financial statements. We strongly recommend the use of an accounting professional to prepare your required financial documents.
It is important to note that if one or more required financial documents are not uploaded in Connexion by the close of the bid window, the entire bid is considered incomplete and will be removed from further evaluation for a contract award in Round 2021. Only the covered documents identified and requested in a written notification from the CBIC as a result of the covered document review date (CDRD) process will be considered after the close of the bid window (see the Process for Reviewing Covered Documents fact sheet).
In an effort to limit disqualifications in Round 2021, if a financial document(s) is received and deemed unacceptable (e.g., ending cash on the statement of cash flows does not equal the cash reported on the balance sheet), the bidder will not automatically be disqualified. Rather, these bidders will receive a zero score for all financial ratios associated with the unacceptable document(s). In these situations, a bidder may still be able to receive a financial score that meets the financial requirements and be eligible for further evaluation.