OUT of the six companies that offered their bids, the Guam Department of Education has selected Alvarez & Marsal to be its third-party fiduciary agent, according to a source at the education agency.
But, GDOE will not release the name of the firm until U.S. DOE approves the agencys choice, according to superintendent Dr. Nerissa Underwood.
Once a third party agent is in place, USDOE will release the suspended Title V consolidated grant funding for school year 2009 in the amount of $23 million for federal programs. Earlier, USDOE allowed GDOE to draw down $8 million in carryover funds.
If the federal department does not approve GDOEs first choice, then the second choice bidder will be considered.
Underwood said she has not received a response from USDOE, which is currently reviewing the packet.If USDOE concurs, Alvarez & Marsal would provide fiduciary oversight and funds management services related to the administration of U.S. DOE grants.*Credentials*
In 2003, Alvarez & Marsal became the first corporate restructuring firm to be hired by the U.S. Virgin Islands Department of Education to implement crucial operational and financial reforms and redirect resources to the classroom where they matter most.
As a result of serious recurring deficiencies in the administration of their education programs, USDOE entered into a three-year compliance agreement with the U.S. Virgin Islands. One of the special conditions required that it procure the services of a third party agent to perform the financial management duties required under federal grant regulations, according to the companys website.
Alvarez & Marsal monitored and developed financial systems and controls associated with managing more than $75 million in grant funds for the USVI department of education schools and programs.
Possible Protest
USDOE stated that audited financial statements will continue to be required from vendors that responded to GDOEs request for proposal for a third party agent. Under the November 2009 GDOE special conditions, USDOE has the authority to approve the vendor selected by the local agency.
USDOEs considerations in approving the selected vendor include financial viability and its ability to manage federal grant funds.
USDOE officials have stated that they will not approve a vendor that does not have audited financial statements. USDOE recommended that audited financial statements be included in the request for proposal, according to the source.
Because Guam law does not require the submission of audited financial statements, GDOE changed the language to allow for a performance bond in lieu of the audit.
GDOE informed U.S. DOE of the change. U.S. DOE then instructed GDOE to change it to the current language in the RFP, requesting that a bidder submit audited financial statements, said the source.
But, according to the Office of Public Accountability, the language in the request for proposal could lead to a possible protest by other bidders.
The reason is because Guam law does not require accounting firms to be audited. Rather, they must have a peer review, according to the OPA.
Even in larger contracts, the government of Guam or any other entity, has not ever required audited financials as part of determining responsiveness and responsibility.
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See original here: GDOE fiscal agent named
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