Financial Management Quality Service Management Office (FM QSMO) is an initiative created to help achieve the US Treasury modernize the financial systems in various agencies. They have teamed with GSA to establish a new Special Item Number 518218FM on the GSA Schedule.
It is important for GSA Schedule holders to understand the Industrial Funding Fee (IFF). As a self-funding agency, the IFF allows GSA to collect revenue with every product/service sold through a GSA contract. It is imperative that contractors fulfill their obligations and remain compliant by reporting sales and paying this IFF.