The Government 2014 fiscal year has ended and General Services Administration (GSA) and the Department of Veterans Affairs (VA) schedule holders should be preparing and finalizing reports.
Contractors are required to report the amount of GSA/VA schedule sales by Special Item Number (SIN) in the Quarterly Reporting System for sales received within Government Quarter 4 (July through September). GSA Schedule holders have 30 days after the close of the quarter to complete this task AND pay the required Industrial Funding Fee (IFF). VA schedule holders will have 60 days to complete these actions and must input the sales in the VA Sales Reporting System.
These tasks must be accomplished even if you have had zero sales for the time period. You are still required to log into the sales reporting system and report zero sales.
Perhaps you are not sure what makes up a schedule sale? To help with your sales reporting, visit our articles on What Constitutes a GSA Schedule Sale for the list of indicators and get some tips on how to Keep An Accurate GSA Sales Tracking System.
Paying the Industrial Funding Fee
In addition to filing your quarterly 72A report you will also pay the Industrial Funding Fee (IFF) that is due. GSA FAS is a self-funded organization through their IFF collections which is .75% for GSA and 1% for VA schedule sales. This fee should be included in your pricing and passed on to your customer. Once you complete your sales report you will be prompted as to how much IFF is due. You can pay the IFF electronically in the ePay system. For instructions on how to make an IFF payment online, click here.
All GSA 72A reports must be filed and IFF payment received no later than 10/30/2014. VA FAS schedule sales are due no later than 11/30/2014
Costs of Not Reporting Sales
Failing to do your GSA sales reporting or pay IFF on time can have consequences. Your 72A reports are monitored by your Administrative Contracting Officer (ACO) and Industrial Operations Analyst (IOA) and if you fail to report on time, this will be noted in your next Contractor Assistance Visit (CAV) and will cause a negative rating on your report card and additional scrutiny on sales tracking system. In extreme cases of non-compliance, GSA may issue a claim against your company for the IFF that is due, potentially, leading to a formal Inspector General Audit
If you have any questions on GSA Sales Reporting or IFF payments feel free to contact any of our GSA schedule consultants at Coley GCS at 210-402-6766.
Vice President for Coley GCS, LLC, a Government Contracts Consulting, Coaching and Training company. Daniel is a Certified Federal Contracts Manager (CFCM) and leads the day-to-day operations of Coley’s consulting practice. He has two decades of experience with the acquisition, management, and marketing of Federal, State, and Local government contracts. Daniel specializes in all aspects of GSA Schedules management and marketing and has helped hundreds of Coley clients remain compliant with the terms of their GSA contract while helping them expand their business.