Over time, a Federal Agency’s Office of the Chief Procurement Officer (OCPO) backlog of expired contracts built up resulting in unspent funds being held and awaiting closeout which is a Federal Acquisition Regulations final step of the contract life cycle. This requirement to eliminate the extensive backlog of expired contracts and return unspent funds to the Treasury was complicated by the out-of-date closeout process and the lack of written documentation.
Galvan and Associates collaborated with OCPO staff to gain valuable perspective from the various components involved in the process. Key Galvan and Associates personnel worked with the agency’s Contracting Officers and the COR to ensure an effective and repeatable streamlined process to expedite closeouts.
Galvan and Associates improved the agency’s ability to close out contracts in a structured, deliberate and expeditious manner while providing a demonstrated high rate of return on investment. This resulted in the recovery and de-obligation of over $50 million of no-year and current-year funds. Millions of unspent funds were returned to the Treasury or reallocated to agency initiatives, ensuring the integrity of the agency’s budget and resources for the upcoming fiscal year. Additionally, Galvan and Associates alleviated the agency’s responsibility and time consumption processing contract closeouts, allowing the agency’s OCPO workforce to focus on mission acquisition support.