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Public Higher Education Bulletin

Sole Source #SMO73448

Announcement of a Sole Source Purchase

Award Info
Published Thursday December 22, 2005
Awarded to:
Vendor:  E.C. Ortiz & Co., Chicago, IL
Amount:  $25,000
Terms:   One-time transaction
The University award process may be delayed up to thirty days as this award goes through a state approval process.
First published Wednesday, December 7, 2005
The University awarded a contract for a cash handling practices review to E.C. Ortiz & Co., Chicago, IL for $25,000.
This acquisition is for the hiring of an outside audit firm to review cash handling practices in several areas of the University. The very nature of this audit review makes this a timely and time-sensitive procurement, and imperatively one most cost-effectively performed by a vendor already uniquely familiar with University procedures and in relatively close geographic proximity to the university, a vendor tried and trusted by the University, and a vendor able to conduct such a study in an immediate, time-frame-accommodating (to the University) manner. This procurement involves sensitive background research information, data gathering and planning; detailed review, testing and assessment of existing procedures and related documentation; and final reporting and evaluation.
This purchase is only economically available from a single source because the vendor is singularly qualified and the most cost-effective vendor to perform this audit review because they have performed our external audit for five years, and, having done so, are uniquely and extensively familiar with the University and our processes, procedures, and internal transactions. Moreover, they are in close geographic proximity to the University, are able to begin work immediately and work within our intended time frame on this project, and utilize trusted professional staff with a proven University record of tested, tried, quality performance and service. Using this particular firm further provides a uniquely sizeable savings to the University because they have already collected considerable relevant, usable data during their prior engagements, necessary data which will now be utilized in more detailed review to make recommendations for improvements in our cash handling practices. Another firm, unfamiliar with the University and its procedures and practices, would have to expend numerous additional manhours in that step of the evaluation process, incurring considerably greater expense in overall project costs. Therefore this award is economically feasible from only one source.
For additional information, contact:
Scott Olsen
Phone: (815) 753-6111

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