Consultant financial report

Masterworks Notice:

Please do not submit the Consultant Financial Report using the new submission system until notified. 

A new Consultant Financial Report submission system through Masterworks is currently in development.  Availability of the new submission system will be updated here and by email notice. The new submission will be similar to the current report but with some information keyed within Masterworks and the entire report submitted electronically rather than paper. 

Consultants should submit their Consultant Financial Report as instructed below up until submission in the Masterworks application is available. It is anticipated that Consultant Financial Reports sent July 1, 2018 and later will be required to be submitted through Masterworks. Check back here for updates as these dates could be extended due to software delays.  

The Consultant Financial Report facilitates the establishment of an indirect cost overhead rate and provides information used during contract negotiation and subsequent audit processes.

Firms not on the Roster must submit a Consultant Financial Report using the most recent financial information available before being added to the Roster.

Firms on the Roster annually submit a Consultant Financial Report to the department no later than five months after the end of their fiscal year. 

Firms not currently on the Roster but that may have provided the Consultant Financial Report for the most recently completed fiscal year should contact the Audit Supervisor at (608) 261-6270 to determine if updated financial information is needed.

The report may also be required for consultants who are not on the Roster as a condition of selection.

Contract provisions may also require annual submittal of the Consultant Financial Report when consultant’s compensation is based on actual costs.

Failure to file the report or filing of an inaccurate or incomplete report will result in the consultant being ineligible for selection until such time as accurate and complete information is provided.

Submittal of forms

DT1865 Consultant financial report includes instructions for submitting the Consultant financial report. Do not include the instructions with your submittal.

Electronic submittals of the Consultant Financial Report will not be accepted.

Do not submit form DT1538 (Consultant report) with your financial information.

Allow extra time for hand delivering documents to Hill Farms State Transportation Building.

Resources and contacts

Startup firms

New firms (does not include firms created as the result of a merger/acquisition/spin-off of existing firms) should submit the financial report based on pro forma rather than historical data. Firms whose historical data does not represent a complete year of full operation may request permission to use pro forma data for an additional year after startup. Contact the  Audit Supervisor at (608) 261-6270 for assistance.

Firms with changes in entity

Firms whose entity changes due to merger, acquisition or spin-off of significant business segments or subsidiaries must submit a Consultant Financial Report within 90 days after the new entity is formed. The report must be based on historical financial information of the entities affected by the transaction resulting in the change. New entities created through a merger or spin-off should use historical financial information of predecessor entities as the basis of pro forma information in the Consultant Financial Report.

When an entity contracting with WisDOT is acquired by another entity, the acquiring entity must submit a Consultant Financial Report for the acquiring entity to be eligible for selection.

When gross revenues of an acquired or spin-off entity exceed 25% of gross revenues of the acquiring/surviving entity, the Consultant must submit a revised Consultant Financial Report reflecting indirect cost and accounting disclosures of the surviving entity within 90 days of the closing of the applicable acquisition/spin-off transaction.

Acceptance

Firms will receive email notification when their financial report has been accepted. Firms may then use the rates submitted on the financial report on WisDOT contract proposals and invoicing on existing contracts.

Only firms receiving formal notification of acceptance may use their submitted rate.

Overhead rates submitted on financial reports are considered unaudited and are subject to review upon contract submittal.