Consultant Financial Report

​Overview

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

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

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 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 DOTExternalAudit@dot.wi.gov to determine if updated financial information is needed.

Contract provisions may also require annual submittal of the financial report when consultant’s compensation is based on actual costs.  The report may also be required for consultants who are not on the Roster as a condition of selection.

Submittal of Forms

Effective March 31, 2021, the Consultant Financial Report process transitioned to submitting in Masterworks. The WisDOT CFR Instructions includes directions for creating the Consultant Financial Report and submitting in Masterworks. Additional information about Masterworks is available.

Resources and Contacts

Paycheck Protection Program Credits

Consultant firms that received Paycheck Protection Program loans may have to provide credit to WisDOT when the loans are forgiven.​ The calculation and application of credits is explained in the following documents:

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 DOTExternalAudit@dot.wi.gov 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.