DFS Header
State Contract Reporting System

Florida Department of Financial Services: F.A.C.T.S

Tweet

Contract Information

 

Summary

Agency Name: DEPARTMENT OF FINANCIAL SERVICES

Agency Contract ID: OFR-FIN-0123

Long Title: Deferred Presentment Transaction System (O&M)

Vendor Name: VERITEC SOLUTIONS LLC

Total Contract Amount: $9,477,031.00

Total Budgetary Amount: $7,974,000.00

Total Payment To Date: $6,034,529.25

Date of Execution: 06/01/2021

General Description: To support the collection of fees and maintenance of a database concerning payday loans (Deferred Presentment). ***Contract held open until last payment is made. Invoices received quarterly. Anticipated date of FACTS closure on or before September.***8/13/2024 Contract Closed/Last Payment Made.***

Main Information

Agency Contract ID: OFR-FIN-0123

FLAIR Contract ID: F0123

Short Title: DPTSOM2021

Long Title: Deferred Presentment Transaction System (O&M)

Contract Type: Standard Two Party Agreement by Statute

Contract Status: Closed or Expired

Date of Execution: 06/01/2021

Date of Beginning: 07/01/2021

Original End Date: 06/30/2024

New Ending Date:

Agency Service Area: OFR

Statutory Authority: 560.404 (24), F.S.

Contract Involves State or Federal Financial Assistance: No

Recipient Type:

Provide for Administrative Cost: No

Provide for Periodic Increase: No

Procurement Information

Authorized Advanced Payment: No

Method of Procurement: Single source over Category Two [s. 287.057(3)(c), F.S] & [Rule 60A-1.045, F.A.C.]

State Term Contract ID:

Contract’s Exemption Justification: The current DPTS was originally developed and deployed by Veritec in 2002 using its proprietary software solution. The DPTS’ proprietary solution and underlying database are accessible only through the Veritec online portal, and its hosting, operations and maintenance may only be provided by Veritec. The existing system adequately performs the core functions of processing and collecting data related to deferred presentment transactions made by Florida Licensees and consumers. Therefore, OFR deems replacement of the system to be neither cost-effective, nor in the best interest of the State of Florida at this time.

Agency Reference Number:

Business Case Study Done: No

Legal Challenges to Procurement: No

Outsourcing / Capital Improvements

Was the Contracted Function Previously Performed by the State: No

Was the Contracted Function Considered for Insourcing back to the State: No

Did the Vendor Make Capital Improvements on State Property: No

Budget Information

Original Contract Amount: $9,477,031.00

Total Contract Amount: $9,477,031.00

Total Recurring Budgetary Amount: $7,974,000.00

Total Non-Recurring Budgetary Amount: $0.00

Total Budgetary Amount: $7,974,000.00

Total Unfunded Amount: $1,503,031.00

As of Date: 7/11/2023

Recurring Budgetary Amount Account Code Fiscal Year Effective Date FY Cost Accumulator Agency Amendment Reference
$2,430,000.00 43-50-2-573002-43900560-00-100513-00 07/01/2023 2023-2024
$2,772,000.00 43-50-2-573002-43900560-00-100513-00 07/01/2022 2022-2023
$2,772,000.00 43-50-2-573002-43900560-00-100513-00 07/01/2021 2021-2022


No Non-Recurring Budgetary records found for this contract.

Contract Change

No Contract Changes found for the contract.

Vendor

Name Line 1Name Line 2City State ZipMinority Vendor Designation
VERITEC SOLUTIONS LLC JACKSONVILLE FL 322160000 Non-Minority

CFDA

No CFDA Codes found for the contract.

CSFA

No CSFA Codes found for the contract.
More Deliverable Number      Commodity/Service Type Major Deliverable Method of Payment
     
 1 Software maintenance and support Database tracking and management services through 6/30/2024. Vendor will be paid based on total mont... Fixed Fee / Unit Rate
 Displaying 1 to 1 of 1    


Payments are also referred to as expenditures (creating or incurring a legal obligation to disburse money) or disbursements (the payment of expenditures). Payments include disbursements and accounting adjustments made on a contract. Payments are always positive amounts while accounting adjustments may be positive or negative depending on the type of adjustment.

Payment Details

"Date" in the listing below indicates the date the payment voucher was recorded in the system, not the date the payment was issued.
More Fiscal Year Total Amount
     
 2023-2024 $1,934,476.37
     
 2022-2023 $2,055,975.48
     
 2021-2022 $2,044,077.40

If a payment or adjustment to a contract was made before July 1, 2012, the information may not be posted in this system.

Contract Documents


Click on the pdf icon or Agency Document Link to view the document
Document Type Document Reference # Executed Date Document Add Date Agency Document Link View
Original Contract Original Contract - F0123 06/01/2021 6/21/2021 2:40:32 PM
Procurement Original Contract - F0123 6/21/2021 2:40:49 PM


Audit results posted prior to June 30, 2012, appear in a summarized form. As of July 1, 2012, the audit reporting process was expanded to include additional questions and comments from the Bureau of Auditing. As audits are captured in electronic format, they will be posted to this system. If you are interested in seeing audit reports by Fiscal Year and Agency Action Plans, please click here to navigate to the Transparency Florida Contract Audit page.

  • No audits have been conducted on this contract at this time.
BACK TO TOP    



2011 © Florida Department of Financial Services