GASB 87 COMPLIANT LEASE ACCOUNTING SOFTWARE

The County of Sacramento is seeking a cloud-based software solution to track, account for, and disclose lessee and lessor agreements in compliance with GASB Statement 87. The selected vendor, IGM Technology Corp, will provide the software solution. The contract was awarded through a competitive RFP process, with eight vendors submitting proposals. The evaluation process included a consensus rating criteria with vendor interviews and reference checks in Phase 2, if necessary. • The RFP was issued on August 23, 2021, and the bid submission date was October 1, 2021. • The contract award is subject to Board approval, with a targeted Board date of January 11, 2022. • The County's requirements for the software solution include the ability to track and account for lessee and lessor agreements, as well as provide disclosure reports. • The contract value is not explicitly stated, but it is estimated to be around $382,000 based on the score summary sheet.