The Vendor is required to provide a cloud-based software solution that provides a platform to manage lease and subscription-based information technology arrangement (SBITA) contracts while automating the generation of lessee payment schedules, amortization schedules, journal entries, and disclosure reports to comply with GASB 87 and GASB 96.
- The software shall be capable of managing payment schedules, amortization schedules, required journal entries, and disclosure reporting to comply with GASB 87 and GASB 96 once contract details, such as lease terms, initial measurements, escalations, renewals, terminations, and modifications, are entered
- The primary goal with this request is to improve efficiency through automation and ensure accurate Lease and SBITA-related information in our financial statements.
- Provide complete GASB 96 (SBITA) compliance for all subscription-based information technology arrangement accounting standards
- Provide complete GASB 87 (Leases) compliance for all lease accounting requirements, including recognition, measurement, and disclosure standards for both short-term and long-term leases
- Support both lessee and lessor accounting with independent workflows and reporting
- Single, unified database for all leases (Lessee Lease and Lessor Lease) and SBITA agreements with segregated views
- Lifecycle Tracking & Management
• All modifications, amendments, and supplements with before/after comparison
• Renewals with automated alerts (30, 60, 90+ days configurable)
• Reassessments per GASB 87/96 requirements, including:
o Changes in fiscal year (we have non-cancelable term of 18 months, which needs to be premeasured at the beginning of each fiscal year)
o Changes in lease term
• Terminations with proper accounting treatment.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: February 3, 2026
