Economic Feasibility Study (EFS)
Presented by:
Sandy McGough
Office of Financial Management
Economic Feasibility Study (EFS)
An EFS helps determine if accepting or disbursing
electronic funds is economically feasible:
Electronic funds may include, but are not limited to:
•Automated clearing house (ACH) transfers
•Credit cards
•Debit cards
•Wire Transfers
An EFS documents both the benefits and costs to:
 The agency
 Other state agencies
 The general public as a whole.
An EFS demonstrates the net benefit of a proposed project.
Why is an EFS required?
RCW 43.41.180 states that:
• OFM is authorized to approve the use of electronic and
other technological means to transfer both funds and
information whenever economically feasible.
• No state agency may use electronic or other
technological means, including credit cards, without
specific continuing authorization from OFM.
State Administrative and Accounting Manual
(SAAM) Chapter 40:
• Requires that agencies prepare an EFS.
The EFS is the tool used to help the agency and OFM
determine whether or not the project is economically feasible.
Required Components of an EFS
Forms required:
•Business Case
•Cost Benefit Analysis
•Supporting Documentation (as necessary)
These forms & other resources are available on
OFM’s E-Commerce Resources webpage:
http://www.ofm.wa.gov/resources/ecommerce.asp.