Interior Department Awards $39.25M Contract for Trust Financial Accounting System to Innovest Systems
Contract Overview
Contract Amount: $39,254,241 ($39.3M)
Contractor: Innovest Systems, LLC
Awarding Agency: Department of the Interior
Start Date: 2018-02-23
End Date: 2026-07-22
Contract Duration: 3,071 days
Daily Burn Rate: $12.8K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 5
Pricing Type: FIRM FIXED PRICE
Sector: IT
Official Description: IGF::CT::IGF TRUST FINANCIAL ACCOUNTING SYSTEM
Place of Performance
Location: NEW YORK, NEW YORK County, NEW YORK, 10014
State: New York Government Spending
Plain-Language Summary
Department of the Interior obligated $39.3 million to INNOVEST SYSTEMS, LLC for work described as: IGF::CT::IGF TRUST FINANCIAL ACCOUNTING SYSTEM Key points: 1. Contract Value: $39.25 million over its period of performance. 2. Competition: Awarded under full and open competition. 3. Risk: Moderate risk due to contract duration and potential for scope creep. 4. Sector: Information Technology (IT) services supporting financial systems.
Value Assessment
Rating: good
The contract value of $39.25 million for a 7-year period suggests a reasonable annual cost. Benchmarking against similar IT system development and maintenance contracts would provide a clearer picture of its value.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded through full and open competition, indicating a robust price discovery process. This method generally leads to more competitive pricing.
Taxpayer Impact: The use of full and open competition aims to ensure taxpayer funds are used efficiently by securing the best value.
Public Impact
Ensures continuity of critical financial accounting operations for the Department of the Interior. Supports trust and fiduciary activities, impacting financial management and accountability. Provides a stable platform for financial data management over the next several years.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Long contract duration (7 years) could lead to cost overruns if not managed effectively.
- Lack of specific performance metrics in the provided data makes it hard to assess effectiveness.
- Small business participation is not indicated, potentially missing opportunities for smaller firms.
Positive Signals
- Awarded through full and open competition, suggesting competitive pricing.
- Firm Fixed Price contract type helps control costs.
- Long-term contract provides stability for essential financial system operations.
Sector Analysis
This contract falls within the IT services sector, specifically focusing on financial accounting systems. Spending benchmarks for similar government IT contracts vary widely based on complexity and scope, but this value appears within a typical range for a system of this nature.
Small Business Impact
The data indicates that this contract was not awarded to a small business (sb: false). Further analysis would be needed to determine if small business subcontracting opportunities were pursued or mandated.
Oversight & Accountability
The contract's long duration necessitates robust oversight from the Department of the Interior to ensure performance, manage scope, and control costs effectively. Regular reviews and performance monitoring are crucial.
Related Government Programs
- Trust, Fiduciary, and Custody Activities
- Department of the Interior Contracting
- Departmental Offices Programs
Risk Flags
- Long contract duration increases risk of cost escalation and obsolescence.
- Potential for vendor lock-in if not managed carefully.
- Lack of explicit small business participation noted.
- Need for clear performance metrics to ensure accountability.
Tags
trust-fiduciary-and-custody-activities, department-of-the-interior, ny, definitive-contract, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of the Interior awarded $39.3 million to INNOVEST SYSTEMS, LLC. IGF::CT::IGF TRUST FINANCIAL ACCOUNTING SYSTEM
Who is the contractor on this award?
The obligated recipient is INNOVEST SYSTEMS, LLC.
Which agency awarded this contract?
Awarding agency: Department of the Interior (Departmental Offices).
What is the total obligated amount?
The obligated amount is $39.3 million.
What is the period of performance?
Start: 2018-02-23. End: 2026-07-22.
What is the specific functionality and scope of the IGF TRUST FINANCIAL ACCOUNTING SYSTEM, and how does its cost compare to similar systems in other agencies?
The IGF TRUST FINANCIAL ACCOUNTING SYSTEM supports trust, fiduciary, and custody activities. While the contract value of $39.25 million over seven years is provided, a precise comparison to similar systems is difficult without detailed functional scope and performance metrics. However, the firm fixed price and full and open competition suggest an effort to achieve value.
What are the key performance indicators (KPIs) for this contract, and how is Innovest Systems, LLC being held accountable for delivering on them?
The provided data does not specify the key performance indicators (KPIs) for this contract. Accountability would typically be managed through contract clauses, performance reviews, and potential penalties for non-performance. The firm fixed price structure provides some cost accountability, but detailed performance metrics are essential for a comprehensive assessment.
What is the potential impact of this system on the Department of the Interior's overall financial transparency and efficiency?
A well-functioning trust financial accounting system is crucial for the Department of the Interior's financial transparency and efficiency. It ensures accurate tracking of funds, compliance with regulations, and reliable reporting. The success of this contract in achieving these goals depends on the system's effective implementation and ongoing maintenance by Innovest Systems, LLC.
Industry Classification
NAICS: Finance and Insurance › Other Financial Investment Activities › Trust, Fiduciary, and Custody Activities
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Solicitation ID: D17PS00789
Offers Received: 5
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Parent Company: Blue Prism Group PLC
Address: 110 LEROY ST FIFTH FL, NEW YORK, NY, 10014
Business Categories: Category Business, Limited Liability Corporation, Partnership or Limited Liability Partnership, Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $47,170,907
Exercised Options: $39,254,241
Current Obligation: $39,254,241
Actual Outlays: $31,332,741
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Timeline
Start Date: 2018-02-23
Current End Date: 2026-07-22
Potential End Date: 2028-02-22 00:00:00
Last Modified: 2026-01-15
Other Department of the Interior Contracts
- Department of Health and Human Services, Administration of Children and Families, Office of Refugee Resettlement's Legal Services for Unaccompanied Children — $832.4M (Acacia Center for Justice)
- Military Family Life Counseling Program Igf::ot::igf — $638.8M (MHN Government Services LLC)
- Military Family Life Counseling Program — $637.0M (Magellan Healthcare Inc)
- Grants Program Solutions and Information Technology Support Services — $446.3M (Guidehouse Digital LLC)
- THE Purpose of This Requirement for Grants Program Solutions and IT Support Services IS to Provide Efficient and Effective Grant, Financial, and Contract Management Services, IT Solutions, and Support to the Grantsolutions and ITS Partners — $403.1M (Guidehouse Inc.)