FBI Forfeiture Support Project Awarded $51.6M for Data Entry and Financial Analysis
Contract Overview
Contract Amount: $51,583,648 ($51.6M)
Contractor: Professional Risk Management, Inc.
Awarding Agency: Department of Justice
Start Date: 2023-08-01
End Date: 2026-09-30
Contract Duration: 1,156 days
Daily Burn Rate: $44.6K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Number of Offers Received: 3
Pricing Type: LABOR HOURS
Sector: Other
Official Description: THE FBI FORFEITURE SUPPORT PROJECT (FSP) IS FUNDED BY THE DOJS ASSET FORFEITURE MANAGEMENT STAFF (AFMS) AND PROVIDES SUPPLEMENTAL SUPPORT FOR THE FBIS ASSET FORFEITURE PROGRAM. THE MISSION OF THE FSP IS TO PROVIDE DATA ENTRY AND FINANCIAL ANALYSIS.
Place of Performance
Location: ALBANY, ALBANY County, NEW YORK, 12201
State: New York Government Spending
Plain-Language Summary
Department of Justice obligated $51.6 million to PROFESSIONAL RISK MANAGEMENT, INC. for work described as: THE FBI FORFEITURE SUPPORT PROJECT (FSP) IS FUNDED BY THE DOJS ASSET FORFEITURE MANAGEMENT STAFF (AFMS) AND PROVIDES SUPPLEMENTAL SUPPORT FOR THE FBIS ASSET FORFEITURE PROGRAM. THE MISSION OF THE FSP IS TO PROVIDE DATA ENTRY AND FINANCIAL ANALYSIS. Key points: 1. Contract focuses on essential data entry and financial analysis for the FBI's asset forfeiture program. 2. Professional Risk Management, Inc. is the incumbent contractor. 3. The contract is valued at $51.6 million over its period of performance. 4. The sector is primarily professional services supporting law enforcement operations.
Value Assessment
Rating: good
The contract value of $51.6M over approximately 3 years appears reasonable for specialized data entry and financial analysis services supporting a federal law enforcement agency. Benchmarking against similar support contracts for federal agencies would provide further context.
Cost Per Unit: N/A
Competition Analysis
Competition Level: limited
The contract was awarded under 'FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES,' suggesting a limited competition. This method may impact price discovery compared to unrestricted full and open competition.
Taxpayer Impact: Taxpayer funds are being used to enhance the efficiency and effectiveness of the FBI's asset forfeiture program, which aims to recover illicit gains.
Public Impact
Enhances FBI's ability to manage and analyze forfeited assets, potentially increasing recovery rates. Supports law enforcement operations by providing critical back-office functions. Ensures compliance and accurate record-keeping for sensitive financial data.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Limited competition may not yield the best possible price.
- Reliance on a single contractor for critical support functions.
Positive Signals
- Clear statement of work for data entry and financial analysis.
- Defined period of performance with clear start and end dates.
Sector Analysis
This contract falls within the professional, scientific, and technical services sector, specifically supporting government administration and law enforcement. Spending in this area is often driven by agency operational needs and regulatory requirements.
Small Business Impact
The data does not indicate any specific set-asides for small businesses. Further analysis would be needed to determine if small businesses had an opportunity to participate in this procurement.
Oversight & Accountability
The contract is managed by the Department of Justice's Asset Forfeiture Management Staff (AFMS), indicating a level of oversight. However, the specific oversight mechanisms and accountability measures for this contract are not detailed in the provided data.
Related Government Programs
- Investigation and Personal Background Check Services
- Department of Justice Contracting
- Federal Bureau of Investigation Programs
Risk Flags
- Limited competition
- Potential for vendor lock-in
- Data security and integrity risks associated with financial analysis
- Contract performance dependency on key personnel
Tags
investigation-and-personal-background-ch, department-of-justice, ny, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Justice awarded $51.6 million to PROFESSIONAL RISK MANAGEMENT, INC.. THE FBI FORFEITURE SUPPORT PROJECT (FSP) IS FUNDED BY THE DOJS ASSET FORFEITURE MANAGEMENT STAFF (AFMS) AND PROVIDES SUPPLEMENTAL SUPPORT FOR THE FBIS ASSET FORFEITURE PROGRAM. THE MISSION OF THE FSP IS TO PROVIDE DATA ENTRY AND FINANCIAL ANALYSIS.
Who is the contractor on this award?
The obligated recipient is PROFESSIONAL RISK MANAGEMENT, INC..
Which agency awarded this contract?
Awarding agency: Department of Justice (Federal Bureau of Investigation).
What is the total obligated amount?
The obligated amount is $51.6 million.
What is the period of performance?
Start: 2023-08-01. End: 2026-09-30.
What is the specific value proposition of Professional Risk Management, Inc.'s services compared to potential competitors?
The provided data does not detail the specific value proposition of Professional Risk Management, Inc. beyond fulfilling the contract's requirements for data entry and financial analysis. A deeper dive into past performance, unique methodologies, or specialized expertise would be needed to assess their specific value compared to potential competitors.
What are the primary risks associated with the limited competition award method for this contract?
The primary risks associated with limited competition include potentially higher costs due to reduced price pressure, a narrower pool of innovative solutions, and a potential over-reliance on a single vendor. This can also limit opportunities for new market entrants and small businesses to compete for government contracts.
How effectively does this contract contribute to the overall mission of the FBI's asset forfeiture program?
This contract is crucial for the operational effectiveness of the FBI's asset forfeiture program by providing essential data entry and financial analysis. Efficiently managing and analyzing forfeited assets is key to maximizing recovery and ensuring proper legal and financial compliance, directly supporting the program's mission.
Industry Classification
NAICS: Administrative and Support and Waste Management and Remediation Services › Investigation and Security Services › Investigation and Personal Background Check Services
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Offers Received: 3
Pricing Type: LABOR HOURS (Z)
Evaluated Preference: NONE
Contractor Details
Address: 47564 COMPTON CIR, STERLING, VA, 20165
Business Categories: Category Business, Corporate Entity Not Tax Exempt, Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business, Veteran Owned Business
Financial Breakdown
Contract Ceiling: $78,066,439
Exercised Options: $53,219,364
Current Obligation: $51,583,648
Actual Outlays: $38,352,714
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: 15JPSS23D00000066
IDV Type: IDC
Timeline
Start Date: 2023-08-01
Current End Date: 2026-09-30
Potential End Date: 2028-03-31 00:00:00
Last Modified: 2026-02-18
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