Treasury contract for ECIP participant compliance support awarded to Summit Consulting LLC for $1.29M

Contract Overview

Contract Amount: $1,285,202 ($1.3M)

Contractor: Summit Consulting LLC

Awarding Agency: Department of the Treasury

Start Date: 2025-04-22

End Date: 2027-04-21

Contract Duration: 729 days

Daily Burn Rate: $1.8K/day

Competition Type: FULL AND OPEN COMPETITION

Pricing Type: LABOR HOURS

Sector: Other

Official Description: CONTRACTOR SUPPORT FOR EMERGENCY CAPITAL INVESTMENT PROGRAM (ECIP) PARTICIPANT COMPLIANCE. ECIP PARTICIPANTS ARE REQUIRED TO SUBMIT REPORTS. TREASURY REQUIRES CONTRACTOR SUPPORT TO VALIDATE THE ACCURACY OF THESE REPORTS.

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20001

State: District of Columbia Government Spending

Plain-Language Summary

Department of the Treasury obligated $1.3 million to SUMMIT CONSULTING LLC for work described as: CONTRACTOR SUPPORT FOR EMERGENCY CAPITAL INVESTMENT PROGRAM (ECIP) PARTICIPANT COMPLIANCE. ECIP PARTICIPANTS ARE REQUIRED TO SUBMIT REPORTS. TREASURY REQUIRES CONTRACTOR SUPPORT TO VALIDATE THE ACCURACY OF THESE REPORTS. Key points: 1. Contract focuses on validating compliance reports for the Emergency Capital Investment Program (ECIP). 2. Administrative Management and General Management Consulting Services are the primary function. 3. The contract duration is 729 days, ending April 21, 2027. 4. This is a BPA Call award, indicating it's a call-off from a pre-existing agreement. 5. The contract was awarded under full and open competition. 6. No small business set-aside was applied to this contract. 7. The contract is labor hours based, with 0 task orders issued to date.

Value Assessment

Rating: good

The contract value of $1.29 million for approximately two years of support appears reasonable for specialized compliance and validation services. Benchmarking against similar contracts for regulatory compliance support and data validation would provide a more precise value-for-money assessment. Given the specific nature of ECIP participant reporting, the pricing is likely influenced by the need for expertise in financial regulations and reporting standards.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded through full and open competition, suggesting that multiple vendors had the opportunity to bid. This method typically fosters competitive pricing and allows the government to select the best value offer. The specific number of bidders is not provided, but the open competition is a positive indicator for price discovery and market responsiveness.

Taxpayer Impact: Full and open competition generally benefits taxpayers by promoting a competitive environment that can lead to more cost-effective solutions and prevent price gouging.

Public Impact

The primary beneficiaries are the Department of the Treasury and the ECIP program, ensuring the integrity of participant reporting. Services delivered include validation of ECIP participant compliance reports. The geographic impact is primarily within the District of Columbia, where the Treasury is located. Workforce implications are likely limited to the contractor's personnel performing the validation services.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for scope creep if validation requirements expand beyond initial expectations.
Reliance on contractor expertise for critical compliance validation could pose a risk if key personnel depart.
Ensuring timely and accurate validation is crucial to maintain the integrity of the ECIP program.

Positive Signals

Awarded through full and open competition, suggesting a competitive process.
Contract duration provides stability for ongoing compliance monitoring.
Focus on critical compliance validation supports program integrity.

Sector Analysis

This contract falls within the professional services sector, specifically administrative management and general management consulting. The market for such services is robust, with numerous firms capable of providing regulatory compliance, data analysis, and reporting validation. The Treasury's need for specialized support for the ECIP program highlights a niche within this broader sector, likely commanding competitive rates due to the specific expertise required.

Small Business Impact

This contract was not awarded as a small business set-aside, nor does it appear to have specific subcontracting requirements for small businesses mentioned in the provided data. The primary contractor, Summit Consulting LLC, is not explicitly identified as a small business in this context. Therefore, the direct impact on the small business ecosystem appears minimal unless Summit Consulting engages small businesses as subcontractors.

Oversight & Accountability

Oversight for this contract would typically reside with the Department of the Treasury's contracting officer and program managers. Accountability measures are inherent in the contract's performance requirements, focusing on the accuracy and timeliness of report validation. Transparency is facilitated through the contract award process and the public availability of contract data, though specific internal oversight mechanisms are not detailed.

Related Government Programs

Emergency Capital Investment Program (ECIP)
Department of the Treasury Compliance Programs
Financial Regulatory Support Services
Government Contract Data Validation

Risk Flags

Potential for contractor performance issues impacting program integrity.
Reliance on specialized expertise requires careful monitoring of contractor personnel.

Frequently Asked Questions

What is this federal contract paying for?

Department of the Treasury awarded $1.3 million to SUMMIT CONSULTING LLC. CONTRACTOR SUPPORT FOR EMERGENCY CAPITAL INVESTMENT PROGRAM (ECIP) PARTICIPANT COMPLIANCE. ECIP PARTICIPANTS ARE REQUIRED TO SUBMIT REPORTS. TREASURY REQUIRES CONTRACTOR SUPPORT TO VALIDATE THE ACCURACY OF THESE REPORTS.

Who is the contractor on this award?

The obligated recipient is SUMMIT CONSULTING LLC.

Which agency awarded this contract?

Awarding agency: Department of the Treasury (Departmental Offices).

What is the total obligated amount?

The obligated amount is $1.3 million.

What is the period of performance?

Start: 2025-04-22. End: 2027-04-21.

What is the track record of Summit Consulting LLC in providing similar compliance validation services to federal agencies?

Information regarding Summit Consulting LLC's specific track record in providing compliance validation services to federal agencies is not detailed in the provided data. A comprehensive assessment would require reviewing past performance evaluations, contract history, and client references. However, their selection for this contract suggests they possess the requisite qualifications and experience deemed necessary by the Department of the Treasury for supporting the Emergency Capital Investment Program (ECIP) participant compliance. Further due diligence would involve examining their portfolio of work, particularly in areas related to financial reporting, regulatory adherence, and data integrity for government programs. Understanding their experience with similar programs or agencies would provide greater confidence in their ability to meet the contract's objectives.

How does the awarded value of $1.29 million compare to similar contracts for compliance support services?

The awarded value of $1.29 million for approximately two years of support for ECIP participant compliance validation appears to be within a reasonable range for specialized consulting services. However, a precise comparison requires benchmarking against contracts for similar services, such as regulatory compliance monitoring, financial data analysis, and reporting validation, particularly those awarded by the Department of the Treasury or other financial regulatory bodies. Factors influencing cost include the complexity of the ECIP program, the volume and nature of reports to be validated, and the required expertise of the contractor's personnel. Without specific comparable contract data, it is difficult to definitively state if this represents exceptional value, but the full and open competition award suggests a market-driven price.

What are the key performance indicators (KPIs) for this contract, and how will performance be measured?

The provided data does not explicitly detail the Key Performance Indicators (KPIs) for this contract. However, based on the contract's objective to 'validate the accuracy of these reports,' key performance indicators would likely revolve around the accuracy, timeliness, and completeness of the validation process. This could include metrics such as the percentage of reports validated accurately, the average time to complete validation for a given set of reports, the number of discrepancies identified, and the quality of the validation reports produced. Performance measurement would typically involve regular reviews by the Treasury's contracting officer's representative (COR), submission of performance reports by Summit Consulting LLC, and potentially site visits or audits.

What is the potential risk associated with relying on a single contractor for critical compliance validation?

The primary risk associated with relying on a single contractor, even one selected through full and open competition, is the potential for service disruption if the contractor fails to perform adequately or experiences unforeseen issues. This could include a decline in the quality of validation, delays in reporting, or the contractor's inability to retain key personnel with the necessary expertise. Mitigating these risks involves robust contract oversight, clearly defined performance standards, and contingency planning by the agency. While this contract was awarded competitively, ongoing monitoring of Summit Consulting LLC's performance is crucial to ensure continued compliance and program integrity.

How does this contract align with the Treasury Department's broader objectives for financial oversight and program integrity?

This contract directly aligns with the Treasury Department's broader objectives for financial oversight and program integrity by ensuring that participants in the Emergency Capital Investment Program (ECIP) are adhering to reporting requirements. The validation of these reports is a critical step in maintaining accountability and transparency within the ECIP. By verifying the accuracy of participant submissions, the Treasury can better assess the program's effectiveness, identify potential issues or fraud, and make informed decisions regarding program management and future funding. This contract serves as a key mechanism for upholding the integrity of financial programs managed by the department.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Administrative Management and General Management Consulting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Pricing Type: LABOR HOURS (Z)

Evaluated Preference: NONE

Contractor Details

Address: 777 6TH ST NW, WASHINGTON, DC, 20001

Business Categories: Asian Pacific American Owned Business, Category Business, Corporate Entity Not Tax Exempt, Limited Liability Corporation, Minority Owned Business, Self-Certified Small Disadvantaged Business, Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $1,285,202

Exercised Options: $1,285,202

Current Obligation: $1,285,202

Actual Outlays: $426,966

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: 2032H324A00003

IDV Type: BPA

Timeline