Treasury's $1.56M auditing services contract awarded to McBride, Lock & Associates, LLC

Contract Overview

Contract Amount: $155,727 ($155.7K)

Contractor: Mcbride, Lock & Associates, LLC

Awarding Agency: Department of the Treasury

Start Date: 2024-09-30

End Date: 2026-03-28

Contract Duration: 544 days

Daily Burn Rate: $286/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 7

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: AUDITING SERVICES

Place of Performance

Location: KANSAS CITY, CLAY County, MISSOURI, 64116

State: Missouri Government Spending

Plain-Language Summary

Department of the Treasury obligated $155,727.15 to MCBRIDE, LOCK & ASSOCIATES, LLC for work described as: AUDITING SERVICES Key points: 1. Value for money appears reasonable given the scope of auditing services required. 2. Full and open competition suggests a competitive pricing environment. 3. Contract duration of over 1.5 years provides stability for service delivery. 4. Fixed-price contract type shifts performance risk to the contractor. 5. The contract aligns with the Bureau of the Fiscal Service's need for independent financial oversight. 6. Contract awarded via BPA Call indicates a pre-competed framework was utilized.

Value Assessment

Rating: good

The contract value of $1.56 million for auditing services over approximately 1.5 years appears to be within a reasonable range for federal engagements of this nature. Benchmarking against similar auditing contracts awarded by the Treasury or other federal agencies for comparable services would provide a more precise value-for-money assessment. The firm fixed-price structure suggests that the contractor has assumed the risk of cost overruns, which is generally favorable for the government.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

This contract was awarded under full and open competition, indicating that all responsible sources were permitted to submit offers. The solicitation resulted in 7 bids, suggesting a healthy level of interest and competition for these auditing services. A competitive bidding process typically leads to more favorable pricing and better quality services for the government.

Taxpayer Impact: The robust competition for this contract is beneficial for taxpayers as it likely drove down prices and ensured the government received competitive proposals, maximizing the value of taxpayer dollars.

Public Impact

The Bureau of the Fiscal Service will benefit from independent auditing services, enhancing financial accountability. Services delivered include comprehensive audits to ensure compliance and accuracy of financial records. The geographic impact is primarily national, supporting federal financial operations. Workforce implications are minimal, as the services are contracted out to a specialized firm.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for scope creep if audit requirements are not clearly defined and managed.
Reliance on a single contractor for critical auditing functions could pose a risk if performance issues arise.

Positive Signals

Firm fixed-price contract aligns incentives for efficient service delivery.
Full and open competition suggests a strong market offering was available.
Contract duration provides continuity for essential auditing functions.

Sector Analysis

Auditing services are a critical component of federal financial management, ensuring transparency and accountability. The market for these services is competitive, with numerous firms capable of meeting federal requirements. This contract fits within the broader category of professional services procured by government agencies to support their operational and compliance needs. Comparable spending benchmarks for auditing services vary widely based on agency size, complexity of operations, and specific audit scope.

Small Business Impact

This contract was not set aside for small businesses, and the awardee, MCBRIDE, LOCK & ASSOCIATES, LLC, is not identified as a small business. There is no explicit information regarding subcontracting requirements for small businesses within the provided data. The absence of a small business set-aside suggests that the competition was open to all eligible firms, and larger businesses were likely the primary participants.

Oversight & Accountability

Oversight for this contract will likely be managed by the Bureau of the Fiscal Service's contracting officer and program managers. Accountability measures are inherent in the firm fixed-price contract type, requiring the contractor to deliver services within the agreed-upon scope and price. Transparency is facilitated through federal procurement databases where contract awards are reported. Inspector General jurisdiction may apply if any allegations of fraud, waste, or abuse arise.

Related Government Programs

Federal Audit Services
Financial Management Services
Government Contract Auditing
Bureau of the Fiscal Service Operations

Risk Flags

Contract duration exceeds 1 year
Awarded via BPA Call
Firm Fixed Price contract type

Frequently Asked Questions

What is this federal contract paying for?

Department of the Treasury awarded $155,727.15 to MCBRIDE, LOCK & ASSOCIATES, LLC. AUDITING SERVICES

Who is the contractor on this award?

The obligated recipient is MCBRIDE, LOCK & ASSOCIATES, LLC.

Which agency awarded this contract?

Awarding agency: Department of the Treasury (Bureau of the Fiscal Service).

What is the total obligated amount?

The obligated amount is $155,727.15.

What is the period of performance?

Start: 2024-09-30. End: 2026-03-28.

What is the track record of MCBRIDE, LOCK & ASSOCIATES, LLC with federal contracts?

Information regarding MCBRIDE, LOCK & ASSOCIATES, LLC's specific track record with federal contracts is not detailed in the provided data. A comprehensive review would involve examining past performance evaluations, any history of contract disputes or terminations, and the types and values of previous federal awards. Understanding their experience with similar auditing services for government agencies would be crucial for assessing their capability and reliability in fulfilling this current contract. Further research into federal procurement databases and contractor performance systems would be necessary to ascertain their federal contracting history.

How does the awarded price compare to market rates for similar auditing services?

The provided data does not include specific pricing details beyond the total contract value of $1.56 million. To compare this to market rates, one would need to analyze the contract's scope of work, the number of hours estimated, the labor categories involved, and the associated rates. Benchmarking against publicly available data for similar auditing services procured by other federal agencies or even state and local governments would be necessary. Factors such as the complexity of the audit, the size of the entity being audited, and the required expertise can significantly influence market rates, making direct comparisons challenging without detailed information.

What are the primary risks associated with this auditing services contract?

Key risks for this contract include potential performance issues where the contractor may not meet the required quality standards or deadlines for the audits. Given it's a firm fixed-price contract, there's a risk of the contractor cutting corners to maintain profitability, potentially impacting audit thoroughness. Another risk is the reliance on a single contractor for a critical function; if MCBRIDE, LOCK & ASSOCIATES, LLC experiences financial instability or management issues, it could disrupt the Bureau of the Fiscal Service's auditing schedule. Ensuring clear communication and robust oversight throughout the contract period is essential to mitigate these risks.

How effective is the Bureau of the Fiscal Service in managing its auditing contracts?

The effectiveness of the Bureau of the Fiscal Service (BFS) in managing its auditing contracts cannot be determined solely from the data of this single award. BFS's overall effectiveness would depend on its established processes for contract oversight, performance monitoring, and contractor evaluation. Factors such as the qualifications of its contract officers and program managers, the clarity of its statements of work, and its ability to enforce contract terms and conditions are critical. A review of BFS's historical contract performance data, including any instances of contract failures or successes, would be needed for a comprehensive assessment.

What are the historical spending patterns for auditing services within the Department of the Treasury?

Historical spending patterns for auditing services within the Department of the Treasury are not detailed in the provided data. To analyze this, one would need to access historical procurement data for the Treasury, specifically looking at contracts awarded under NAICS code 541211 (Certified Public Accountants) or similar codes related to auditing and accounting services. Examining trends in contract values, the number of awards, the types of competition used, and the primary contractors over several fiscal years would reveal spending patterns. This analysis could identify periods of increased or decreased spending, shifts in procurement strategies, or changes in the market landscape for auditing services within the Treasury.

What is the significance of this contract being awarded via a BPA Call?

Awarding this contract via a Blanket Purchase Agreement (BPA) Call signifies that the underlying services were previously competed and established under a broader BPA. A BPA is a simplified way to fill anticipated repetitive needs for supplies or services. When a specific need arises, a 'call' or 'order' is placed against the existing BPA. This method can streamline the procurement process, reduce administrative burden, and potentially offer better pricing due to pre-negotiated terms. It implies that the initial competition for the BPA was robust, and this call represents a specific task order within that established framework.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Offices of Certified Public Accountants

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

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Solicitation ID: 20342124R00001

Offers Received: 7

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 4151 NORTH MULBERRY DR. SUITE 275, KANSAS CITY, MO, 64116

Business Categories: Category Business, Limited Liability Corporation, Small Business, Sole Proprietorship, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $155,727

Exercised Options: $155,727

Current Obligation: $155,727

Actual Outlays: $119,564

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: 20342124A00003

IDV Type: BPA

Timeline