DFC awards $671,828 for financial reporting consulting, with 2 bidders and a 2-year term

Contract Overview

Contract Amount: $671,829 ($671.8K)

Contractor: FI Consulting, Inc.

Awarding Agency: U.S. International Development Finance Corporation

Start Date: 2024-09-10

End Date: 2026-09-09

Contract Duration: 729 days

Daily Burn Rate: $922/day

Competition Type: COMPETED UNDER SAP

Number of Offers Received: 2

Pricing Type: LABOR HOURS

Sector: Other

Official Description: CALL ORDER - FINANCIAL REPORTING CONSULTANT (BPA 77344421A0014)

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20527

State: District of Columbia Government Spending

Plain-Language Summary

U.S. International Development Finance Corporation obligated $671,828.72 to FI CONSULTING, INC. for work described as: CALL ORDER - FINANCIAL REPORTING CONSULTANT (BPA 77344421A0014) Key points: 1. Value for money appears fair given the specialized nature of financial reporting consulting. 2. Competition dynamics indicate a moderately competitive environment with two bidders. 3. Risk indicators are low, with a clear scope and defined period of performance. 4. Performance context suggests a need for expert support in financial management. 5. Sector positioning places this contract within administrative and management consulting services.

Value Assessment

Rating: fair

The contract value of $671,828 over two years for financial reporting consulting is within a reasonable range for specialized services. Benchmarking against similar contracts for financial advisory or reporting services would provide a more precise assessment, but the price appears to reflect the expertise required. The labor hours pricing model allows for flexibility, which can be cost-effective if managed efficiently.

Cost Per Unit: N/A

Competition Analysis

Competition Level: unknown

This contract was competed under the Simplified Acquisition Procedures (SAP), indicating a procurement process designed for smaller value contracts. Two bidders participated in this competition. While two bidders suggest some level of competition, it is not as robust as a full and open competition with numerous offers, which could potentially lead to less aggressive pricing.

Taxpayer Impact: The competition level means taxpayers likely received a competitive price, but there may have been opportunities for even greater savings with a broader solicitation.

Public Impact

The U.S. International Development Finance Corporation (DFC) benefits from enhanced financial reporting capabilities. Services delivered include expert consulting to support accurate and compliant financial statements. The geographic impact is primarily within Washington D.C., where the DFC is headquartered. Workforce implications involve augmenting the DFC's internal financial management team with specialized external expertise.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for scope creep if consulting tasks are not clearly defined and managed.
Reliance on external consultants may lead to knowledge transfer challenges.
Ensuring the selected contractor's personnel have the necessary security clearances for sensitive financial data.

Positive Signals

Contract is for a defined period, limiting long-term financial commitment.
Use of a Best Practices Acquisition (BPA) call order suggests a pre-vetted contractor.
The contract specifies labor hours, allowing for adjustments based on actual needs.

Sector Analysis

This contract falls within the professional, scientific, and technical services sector, specifically administrative management and general management consulting. This sector is characterized by a wide range of specialized services supporting government operations. Comparable spending in this area often involves significant investment in expertise for areas like financial management, strategic planning, and operational efficiency.

Small Business Impact

The contract was not set aside for small businesses, and there is no indication of subcontracting requirements for small businesses. This suggests that the primary focus was on securing the most qualified large business contractor for the specialized consulting services. The impact on the small business ecosystem is minimal for this specific award.

Oversight & Accountability

Oversight will likely be managed by the U.S. International Development Finance Corporation's contracting officer and program managers. Accountability measures are embedded in the contract terms, including performance standards and deliverables. Transparency is facilitated through the Federal Procurement Data System (FPDS) reporting, though detailed internal oversight processes are not publicly specified.

Related Government Programs

Financial Management Consulting
Administrative Support Services
Management and Consulting Services
Government Financial Reporting

Risk Flags

Potential for limited competition under SAP
Reliance on contractor performance for critical financial reporting

Frequently Asked Questions

What is this federal contract paying for?

U.S. International Development Finance Corporation awarded $671,828.72 to FI CONSULTING, INC.. CALL ORDER - FINANCIAL REPORTING CONSULTANT (BPA 77344421A0014)

Who is the contractor on this award?

The obligated recipient is FI CONSULTING, INC..

Which agency awarded this contract?

Awarding agency: U.S. International Development Finance Corporation (U.S. International Development Finance Corporation).

What is the total obligated amount?

The obligated amount is $671,828.72.

What is the period of performance?

Start: 2024-09-10. End: 2026-09-09.

What is the track record of FI Consulting, Inc. with the U.S. International Development Finance Corporation or similar agencies?

FI Consulting, Inc. has a history of providing professional services, including financial management and consulting, to various government agencies. While specific details of their past performance with the U.S. International Development Finance Corporation (DFC) are not fully elaborated in this data, their presence in the administrative and management consulting space suggests experience relevant to this contract. A deeper dive into their contract history, past performance reviews, and any reported issues or successes with federal clients would provide a more comprehensive understanding of their capabilities and reliability for this specific engagement.

How does the awarded amount compare to similar financial reporting consulting contracts?

The awarded amount of $671,828 over two years for financial reporting consulting services is a moderate investment. To benchmark effectively, one would need to compare this to contracts of similar scope, duration, and complexity awarded by agencies like the DFC or other federal entities requiring specialized financial expertise. Factors such as the specific reporting standards (e.g., GAAP, IFRS), the volume of financial data to be managed, and the level of analysis required significantly influence pricing. Without direct comparable contract data, it's challenging to definitively state if this represents exceptional value, but it aligns with the typical cost of expert consulting in this domain.

What are the primary risks associated with this contract and how are they mitigated?

The primary risks associated with this contract include potential scope creep, where the consulting tasks may expand beyond the initial agreement, leading to cost overruns. Another risk is the quality and timeliness of the deliverables, which are crucial for accurate financial reporting. Mitigation strategies likely involve clearly defined performance work statements, regular progress reviews between the DFC and FI Consulting, Inc., and performance metrics tied to payment. The defined period of performance and the use of labor hours also provide some control, allowing the DFC to manage the engagement's duration and cost based on evolving needs.

How effective is the competition level in ensuring optimal pricing for taxpayers?

The competition level for this contract, with two bidders under Simplified Acquisition Procedures (SAP), offers a degree of price discovery but may not be as robust as a full and open competition. While two bidders suggest some market pressure, it's possible that a larger pool of interested parties could have driven prices lower. The effectiveness for taxpayers hinges on whether the two bidders were highly competitive and whether the DFC adequately negotiated the terms. For contracts of this nature and value, SAP competition is common, balancing procurement efficiency with reasonable price discovery.

What is the historical spending pattern for financial reporting consulting at the DFC?

Analyzing historical spending patterns for financial reporting consulting at the U.S. International Development Finance Corporation (DFC) would provide valuable context for this award. Without access to specific historical data, it's difficult to ascertain trends. However, agencies like the DFC, involved in international finance and development, typically require ongoing support for financial management and reporting due to complex regulations and the nature of their operations. Understanding past investments in similar services, the number of contracts awarded, and their average values would help determine if this $671,828 award is consistent with previous spending or represents an increase or decrease.

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) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: COMPETED UNDER SAP

Solicitation Procedures: SIMPLIFIED ACQUISITION

Solicitation ID: 77344424Q0235

Offers Received: 2

Pricing Type: LABOR HOURS (Z)

Evaluated Preference: NONE

Contractor Details

Address: 1500 WILSON BLVD 4TH FL, ARLINGTON, VA, 22209

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $1,443,621

Exercised Options: $671,829

Current Obligation: $671,829

Actual Outlays: $342,478

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: 77344421A0014

IDV Type: BPA

Timeline