Department of Education Awards $37.4M Task Order to Granite Edvance Corp for Credit Intermediation Services
Contract Overview
Contract Amount: $37,384,353 ($37.4M)
Contractor: Granite Edvance Corporation
Awarding Agency: Department of Education
Start Date: 2019-12-30
End Date: 2022-03-30
Contract Duration: 821 days
Daily Burn Rate: $45.5K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 4
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: THE PURPOSE OF THIS MODIFICATION TO CREATE A NEW TASK ORDER FOR CONTRACT ED-FSA-12-D-0007 WITH THE PERIOD OF PERFORMANCE: 01/01/2020 - 12/31/2020.
Place of Performance
Location: CONCORD, MERRIMACK County, NEW HAMPSHIRE, 03301
Plain-Language Summary
Department of Education obligated $37.4 million to GRANITE EDVANCE CORPORATION for work described as: THE PURPOSE OF THIS MODIFICATION TO CREATE A NEW TASK ORDER FOR CONTRACT ED-FSA-12-D-0007 WITH THE PERIOD OF PERFORMANCE: 01/01/2020 - 12/31/2020. Key points: 1. The award represents a significant investment in credit intermediation activities. 2. Competition details are not fully specified, but the contract type suggests a competitive process. 3. Potential risks include performance execution and ensuring value for taxpayer funds. 4. The sector is 'Other Activities Related to Credit Intermediation', a niche area.
Value Assessment
Rating: fair
The contract value of $37.4M for an 821-day period (approx. $45.5K per day) needs comparison to similar credit intermediation services. Without benchmarks, assessing pricing effectiveness is difficult.
Cost Per Unit: $45,535
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, which generally promotes competitive pricing. However, the specific discovery process and the number of bids received are not detailed.
Taxpayer Impact: Taxpayer funds are being utilized for credit intermediation services, with the ultimate impact depending on the efficiency and effectiveness of these services.
Public Impact
Supports educational credit programs, potentially impacting students and institutions. The contract duration of over two years suggests a substantial and ongoing need for these services. Transparency regarding the specific services rendered and their outcomes is crucial for public understanding.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of detailed performance metrics.
- Unclear breakdown of costs within the total award.
- Limited information on vendor's past performance in this specific niche.
Positive Signals
- Awarded under full and open competition.
- Clear period of performance defined.
- Firm fixed price contract type can provide cost certainty.
Sector Analysis
This contract falls under 'Other Activities Related to Credit Intermediation,' a broad category. Benchmarking spending in this specific niche is challenging without more granular data on similar government contracts.
Small Business Impact
The data indicates this contract was not set aside for small businesses (ss: false, sb: false). Therefore, small businesses were likely not primary awardees, though they could be subcontractors.
Oversight & Accountability
Oversight by the Department of Education is expected to ensure Granite Edvance Corporation fulfills the contract requirements. Accountability will be measured by the successful completion of the task order's objectives.
Related Government Programs
- Other Activities Related to Credit Intermediation
- Department of Education Contracting
- Department of Education Programs
Risk Flags
- Lack of detailed service description.
- Limited insight into the competitive bidding process.
- Absence of defined performance metrics.
- Potential for cost overruns if not closely managed.
- Need for clear justification of 'Other Activities Related to Credit Intermediation' spending.
Tags
other-activities-related-to-credit-inter, department-of-education, nh, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Education awarded $37.4 million to GRANITE EDVANCE CORPORATION. THE PURPOSE OF THIS MODIFICATION TO CREATE A NEW TASK ORDER FOR CONTRACT ED-FSA-12-D-0007 WITH THE PERIOD OF PERFORMANCE: 01/01/2020 - 12/31/2020.
Who is the contractor on this award?
The obligated recipient is GRANITE EDVANCE CORPORATION.
Which agency awarded this contract?
Awarding agency: Department of Education (Department of Education).
What is the total obligated amount?
The obligated amount is $37.4 million.
What is the period of performance?
Start: 2019-12-30. End: 2022-03-30.
What specific credit intermediation services are being provided under this task order, and how do they align with the Department of Education's strategic goals?
The provided data lacks specifics on the exact services. However, given the agency and sector, it likely involves managing or facilitating educational loans, grants, or related financial instruments. These services should directly support the Department's mission of promoting educational access and success by ensuring efficient and effective financial aid delivery.
How was the $37.4M price determined to be fair and reasonable under full and open competition, and what was the competitive landscape?
While awarded under full and open competition, the data doesn't detail the bidding process or the number of offers received. A fair and reasonable price is typically determined through comparison with historical data, commercial prices, or other government contracts. Further analysis would require access to the solicitation and award documents to understand the basis for price negotiation.
What are the key performance indicators (KPIs) for this task order, and how will the Department of Education measure the effectiveness of Granite Edvance Corporation's services?
The provided data does not specify the KPIs for this task order. Effective oversight would necessitate clearly defined metrics related to service delivery, financial management, and program outcomes. The Department should be tracking metrics such as loan default rates, processing times, customer satisfaction, and overall program efficiency to gauge the contractor's performance.
Industry Classification
NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Other Activities Related to Credit Intermediation
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
Offers Received: 4
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 4 BARRELL CT, CONCORD, NH, 03301
Business Categories: Category Business, Corporate Entity Tax Exempt, Nonprofit Organization, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $37,386,716
Exercised Options: $37,386,716
Current Obligation: $37,384,353
Actual Outlays: $41,964,353
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: EDFSA12D0007
IDV Type: IDC
Timeline
Start Date: 2019-12-30
Current End Date: 2022-03-30
Potential End Date: 2022-03-30 00:00:00
Last Modified: 2022-09-30
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