US Agency for Global Media awards $3.46M contract for accounting services to Castro & Company, LLC
Contract Overview
Contract Amount: $3,462,621 ($3.5M)
Contractor: Castro & Company, LLC
Awarding Agency: U.S. Agency for Global Media
Start Date: 2023-03-22
End Date: 2028-02-28
Contract Duration: 1,804 days
Daily Burn Rate: $1.9K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 4
Pricing Type: LABOR HOURS
Sector: Other
Official Description: A-123 IC ACCOUNTING SERVICES AND GRANTS MONITORING FOR THE BASE YEAR WITH A PERIOD OF PERFORMANCE OF MARCH 20, 2023 THROUGH MARCH 19, 2024
Place of Performance
Location: ALEXANDRIA, ALEXANDRIA CITY County, VIRGINIA, 22314
State: Virginia Government Spending
Plain-Language Summary
U.S. Agency for Global Media obligated $3.5 million to CASTRO & COMPANY, LLC for work described as: A-123 IC ACCOUNTING SERVICES AND GRANTS MONITORING FOR THE BASE YEAR WITH A PERIOD OF PERFORMANCE OF MARCH 20, 2023 THROUGH MARCH 19, 2024 Key points: 1. Contract awarded via full and open competition, indicating a competitive bidding process. 2. The contract is for accounting services and grants monitoring, a critical function for agency operations. 3. Castro & Company, LLC, a small business, is the awardee. 4. The contract duration is 1804 days, spanning over 4 years.
Value Assessment
Rating: good
The contract value of $3.46M over approximately 5 years appears reasonable for specialized accounting and grants monitoring services. Benchmarking against similar contracts for government-wide accounting support would provide further validation.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, suggesting a robust price discovery process. This method allows multiple qualified vendors to bid, driving competitive pricing.
Taxpayer Impact: The competitive nature of the award is expected to yield fair pricing, ensuring taxpayer funds are used efficiently for essential accounting services.
Public Impact
Ensures proper financial management and accountability for agency funds. Supports grant monitoring, crucial for tracking the effective use of federal resources. Provides essential accounting services to the U.S. Agency for Global Media.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for cost overruns if scope significantly expands.
- Reliance on a single vendor for critical accounting functions.
Positive Signals
- Awarded through full and open competition.
- Supports a vital government function.
- Long-term contract provides stability.
Sector Analysis
This contract falls under Other Accounting Services (NAICS 541219). Spending in this sector is generally stable, driven by the ongoing need for financial management and compliance across federal agencies. Benchmarks vary widely based on the complexity and scope of services required.
Small Business Impact
Castro & Company, LLC is identified as a small business. Awarding contracts to small businesses is a key government objective, fostering economic growth and competition. Further analysis would be needed to confirm if this was a set-aside or if they won through open competition.
Oversight & Accountability
The U.S. Agency for Global Media is responsible for overseeing this contract. Standard oversight mechanisms, including performance reviews and financial audits, should be in place to ensure compliance and effective service delivery.
Related Government Programs
- Other Accounting Services
- U.S. Agency for Global Media Contracting
- U.S. Agency for Global Media Programs
Risk Flags
- Contract duration is long, increasing risk if performance issues arise.
- Potential for scope creep leading to cost increases.
- Dependence on a single contractor for critical financial functions.
Tags
other-accounting-services, u-s-agency-for-global-media, va, delivery-order, 1m-plus
Frequently Asked Questions
What is this federal contract paying for?
U.S. Agency for Global Media awarded $3.5 million to CASTRO & COMPANY, LLC. A-123 IC ACCOUNTING SERVICES AND GRANTS MONITORING FOR THE BASE YEAR WITH A PERIOD OF PERFORMANCE OF MARCH 20, 2023 THROUGH MARCH 19, 2024
Who is the contractor on this award?
The obligated recipient is CASTRO & COMPANY, LLC.
Which agency awarded this contract?
Awarding agency: U.S. Agency for Global Media (U.S. Agency for Global Media).
What is the total obligated amount?
The obligated amount is $3.5 million.
What is the period of performance?
Start: 2023-03-22. End: 2028-02-28.
What specific accounting and grants monitoring tasks are included in this contract?
The contract details are limited in the provided data. However, typical services would include financial statement preparation, budget analysis, grant application review, compliance monitoring, and audit support. The specific scope would be defined in the contract's Statement of Work (SOW).
Are there any performance metrics or KPIs defined to measure the success of Castro & Company, LLC?
Performance metrics are crucial for ensuring contract success. While not detailed here, government contracts typically include a Performance Work Statement (PWS) or SOW with specific deliverables and evaluation criteria. These would likely cover accuracy, timeliness, and compliance with reporting requirements.
What is the historical performance of Castro & Company, LLC with the U.S. Agency for Global Media or other federal agencies?
Information on the contractor's past performance is essential for assessing risk. A review of past performance evaluations (e.g., Contractor Performance Assessment Reporting System - CPARS) would reveal their track record, reliability, and ability to meet contractual obligations effectively.
Industry Classification
NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Other Accounting 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
Solicitation ID: RFQ1609233
Offers Received: 4
Pricing Type: LABOR HOURS (Z)
Evaluated Preference: NONE
Contractor Details
Address: 1635 KING ST, ALEXANDRIA, VA, 22314
Business Categories: Category Business, DoT Certified Disadvantaged Business Enterprise, Hispanic American Owned Business, Limited Liability Corporation, Minority Owned Business, Small Business, Sole Proprietorship, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $5,831,596
Exercised Options: $3,837,172
Current Obligation: $3,462,621
Actual Outlays: $24,669
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Parent Contract
Parent Award PIID: GS23F0038U
IDV Type: FSS
Timeline
Start Date: 2023-03-22
Current End Date: 2028-02-28
Potential End Date: 2028-02-28 00:00:00
Last Modified: 2026-03-12
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