HUD's $47.9M Asset Manager contract awarded to Ofori & Associates PC for accounting services

Contract Overview

Contract Amount: $47,916,833 ($47.9M)

Contractor: Ofori & Associates PC

Awarding Agency: Department of Housing and Urban Development

Start Date: 2010-06-01

End Date: 2015-12-31

Contract Duration: 2,039 days

Daily Burn Rate: $23.5K/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 27

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: ASSET MANAGER (AM) M&M III - AREA 2A

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20036

State: District of Columbia Government Spending

Plain-Language Summary

Department of Housing and Urban Development obligated $47.9 million to OFORI & ASSOCIATES PC for work described as: ASSET MANAGER (AM) M&M III - AREA 2A Key points: 1. Contract awarded through full and open competition, suggesting a robust market for these services. 2. The contract duration of over 2000 days indicates a long-term need for asset management. 3. Fixed-price contract type may offer cost certainty for the agency. 4. The award was made to a single entity, Ofori & Associates PC. 5. The contract falls under the Offices of Certified Public Accountants NAICS code. 6. Geographic focus on the District of Columbia. 7. No small business set-aside was utilized for this contract.

Value Assessment

Rating: fair

Benchmarking the value of this contract is challenging without more specific service details and comparable contract data. The total award amount of $47.9 million over approximately five years suggests a significant investment in asset management services. The firm fixed-price structure provides predictability, but the overall value for money depends on the quality and efficiency of the services delivered by Ofori & Associates PC. Further analysis would require comparing the per-unit costs of specific services rendered against industry benchmarks and similar government contracts.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

This contract was awarded under a full and open competition, indicating that multiple vendors had the opportunity to bid. The number of bidders is not specified, but the competitive process is designed to foster price discovery and ensure the government receives competitive pricing. The agency's decision to use full and open competition suggests confidence in the market's ability to provide qualified contractors.

Taxpayer Impact: A full and open competition generally benefits taxpayers by promoting a competitive environment that can lead to lower prices and better quality services, maximizing the value of federal dollars.

Public Impact

The Department of Housing and Urban Development (HUD) benefits from professional accounting and asset management services. Services delivered likely include financial management, auditing, and asset oversight. The geographic impact is concentrated in the District of Columbia. The contract supports professional accounting services, potentially impacting the workforce in this sector.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Lack of specific performance metrics makes it difficult to assess the contractor's effectiveness.
Limited transparency on the specific deliverables and outcomes achieved under the contract.
The long duration of the contract could lead to complacency if not actively managed.

Positive Signals

Awarded through full and open competition, suggesting a competitive process.
Firm fixed-price contract type provides cost certainty.
The contract addresses a critical function for HUD: asset management.

Sector Analysis

The accounting and auditing services sector is a critical component of government operations, ensuring financial integrity and accountability. This contract falls within the professional, scientific, and technical services industry, specifically focusing on accounting services (NAICS 541211). The market for these services is competitive, with numerous firms capable of supporting federal agencies. The size of this contract, nearly $48 million, indicates a significant need for specialized expertise in asset management within HUD.

Small Business Impact

This contract was not set aside for small businesses, nor does it appear to have specific subcontracting requirements for small businesses mentioned in the provided data. This suggests that the competition was open to all qualified vendors, and the primary awardee is not a small business. The absence of small business considerations in this specific award may limit opportunities for smaller firms to participate in this particular contract, though they may compete on other set-aside contracts.

Oversight & Accountability

Oversight for this contract would typically be managed by the contracting officer and program officials within the Department of Housing and Urban Development. Accountability measures are inherent in the firm fixed-price contract structure, requiring the contractor to deliver specified services. Transparency is generally facilitated through contract award databases and reporting requirements, though detailed performance data may not always be publicly accessible. The Inspector General's office at HUD would have jurisdiction over potential fraud, waste, or abuse related to this contract.

Related Government Programs

HUD Financial Management Services
Government Auditing Contracts
Federal Asset Management Programs
Accounting and Bookkeeping Services

Risk Flags

Contract Duration
Lack of Performance Metrics
Single Awardee

Frequently Asked Questions

What is this federal contract paying for?

Department of Housing and Urban Development awarded $47.9 million to OFORI & ASSOCIATES PC. ASSET MANAGER (AM) M&M III - AREA 2A

Who is the contractor on this award?

The obligated recipient is OFORI & ASSOCIATES PC.

Which agency awarded this contract?

Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).

What is the total obligated amount?

The obligated amount is $47.9 million.

What is the period of performance?

Start: 2010-06-01. End: 2015-12-31.

What specific asset management tasks were performed under this contract?

The provided data does not detail the specific asset management tasks performed. However, given the NAICS code 541211 (Offices of Certified Public Accountants), the services likely encompassed financial statement preparation, auditing, accounting system support, financial analysis, and potentially advisory services related to the management and oversight of HUD's assets. These could include managing financial records, ensuring compliance with accounting standards, and providing reports on the financial status of assets.

How does the $47.9 million award compare to similar asset management contracts at HUD or other agencies?

Without access to a comprehensive database of comparable contracts with detailed service scopes and durations, a direct comparison is difficult. However, $47.9 million over approximately five years represents a substantial investment. Larger agencies often award multi-million dollar contracts for asset management and accounting services. To assess value, one would need to compare the per-service costs, the scope of responsibilities, and the performance outcomes against other contracts of similar size and purpose within the federal government.

What were the key performance indicators (KPIs) used to evaluate Ofori & Associates PC's performance?

The provided data does not specify the key performance indicators (KPIs) used for this contract. Typically, for accounting and asset management services, KPIs might include timeliness of financial reporting, accuracy of financial data, audit findings, compliance with regulations, and client satisfaction. The effectiveness of the contractor would be assessed against these metrics, which are usually defined in the contract's statement of work.

What is the track record of Ofori & Associates PC with federal contracts?

The provided data indicates Ofori & Associates PC was awarded this specific contract by the Department of Housing and Urban Development. Further investigation into federal procurement databases (like SAM.gov or FPDS) would be necessary to ascertain their complete federal contracting history, including past performance on other contracts, any awards, past performance ratings, and any instances of contract disputes or terminations.

What is the historical spending trend for asset management services at HUD?

The provided data only pertains to a single contract award. To understand historical spending trends for asset management services at HUD, one would need to analyze aggregated spending data over multiple fiscal years, identifying all contracts related to asset management and accounting. This would reveal patterns in spending levels, types of services procured, and the primary contractors utilized by the agency over time.

Were there any specific risks identified during the procurement process for this contract?

The provided data does not contain information about specific risks identified during the procurement process. Standard procurement risks could include contractor performance issues, cost overruns (though mitigated by fixed-price), or challenges in meeting specific technical requirements. The full and open competition process is designed to mitigate some risks by allowing multiple vendors to compete, potentially surfacing issues early.

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) › PROFESSIONAL SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Offers Received: 27

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 1900 L ST NW STE 609, WASHINGTON, DC, 20036

Business Categories: 8(a) Program Participant, Black American Owned Business, Category Business, Minority Owned Business, Self-Certified Small Disadvantaged Business, Small Business, Small Disadvantaged Business, Special Designations

Financial Breakdown

Contract Ceiling: $47,916,833

Exercised Options: $47,916,833

Current Obligation: $47,916,833

Contract Characteristics

Commercial Item: COMMERCIAL ITEM PROCEDURES NOT USED

Parent Contract

Parent Award PIID: GS23F0214N

IDV Type: FSS

Timeline