PBGC Spends $26M on Auditing Services with Integrated Management Resources Group, Inc
Contract Overview
Contract Amount: $26,077,459 ($26.1M)
Contractor: Integrated Management Resources Group, Inc.
Awarding Agency: Pension Benefit Guaranty Corporation
Start Date: 2002-11-11
End Date: 2008-06-30
Contract Duration: 2,058 days
Daily Burn Rate: $12.7K/day
Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Number of Offers Received: 2
Pricing Type: LABOR HOURS
Sector: Other
Official Description: AUDITING SERVICES
Place of Performance
Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20005
Plain-Language Summary
Pension Benefit Guaranty Corporation obligated $26.1 million to INTEGRATED MANAGEMENT RESOURCES GROUP, INC. for work described as: AUDITING SERVICES Key points: 1. Contract awarded for auditing services to Integrated Management Resources Group, Inc. 2. Total contract value of $26.08 million over six years. 3. Competition method was 'Full and Open Competition After Exclusion of Sources'. 4. The contract was for labor hours, indicating a service-based engagement. 5. No small business participation was noted.
Value Assessment
Rating: fair
The contract was awarded on a labor hour basis, making direct price comparison difficult without detailed task breakdowns. The total value suggests a significant engagement over its duration.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract utilized 'Full and Open Competition After Exclusion of Sources,' suggesting a competitive process was intended, but specific sources may have been excluded. This method aims for fair pricing through competition.
Taxpayer Impact: Taxpayer funds were used for auditing services, a necessary function for government accountability. The competitive nature of the award suggests an effort to obtain reasonable pricing.
Public Impact
Ensures financial integrity and accountability of the Pension Benefit Guaranty Corporation. Supports regulatory compliance and operational efficiency through independent auditing. Provides essential oversight of PBGC's financial reporting and management practices.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of small business participation.
- Ambiguity in 'Exclusion of Sources' competition method.
Positive Signals
- Competitive award process.
- Long-term contract for essential services.
Sector Analysis
Auditing services fall under professional services, often characterized by specialized expertise. Government spending in this sector is crucial for oversight and compliance, with benchmarks varying based on contract scope and duration.
Small Business Impact
The data indicates no small business participation in this contract. This could be due to the nature of the services required or a lack of outreach to small businesses.
Oversight & Accountability
The contract's duration and value suggest a need for robust oversight to ensure performance and cost-effectiveness. The Pension Benefit Guaranty Corporation is responsible for monitoring the contractor's adherence to terms.
Related Government Programs
- Other Accounting Services
- Pension Benefit Guaranty Corporation Contracting
- Pension Benefit Guaranty Corporation Programs
Risk Flags
- Potential for limited competition due to source exclusion.
- Lack of small business involvement.
- Labor hour contracts can be prone to cost overruns if not managed tightly.
- Contract duration spans multiple fiscal years, increasing exposure to changing economic conditions.
Tags
other-accounting-services, pension-benefit-guaranty-corporation, dc, dca, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Pension Benefit Guaranty Corporation awarded $26.1 million to INTEGRATED MANAGEMENT RESOURCES GROUP, INC.. AUDITING SERVICES
Who is the contractor on this award?
The obligated recipient is INTEGRATED MANAGEMENT RESOURCES GROUP, INC..
Which agency awarded this contract?
Awarding agency: Pension Benefit Guaranty Corporation (Pension Benefit Guaranty Corporation).
What is the total obligated amount?
The obligated amount is $26.1 million.
What is the period of performance?
Start: 2002-11-11. End: 2008-06-30.
What was the specific rationale for excluding certain sources in the 'Full and Open Competition After Exclusion of Sources' method, and did this impact the final price?
The specific rationale for excluding sources is not detailed in the provided data. Typically, such exclusions might be based on security clearances, specialized capabilities, or prior performance issues. Understanding the reasons is crucial to assess if the exclusion limited competition and potentially inflated the price paid by taxpayers.
How does the per-unit cost or hourly rate compare to industry benchmarks for similar auditing services, considering the contract's duration and scope?
Without specific hourly rates or detailed task breakdowns, a direct comparison to industry benchmarks is challenging. The total contract value of $26.08 million over six years suggests an average annual spend of approximately $4.35 million. Benchmarking would require access to the labor categories, rates, and the specific services rendered.
What mechanisms were in place to ensure the effectiveness and quality of the auditing services provided by Integrated Management Resources Group, Inc. throughout the contract period?
Effectiveness and quality are typically ensured through performance metrics, regular progress reports, and government quality assurance personnel. The Pension Benefit Guaranty Corporation would have oversight responsibilities to monitor deliverables, adherence to audit standards, and overall contractor performance against the contract's requirements.
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) › MANAGEMENT SUPPORT SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Offers Received: 2
Pricing Type: LABOR HOURS (Z)
Evaluated Preference: NONE
Contractor Details
Address: 703 AMER DR, FORT WASHINGTON, MD, 04
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, U.S.-Owned Business, Woman Owned Business
Financial Breakdown
Contract Ceiling: $26,541,930
Exercised Options: $26,541,930
Current Obligation: $26,077,459
Timeline
Start Date: 2002-11-11
Current End Date: 2008-06-30
Potential End Date: 2008-06-30 00:00:00
Last Modified: 2011-12-06
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