Executive Office of the President awards $3.7M for Gift Appraisal Services to Items of Value, Inc

Contract Overview

Contract Amount: $3,707 ($3.7K)

Contractor: Items of Value, Inc

Awarding Agency: Executive Office of the President

Start Date: 2023-08-31

End Date: 2024-09-04

Contract Duration: 370 days

Daily Burn Rate: $10/day

Competition Type: NOT COMPETED UNDER SAP

Number of Offers Received: 1

Pricing Type: LABOR HOURS

Sector: Other

Official Description: GIFT APPRAISAL SERVICES

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20503

State: District of Columbia Government Spending

Plain-Language Summary

Executive Office of the President obligated $3,706.86 to ITEMS OF VALUE, INC for work described as: GIFT APPRAISAL SERVICES Key points: 1. Contract awarded on a sole-source basis, raising questions about price discovery and potential value. 2. Limited competition may lead to higher costs for taxpayers compared to a more open bidding process. 3. The contract duration of over a year suggests ongoing need for these specialized services. 4. The specific nature of gift appraisal services indicates a niche market with potentially few qualified providers. 5. Performance context is limited due to the 'NOT COMPETED UNDER SAP' status, hindering direct comparison. 6. The awarding agency, Executive Office of the President, suggests a high-level requirement for these services.

Value Assessment

Rating: questionable

Benchmarking the value for gift appraisal services is challenging without comparable contract data, especially given the sole-source nature of this award. The contract's total value of $3.7 million over approximately 13 months suggests a significant investment. Without a competitive bidding process, it is difficult to ascertain if the pricing reflects fair market value or if taxpayers are receiving optimal value for money. Further analysis would require understanding the specific deliverables and the complexity of the appraisals conducted.

Cost Per Unit: N/A

Competition Analysis

Competition Level: sole-source

This contract was not competed under the Simplified Acquisition Procedures (SAP), indicating it was likely awarded on a sole-source basis or through a limited competition not publicly detailed. The absence of a broad solicitation means that multiple potential bidders were not engaged, which typically drives down prices through competitive pressure. The limited competition raises concerns about whether the government secured the best possible pricing and service quality.

Taxpayer Impact: The lack of robust competition means taxpayers may not have benefited from the cost savings typically achieved through a bidding process, potentially leading to a higher overall expenditure for these services.

Public Impact

The primary beneficiary is the Executive Office of the President, which receives specialized gift appraisal services. These services are crucial for accurate valuation of gifts received by government officials, ensuring compliance with ethics regulations. The contract supports the operational needs of a key federal agency, contributing to its administrative functions. Geographic impact is primarily within Washington D.C., where the Executive Office of the President is located.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Lack of competition may result in inflated pricing.
Limited transparency into the selection process and justification for sole-source award.
Difficulty in benchmarking performance and value without comparable contracts.

Positive Signals

Award to a specific vendor suggests they possess unique or specialized expertise required for the task.
The contract duration indicates a sustained need and potential for a stable, reliable service provider.

Sector Analysis

The market for specialized appraisal services, particularly for government entities, is often niche. Companies operating in this space typically possess specific accreditations and expertise. While broad market size data for 'gift appraisal services' is not readily available, it falls under broader professional services categories. This contract represents a significant, albeit specific, expenditure within the professional services sector for the federal government, highlighting the need for specialized expertise in asset valuation for executive branches.

Small Business Impact

The data indicates that small business participation was not a factor in this award (ss: false, sb: false). As this was not competed under SAP and appears to be a sole-source award, there were likely no specific set-aside requirements or subcontracting opportunities mandated for small businesses within this particular contract. The impact on the small business ecosystem is therefore minimal for this specific award.

Oversight & Accountability

Oversight for this contract would fall under the purview of the Executive Office of the President's contracting and financial management offices. Transparency is limited due to the sole-source nature of the award, with justification for the procurement method being key. Accountability would be managed through contract performance monitoring and adherence to terms. Inspector General jurisdiction would depend on the specific IG's mandate related to the EOP.

Related Government Programs

Government Ethics and Compliance Services
Asset Valuation Services
Professional Services Contracts
Executive Branch Support Services

Risk Flags

Sole-source award lacks competitive justification.
Potential for overpayment due to limited competition.
Lack of transparency in procurement process.

Frequently Asked Questions

What is this federal contract paying for?

Executive Office of the President awarded $3,706.86 to ITEMS OF VALUE, INC. GIFT APPRAISAL SERVICES

Who is the contractor on this award?

The obligated recipient is ITEMS OF VALUE, INC.

Which agency awarded this contract?

Awarding agency: Executive Office of the President (Executive Office of the President).

What is the total obligated amount?

The obligated amount is $3,706.86.

What is the period of performance?

Start: 2023-08-31. End: 2024-09-04.

What is the specific expertise or unique capability of Items of Value, Inc. that justified a sole-source award for gift appraisal services?

The justification for a sole-source award typically rests on a contractor possessing unique capabilities, specialized knowledge, or proprietary technology that cannot be replicated by other sources. For Items of Value, Inc., this could involve specific accreditations, a proven track record with high-profile or sensitive assets, established relationships within the executive branch, or a demonstrated ability to handle the specific types and volume of gifts appraised by the Executive Office of the President. Without the detailed justification document (often referred to as a Justification and Approval or J&A), it is impossible to confirm the exact reasons. However, the nature of gift appraisal for high-ranking officials often requires a high degree of discretion, specialized knowledge of art, collectibles, or other valuables, and adherence to strict ethical guidelines, which may limit the pool of qualified and trusted providers.

How does the $3.7 million contract value compare to historical spending on gift appraisal services by the Executive Office of the President or similar agencies?

Direct historical spending comparisons for gift appraisal services by the Executive Office of the President (EOP) are not readily available in public databases. This is a highly specialized service, and contracts may be bundled with other professional services or not publicly detailed due to security or sensitivity. However, a $3.7 million contract over approximately 13 months represents a substantial investment. To benchmark this, one would need to identify similar contracts for appraisal services within other high-level government entities (e.g., State Department, Treasury) or look at the average cost of specialized appraisal firms for high-value assets. Without such comparative data, assessing whether this amount is high or low is speculative. The lack of competition further complicates this comparison, as a competitive process often yields more predictable cost structures.

What are the key performance indicators (KPIs) or deliverables expected under this 'Gift Appraisal Services' contract?

Key performance indicators and deliverables for a 'Gift Appraisal Services' contract would typically focus on the accuracy, timeliness, and completeness of the appraisals conducted. Specific deliverables likely include detailed appraisal reports for each item or collection of gifts, adhering to recognized appraisal standards (e.g., Uniform Standards of Professional Appraisal Practice - USPAP). KPIs might include the turnaround time for appraisals from the date of request, the accuracy rate of valuations (potentially measured against subsequent sale prices or expert reviews), and compliance with all relevant federal regulations and ethical guidelines governing the acceptance and valuation of gifts. The contract would also specify the format and submission method for these reports, ensuring they meet the EOP's administrative and record-keeping requirements.

What are the potential risks associated with awarding a sole-source contract for essential services like gift appraisal?

The primary risk associated with a sole-source contract for essential services like gift appraisal is the potential for inflated costs due to the absence of competitive bidding. Without market pressure, the contractor may not have an incentive to offer the most competitive pricing. Another significant risk is a lack of innovation or service improvement, as the contractor faces no direct competition. Furthermore, sole-source awards can raise concerns about fairness and transparency in government procurement, potentially leading to perceptions of favoritism or cronyism if not adequately justified. There's also a risk that the government becomes overly reliant on a single provider, making it difficult to switch vendors if performance issues arise or if market conditions change.

Are there any specific regulations or ethical guidelines that Items of Value, Inc. must adhere to when appraising gifts for the Executive Office of the President?

Yes, Items of Value, Inc. must adhere to a stringent set of regulations and ethical guidelines. These include federal ethics regulations concerning gifts to federal employees and officials (e.g., 5 CFR Part 2634), which dictate how gifts must be valued and reported. The appraisals themselves must comply with the Uniform Standards of Professional Appraisal Practice (USPAP), which are the generally accepted standards for appraisal practice in the United States. Additionally, the contractor must operate under the ethical codes of conduct applicable to government contractors, ensuring impartiality, objectivity, and avoidance of conflicts of interest. The Executive Office of the President likely has specific internal policies and procedures that the contractor must also follow to ensure the integrity and accuracy of the appraisal process.

Industry Classification

NAICS: Other Services (except Public Administration) › Business, Professional, Labor, Political, and Similar Organizations › Other Similar Organizations (except Business, Professional, Labor, and Political Organizations)

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES

Competition & Pricing

Extent Competed: NOT COMPETED UNDER SAP

Solicitation Procedures: SIMPLIFIED ACQUISITION

Offers Received: 1

Pricing Type: LABOR HOURS (Z)

Evaluated Preference: NONE

Contractor Details

Address: 7419 ADMIRAL DR, ALEXANDRIA, VA, 22307

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

Financial Breakdown

Contract Ceiling: $3,707

Exercised Options: $3,707

Current Obligation: $3,707

Actual Outlays: $3,707

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: 11316022A0006EOP

IDV Type: BPA

Timeline