Treasury's $218K Creditsights Subscription Awarded to Fitch Solutions Amidst Limited Competition
Contract Overview
Contract Amount: $218,360 ($218.4K)
Contractor: Fitch Solutions, Inc.
Awarding Agency: Department of the Treasury
Start Date: 2024-05-22
End Date: 2026-05-21
Contract Duration: 729 days
Daily Burn Rate: $300/day
Competition Type: NOT COMPETED
Number of Offers Received: 1
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: CREDITSIGHTS SUBSCRIPTION
Place of Performance
Location: NEW YORK, NEW YORK County, NEW YORK, 10004
State: New York Government Spending
Plain-Language Summary
Department of the Treasury obligated $218,360 to FITCH SOLUTIONS, INC. for work described as: CREDITSIGHTS SUBSCRIPTION Key points: 1. The contract for Creditsights subscription services was awarded to Fitch Solutions, Inc. 2. The total value of the contract is $218,360 over a 729-day period. 3. The procurement method was 'NOT COMPETED', raising questions about potential price discovery. 4. The service falls under Marketing Research and Public Opinion Polling (NAICS 541910).
Value Assessment
Rating: fair
The contract value of $218,360 for a 729-day subscription appears reasonable for specialized market intelligence. However, without competitive bidding, it's difficult to definitively assess if this represents the best possible price.
Cost Per Unit: N/A
Competition Analysis
Competition Level: sole-source
The contract was not competed, indicating a sole-source or limited competition scenario. This approach may limit opportunities for price negotiation and potentially lead to higher costs for taxpayers.
Taxpayer Impact: The lack of competition could result in a higher cost to taxpayers than if multiple vendors had been considered.
Public Impact
Access to critical market data for the Bureau of the Fiscal Service. Potential for missed cost savings due to non-competitive award. Ensures continuity of essential research services for the Treasury Department.
Waste & Efficiency Indicators
Waste Risk Score: 30 / 10
Warning Flags
- Lack of competition
- Potential for overpayment
Positive Signals
- Essential service continuity
- Clear contract duration
Sector Analysis
The Marketing Research and Public Opinion Polling sector (NAICS 541910) involves gathering and analyzing data on consumer behavior and market trends. Government spending in this area supports informed decision-making, but competitive procurement is crucial for cost-effectiveness.
Small Business Impact
There is no indication that small businesses were involved in this procurement, as it was awarded directly to Fitch Solutions, Inc. Further analysis would be needed to determine if small business set-asides were considered or applicable.
Oversight & Accountability
The 'NOT COMPETED' status warrants further review by oversight bodies to ensure the justification for sole-source procurement was adequate and that taxpayer funds were used responsibly.
Related Government Programs
- Marketing Research and Public Opinion Polling
- Department of the Treasury Contracting
- Bureau of the Fiscal Service Programs
Risk Flags
- Lack of competitive bidding
- Potential for inflated pricing
- Limited transparency in award justification
- No small business participation evident
Tags
marketing-research-and-public-opinion-po, department-of-the-treasury, ny, definitive-contract, 100k-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of the Treasury awarded $218,360 to FITCH SOLUTIONS, INC.. CREDITSIGHTS SUBSCRIPTION
Who is the contractor on this award?
The obligated recipient is FITCH SOLUTIONS, INC..
Which agency awarded this contract?
Awarding agency: Department of the Treasury (Bureau of the Fiscal Service).
What is the total obligated amount?
The obligated amount is $218,360.
What is the period of performance?
Start: 2024-05-22. End: 2026-05-21.
What was the specific justification for not competing this contract, and was a market research analysis conducted to confirm the necessity of a sole-source award?
The justification for not competing the contract is not provided in the data. Typically, sole-source awards require a documented justification, such as the unique capability of the vendor or an urgent need. A thorough market research analysis would be essential to validate the necessity of a sole-source award and explore potential alternatives.
How does the cost of this subscription compare to similar market intelligence services obtained through competitive means by other government agencies?
Without competitive bidding data for this specific contract, a direct cost comparison is challenging. Benchmarking against similar services procured competitively by other agencies would require access to their contract data. However, the absence of competition suggests a potential for higher unit costs than might be achieved through a more open bidding process.
What specific analytical capabilities does Creditsights provide that are critical for the Bureau of the Fiscal Service's mission, and are these capabilities truly unique to Fitch Solutions?
The provided data does not detail the specific analytical capabilities of Creditsights. To assess criticality and uniqueness, a review of the service's features and a comparison with offerings from other market intelligence providers would be necessary. Understanding these specifics is key to evaluating the justification for a sole-source award.
Industry Classification
NAICS: Professional, Scientific, and Technical Services › Other Professional, Scientific, and Technical Services › Marketing Research and Public Opinion Polling
Product/Service Code: BOOKS, MAPS, OTHER PUBLICATIONS
Competition & Pricing
Extent Competed: NOT COMPETED
Solicitation Procedures: ONLY ONE SOURCE
Solicitation ID: SSOFR24050
Offers Received: 1
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 33 WHITEHALL ST FL 19, NEW YORK, NY, 10004
Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $218,360
Exercised Options: $218,360
Current Obligation: $218,360
Actual Outlays: $218,360
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Timeline
Start Date: 2024-05-22
Current End Date: 2026-05-21
Potential End Date: 2026-05-21 00:00:00
Last Modified: 2026-04-08
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