HUD Spends $3.7M on Financial Statement Analysis for Public Housing Agencies
Contract Overview
Contract Amount: $3,786,575 ($3.8M)
Contractor: THE Joachim Group, Cpa's & Consultants, LLC
Awarding Agency: Department of Housing and Urban Development
Start Date: 2018-05-07
End Date: 2023-04-26
Contract Duration: 1,815 days
Daily Burn Rate: $2.1K/day
Competition Type: NOT AVAILABLE FOR COMPETITION
Number of Offers Received: 1
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: TO PERFORM ANALYSIS OF FINANCIAL STATEMENTS SUBMITTED BY SECTION 8 ONLY AND COMBINED PUBLIC HOUSING (PH) AND SECTION 8 AGENCIES AND TO ADVISE HUD THE EXTENT TO WHICH PHAS HAVE COMPLIED WITH HUD REQUIREMENT.
Place of Performance
Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20410
Plain-Language Summary
Department of Housing and Urban Development obligated $3.8 million to THE JOACHIM GROUP, CPA'S & CONSULTANTS, LLC for work described as: TO PERFORM ANALYSIS OF FINANCIAL STATEMENTS SUBMITTED BY SECTION 8 ONLY AND COMBINED PUBLIC HOUSING (PH) AND SECTION 8 AGENCIES AND TO ADVISE HUD THE EXTENT TO WHICH PHAS HAVE COMPLIED WITH HUD REQUIREMENT. Key points: 1. Contract awarded to The Joachim Group for administrative management consulting. 2. Focus on compliance of Public Housing and Section 8 agencies with HUD requirements. 3. Long duration of 1815 days suggests a complex, ongoing need for oversight. 4. No specific competition details available, raising potential concerns about price discovery.
Value Assessment
Rating: fair
The contract value of $3.7M over nearly 5 years is substantial for consulting services. Benchmarking is difficult without specific deliverables, but the duration suggests a significant scope that warrants careful cost evaluation.
Cost Per Unit: N/A
Competition Analysis
Competition Level: limited
The contract was not available for competition, indicating a limited source selection. This limits the opportunity for competitive bidding and potentially impacts the government's ability to secure the best possible price.
Taxpayer Impact: Taxpayer funds are used for this contract. The lack of competition means a thorough review of pricing is crucial to ensure value for money.
Public Impact
Ensures financial compliance for public housing programs, impacting millions of residents. Supports HUD's oversight of agencies managing federal housing assistance. Analysis of financial statements helps identify potential mismanagement or fraud. Contributes to the efficient allocation of resources in affordable housing initiatives.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of competition
- Long contract duration
- Limited transparency on specific services
Positive Signals
- Addresses a critical need for agency oversight
- Supports compliance and accountability in housing programs
Sector Analysis
This contract falls under administrative management and general management consulting services, a broad category. Spending in this sector can vary widely based on agency needs for strategic advice, operational efficiency, and regulatory compliance.
Small Business Impact
The contract was not awarded to a small business. There is no indication of subcontracting opportunities for small businesses within the provided data.
Oversight & Accountability
The Department of Housing and Urban Development (HUD) is the awarding and oversight agency. The contract's long duration necessitates consistent monitoring to ensure performance and adherence to requirements.
Related Government Programs
- Administrative Management and General Management Consulting Services
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Lack of competitive bidding
- Potential for cost overruns due to long duration
- Limited public information on specific deliverables and performance metrics
- No small business participation noted
Tags
administrative-management-and-general-ma, department-of-housing-and-urban-developm, dc, definitive-contract, 1m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $3.8 million to THE JOACHIM GROUP, CPA'S & CONSULTANTS, LLC. TO PERFORM ANALYSIS OF FINANCIAL STATEMENTS SUBMITTED BY SECTION 8 ONLY AND COMBINED PUBLIC HOUSING (PH) AND SECTION 8 AGENCIES AND TO ADVISE HUD THE EXTENT TO WHICH PHAS HAVE COMPLIED WITH HUD REQUIREMENT.
Who is the contractor on this award?
The obligated recipient is THE JOACHIM GROUP, CPA'S & CONSULTANTS, LLC.
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 $3.8 million.
What is the period of performance?
Start: 2018-05-07. End: 2023-04-26.
What specific metrics are used to evaluate the 'extent to which PHAs have complied with HUD requirements'?
The specific metrics for compliance are not detailed in the provided data. A thorough review would involve examining the contract's Statement of Work (SOW) and performance standards. These metrics likely include adherence to financial reporting deadlines, accuracy of submitted financial statements, and compliance with specific program regulations outlined by HUD.
What is the justification for awarding this contract on a limited/non-competitive basis?
The data states the contract was 'NOT AVAILABLE FOR COMPETITION'. Without further information, the justification could range from a sole-source provider with unique expertise to a specific emergency situation. Understanding this justification is key to assessing if fair market value was obtained.
How does the analysis of financial statements directly contribute to improved housing services for beneficiaries?
By ensuring agencies manage funds correctly and comply with regulations, the analysis helps prevent mismanagement and ensures funds are available for intended housing services. It supports accountability, potentially leading to more efficient operations and better resource allocation for affordable housing programs.
Industry Classification
NAICS: Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Administrative Management and General Management Consulting Services
Product/Service Code: SPECIAL STUDIES/ANALYSIS, NOT R&D › SPECIAL STUDIES - NOT R and D
Competition & Pricing
Extent Competed: NOT AVAILABLE FOR COMPETITION
Solicitation Procedures: ONLY ONE SOURCE
Solicitation ID: 86548A18R00004
Offers Received: 1
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 4528 OLD CAVE SPRING RD, ROANOKE, VA, 24018
Business Categories: 8(a) Program Participant, Black American Owned Business, Category Business, Corporate Entity Not Tax Exempt, Limited Liability Corporation, Minority Owned Business, Self-Certified Small Disadvantaged Business, Service Disabled Veteran Owned Business, Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business, Veteran Owned Business
Financial Breakdown
Contract Ceiling: $3,786,575
Exercised Options: $3,786,575
Current Obligation: $3,786,575
Actual Outlays: $2,695,200
Contract Characteristics
Multi-Year Contract: Yes
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Timeline
Start Date: 2018-05-07
Current End Date: 2023-04-26
Potential End Date: 2025-09-30 00:00:00
Last Modified: 2026-01-26
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