CFPB awards $3.1M contract to RAFT LLC for custom computer programming services under full and open competition

Contract Overview

Contract Amount: $3,104,933 ($3.1M)

Contractor: Raft LLC

Awarding Agency: Consumer Financial Protection Bureau

Start Date: 2023-11-01

End Date: 2026-10-31

Contract Duration: 1,095 days

Daily Burn Rate: $2.8K/day

Competition Type: FULL AND OPEN COMPETITION

Pricing Type: LABOR HOURS

Sector: IT

Official Description: HMDA

Place of Performance

Location: RESTON, FAIRFAX County, VIRGINIA, 20191

State: Virginia Government Spending

Plain-Language Summary

Consumer Financial Protection Bureau obligated $3.1 million to RAFT LLC for work described as: HMDA Key points: 1. The contract value is $3.1 million over three years. 2. RAFT LLC is the awardee for custom computer programming services. 3. The contract was awarded under full and open competition. 4. The sector is Information Technology (IT).

Value Assessment

Rating: fair

The contract is for custom computer programming services. Without specific labor rates or a detailed breakdown of services, it's difficult to benchmark against similar contracts. The provided data lacks sufficient detail for a robust value assessment.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded using full and open competition, indicating a broad solicitation process. The award was made via a BPA Call, suggesting it was a call against an existing Blanket Purchase Agreement, which can streamline procurement but may have varying price discovery mechanisms depending on the BPA's terms.

Taxpayer Impact: The use of full and open competition generally promotes competitive pricing, potentially leading to better value for taxpayers. The total value of $3.1 million represents a modest investment in IT services.

Public Impact

Consumers may benefit from improved financial tools and services developed through these IT services. The contract supports the Consumer Financial Protection Bureau's mission to protect consumers in the financial sector. The use of a BPA Call suggests potential for efficiency in acquiring necessary IT support.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Lack of detailed service scope and labor rates hinders value assessment.
Small business participation is not indicated.

Positive Signals

Awarded under full and open competition.
Supports a key consumer protection agency.

Sector Analysis

This contract falls within the IT sector, specifically custom computer programming services. Spending in this area is common across federal agencies for developing and maintaining software and digital infrastructure. Benchmarks for such services vary widely based on complexity and labor categories.

Small Business Impact

The data indicates that small business participation was not a factor in this award (ss=false, sb=false). Further analysis would be needed to determine if opportunities for small businesses were overlooked or if the nature of the services did not lend itself to small business prime contracting.

Oversight & Accountability

The contract is managed by the Consumer Financial Protection Bureau (CFPB), a federal agency responsible for consumer protection in the financial sector. Oversight would involve monitoring RAFT LLC's performance against contract requirements and ensuring adherence to terms and conditions.

Related Government Programs

Custom Computer Programming Services
Consumer Financial Protection Bureau Contracting
Consumer Financial Protection Bureau Programs

Risk Flags

Lack of detailed service description.
Absence of pricing justification.
No indication of small business involvement.
Limited insight into performance metrics.

Frequently Asked Questions

What is this federal contract paying for?

Consumer Financial Protection Bureau awarded $3.1 million to RAFT LLC. HMDA

Who is the contractor on this award?

The obligated recipient is RAFT LLC.

Which agency awarded this contract?

Awarding agency: Consumer Financial Protection Bureau (Consumer Financial Protection Bureau).

What is the total obligated amount?

The obligated amount is $3.1 million.

What is the period of performance?

Start: 2023-11-01. End: 2026-10-31.

What specific custom computer programming services are being procured, and how do they align with the CFPB's strategic goals?

The provided data does not specify the exact nature of the custom computer programming services. To assess alignment with strategic goals, a detailed statement of work would be required, outlining the projects, deliverables, and expected outcomes. This would allow for an evaluation of how the services contribute to the CFPB's mission of protecting consumers in the financial marketplace.

What is the basis for the $3.1 million award value, and how was it determined to be fair and reasonable?

The data does not provide the basis for the $3.1 million award value. Typically, fair and reasonable pricing is determined through market research, comparison of historical prices, or analysis of proposed labor rates and indirect costs. Without this information, it is difficult to ascertain the justification for the award amount.

What mechanisms are in place to ensure the effectiveness and quality of the custom computer programming services delivered by RAFT LLC?

Effectiveness and quality are usually ensured through performance metrics, service level agreements (SLAs), and regular progress reviews outlined in the contract. The CFPB would likely have a contracting officer's representative (COR) responsible for monitoring performance, accepting deliverables, and ensuring that the services meet the specified requirements and standards.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Computer Systems Design and Related Services › Custom Computer Programming Services

Product/Service Code: IT AND TELECOM - INFORMATION TECHNOLOGY AND TELECOMMUNICATIONS › IT AND TELECOM - IT MANAGEMENT

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Pricing Type: LABOR HOURS (Z)

Evaluated Preference: NONE

Contractor Details

Address: 1660 INTERNATIONAL DR STE 800, MC LEAN, VA, 22102

Business Categories: 8(a) Program Participant, Category Business, Economically Disadvantaged Women Owned Small Business, Limited Liability Corporation, Minority Owned Business, Partnership or Limited Liability Partnership, Self-Certified Small Disadvantaged Business, Small Business, Special Designations, Indian (Subcontinent) American Owned Business, U.S.-Owned Business, Woman Owned Business, Women Owned Small Business

Financial Breakdown

Contract Ceiling: $3,107,933

Exercised Options: $3,107,933

Current Obligation: $3,104,933

Actual Outlays: $2,110,754

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Parent Contract

Parent Award PIID: 9531CB23A0007

IDV Type: BPA

Timeline