PRF78 RFQ: Financial Assessment and Risk Monitoring (FARM) advisory support services

The Massachusetts Department of Higher Education is seeking a qualified independent external auditor or financial consulting firm to provide supplemental financial assessment and advisory support services. This engagement focuses on the Department's Financial Assessment and Risk Monitoring regulatory cycles, specifically utilizing a twelve-factor methodology to evaluate enrollment, market viability, cash sufficiency, liquidity, and wealth. The primary scope includes performing financial analyses of high-risk institutions to determine their ability to sustain operations for 18 months and maintain reserves for teach-out plans, as well as providing ongoing hourly consultation and support. The performance period is divided into an initial intensive analysis phase from November 2, 2026, to December 1, 2026, and a general support phase extending through December 31, 2027. This solicitation is designated as a Small Business set-aside under the Small Business Purchasing Program, with a strong preference for participants meeting specific Massachusetts-based size and revenue requirements. Award selection is based on best value, evaluating the bidder's qualifications, the quality of the work plan, and the cost of services. Additional points may be awarded for higher Supplier Diversity Plan commitments. All selected contractors must adhere to strict confidentiality requirements as information is statutorily exempt from public records law. Payments are processed via Electronic Funds Transfer through the Comptroller's system, typically within 45 days of invoice receipt following the acceptance of deliverables.