When is the submission deadline?

Submissions are due October 28, 2026.

What is the budget for this RFP?

The published budget is $200,000.

It was issued by Department of Higher Education. The work is located in Boston, Massachusetts, United States.

Financial Assessment and Risk Monitoring (FARM) Advisory Support Services (Due October 28, 2026)

Overview

Financial, Legal, HR & Staffing

Boston, Massachusetts, United StatesPosted: October 14, 2026Deadline: October 28, 2026

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SUMMARY

The Massachusetts Department of Higher Education is seeking an independent external auditor or financial consulting firm to provide supplemental financial assessment and advisory support services for its Financial Assessment and Risk Monitoring (FARM) regulatory process.

KEY REQUIREMENTS

Must have knowledge of state and federal laws and regulations applicable to financial recordkeeping, reporting, and auditing of institutional records
Must have experience with Title IV programs, GI Bill benefits, state financial aid, and federal/state grant-supported programs
Must have the ability to analyze audited financial statements, annual reports on finance and enrollment, contracts, loan documents, and real estate appraisals
Must have the ability to assess the feasibility of institutional risk mitigation plans
Must have knowledge of higher education closing procedures and best practices to mitigate adverse impacts
Must have the ability to work under strict confidentiality requirements

BUDGET

Verified

$200,000

CONTRACT DURATION

14 months

TIMELINE

Quote submission deadline: October 28th, 2026

Evaluation of quotes period: October 28th, 2026 – October 29th, 2026

Award notification period: October 29th, 2026

SOW negotiation and execution period: October 30th, 2026

Performance start date: November 2nd, 2026

CONTACTS

Primary procurement contact — name, title, email, and phone

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Issuing Agency

Department of Higher Education

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DESCRIPTION

The Massachusetts Department of Higher Education (DHE) requires an independent external auditor or financial consulting firm to support its Financial Assessment and Risk Monitoring (FARM) responsibilities under M.G.L. c. 69, § 31B and 610 CMR 13.00. The contractor will provide supplemental financial assessment and advisory services, including reviewing and analyzing institutional financial screenings, risk mitigation plans, and contingency closure plans for private institutions of higher education. The engagement involves parallel reviews with the Department to strengthen the rigor and objectivity of the FARM process. The contract duration is from November 2, 2026, through December 31, 2027.

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Frequently asked questions

When is the submission deadline?: Submissions are due October 28, 2026.
What is the budget for this RFP?: The published budget is $200,000.
Who issued this RFP?: It was issued by Department of Higher Education. The work is located in Boston, Massachusetts, United States.

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