Lockbox, Tax Return Processing Services and Data Capture
Ended State & local contract Michigan Awarded
- Contract number
- MA180000000163
- Awardee
- JP MORGAN CHASE BANK NA
- Contracting organization
- Michigan Department of Treasury
Contract facts
- Cumulative value
- $101,783,530
- End date
- Points of contact
-
- Andrew Boettcher boettchera@michigan.gov (517) 636-0631
- Pam Platte plattep@michigan.gov (517) 249-0927
- Julie Collins collinsj17@michigan.gov (517) 643-5732
- Jennifer Ruttman ruttmanj2@michigan.gov (517) 636-0631
Contract details come from michigan.gov. Updated .
About this contract
Michigan Department of Treasury Lockbox and Tax Return Processing Services IDV
This indefinite delivery vehicle provides comprehensive lockbox, tax return processing, and data capture services for the State of Michigan. The contract encompasses daily lockbox operations including mail retrieval, sorting, batching, and deposit reconciliation, along with document imaging and electronic file transmission capabilities. Services support three primary accounts: the UI Benefit Payment Account, UI Tax Clearing Account, and Restitution Clearing Account. The contractor is required to maintain collateral of approximately $25 million for average daily balances with the ability to provide up to $750 million in additional collateral during peak tax collection periods. Service level requirements include deposit timelines of 48 hours for 95% of receipts and 72 hours for remaining funds, with daily pickup and afternoon batch delivery by 3:00 p.m. ET.
JP Morgan Chase Bank, N.A. serves as the prime contractor for this vehicle, which is administered by the Michigan Department of Treasury on behalf of the Unemployment Insurance Agency. The original contract period spanned from November 1, 2017 through October 31, 2022, with a Contract Change Notice executed on October 25, 2022 exercising five one-year option periods, extending the expiration date to October 31, 2027. The contract is classified as a Michigan Department of Treasury contract covering the State of Michigan. The current estimated contract value is $101,783,529.50 for the five-year extension period, with compensation determined through a combination of earnings credits on account balances and direct invoicing for any deficit amounts under net 45-day payment terms.
Files
| File | Type | Posted |
|---|---|---|
| 180000000163.pdf |
Quick answers
Who holds contract MA180000000163?
Contract MA180000000163 was awarded to JP MORGAN CHASE BANK NA by Michigan Department of Treasury on November 1, 2017.
How much is contract MA180000000163 worth?
Its cumulative value is $101,783,530.
On GovTribe
See this contract's full record
- Every award placed under it, line item and file
- Track it in your pipeline
- Similar state and local contracts and opportunities
- Ask GovTribe AI about this contract