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

The Massachusetts Department of Higher Education is requesting quotations for supplemental financial assessment and advisory support services under PRF78 RFQ, with responses due October 28, 2026. The DHE seeks a qualified, independent external auditor or financial consulting firm to provide services throughout the Department's Financial Assessment and Risk Monitoring regulatory cycles as defined in 610 CMR 13.00 et seq.

A Supplier Diversity Plan Form is required as part of bid submission, and Massachusetts Small Business Purchasing Program and Supplier Diversity Program provisions apply to this procurement. The specific set-aside structure, participation goals, and certification requirements are detailed in attached guidance documentation.

Services are delivered on an as-needed basis at various intervals throughout the Department's regulatory compliance activities. The scope includes financial analysis, risk assessment, and advisory recommendations to support DHE's regulatory oversight functions. Qualified firms must demonstrate expertise in higher education financial analysis, regulatory compliance assessment, and risk monitoring methodologies. Bidders must designate an authorized signatory with legal authority to execute documents, a primary contact for substantive questions, and optionally a local representative for work conducted in Massachusetts.

The bid is submitted through CommBuys (Open Market Bid designation BD-27-1088-RGT01-RGT01-134463). Standard Commonwealth of Massachusetts terms and contract forms apply unless specifically modified by DHE. A CASAL form will be provided to the awarded vendor. The procurement documents include vendor response instructions, Commonwealth standard contract terms, scope-of-work specifications, a bid cover sheet, and a supplier diversity plan form, all posted October 14, 2026.