Madison Associates Inc.

Madison Associates Inc., a Leesburg, Virginia-based Subchapter S corporation, delivers forensic investigation, financial analysis, and asset forfeiture investigative services to federal law enforcement and inspector general offices as a prime contractor across Total Small Business set-asides and full-and-open competitions. The company competes predominantly under Total Small Business set-asides, which characterize most of its AFISS2 IDIQ delivery orders and account for the largest share of its federal footprint by dollar value.

Madison Associates operates exclusively as a prime contractor—100% of its 68 tracked awards are prime contracts and indefinite delivery vehicles with zero subcontractor engagement. Across SCI-reportable prime service contracts (FY2022–FY2025), the company invoiced $75.6 million and deployed between 66 and 126 federal FTEs annually, peaking in FY2024 at 126 FTEs and $25.3 million. Government-paid hourly rates on those contracts ranged from $91.90 to $158.51 per hour, with a median of $100.89 per hour. The company self-performs all labor and reports zero subcontractor hours across its SCI-reportable contracts. GSA Schedule labor categories span staff auditors at $81.72 per hour through executive consultants at $250.59 per hour, with no security-cleared roles offered.

The Department of Justice dominates Madison Associates' customer base by dollar concentration. The Justice Management Division alone accounts for $1.36 billion in combined potential value across eight awards (79% of the vendor's total potential value), anchored by the $559.6 million Asset Forfeiture Investigation Services 2 (AFISS2) multiple-award IDIQ awarded April 25, 2023, and running through April 24, 2028. Under AFISS2, Madison Associates has issued numerous delivery orders spanning asset forfeiture, financial investigation, and senior financial investigator services to the Federal Bureau of Investigation and Homeland Security Task Force ($30.5 million, October 2025), the Department of Defense Inspector General ($22.2 million, June 2025), the Food and Drug Administration's Office of Criminal Investigations ($39.2 million, July 2023), the Department of Justice Criminal Division ($61.3 million across seven awards, including $18.3 million for Money Laundering and Bank Secrecy Act Records System financial investigation), and the Bureau of Diplomatic Security ($9.5 million, July 2023). Criminal Division delivery orders on AFISS2 include LITCON support ($2.05 million, September 2022, extended through February 2028 on the GSA Multiple Award Schedule). The Department of Health and Human Services Food and Drug Administration accounts for $61.4 million across two awards. The Department of Defense Inspector General and the Department of the Treasury Internal Revenue Service each represent $52 million in potential value. Across the top five customer agencies, Madison Associates covers 93% of its combined potential value.

Madison Associates holds three primary vehicle positions. The AFISS2 IDIQ carries a $559.6 million ceiling and has generated eleven delivery orders totaling $208.2 million in combined potential value. The company maintains 29 task orders on the GSA Multiple Award Schedule (MAS) valued at $73.4 million, spanning forensic financial analysis, audit and audit mission support, post-injunction legal services, ACE auditor support, and consultant services. The company also holds a $18.9 million Blanket Purchase Agreement with the Department of Homeland Security Office of Inspector General against the MAS, awarded May 2, 2022, through May 1, 2027, for mission support services and complex financial record investigations; government invoicing on this BPA ran $714 thousand in FY2022, $2.4 million in FY2023, and $2.5 million in FY2024, with Madison Associates self-performing all labor.

Award activity shows concentrated growth followed by a sharp decline. From 2022 to 2023, Madison Associates grew from 7 to 14 awards per year, then dropped to 2 awards in 2024, 3 in 2025, and 1 in 2026. Combined potential value across all 68 awards is $1.7 billion, with $207.3 million obligated (12% of ceiling). Eleven awards totaling $210.1 million in combined potential value face ultimate completion within the next twenty-four months, representing significant recompete exposure centered on the AFISS2 IDIQ vehicle.

Madison Associates serves 17 distinct federal agencies. Beyond the Department of Justice and its subsidiaries, the vendor has worked with the Department of Agriculture Office of the Inspector General (7 awards, $4.4 million), the Government Publishing Office (2 awards spanning forensic financial analysis and inspection and evaluation support), the Department of Homeland Security Office of the Inspector General (2 BPA calls totaling $8.6 million for mission support and investigative services), the Department of Defense Office of Inspector General, the Food and Drug Administration, and the Bureau of Diplomatic Security. Capability framing across awards centers on financial investigation, senior financial investigator services, forensic accounting and analysis, asset forfeiture case management, legal support (litigation, post-injunction services), audit and audit mission support, and regulatory compliance assistance—all delivered without security clearance requirements and concentrated in law enforcement and inspector general missions rather than operational defense programs.