Search
About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

Learn more about our bank >
Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

Learn more about Economic Research >
- Events
- Contacts
Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

Learn more about resources, museum visits & educational programs >
- Resources & Programs
- Field Trips & Classroom Visits
- Events
- Contacts
Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

home > about us > doing business with the bank >

Procurement Guidelines

+ Share

twitter

facebook

The Bank follows procurement guidelines designed to produce fair competition and the best overall value.

Not a Federal Government Agency

The Federal Reserve Bank of Richmond is a nonprofit corporation owned by its member banks and governed by a board of directors. We are not a federal government agency. Consequently, federal government contracting regulations, programs, and GSA contract and pricing schedules do not apply.

Competitive Processes

We competitively bid procurements estimated to be $10,000 or greater in value ($20,000 for construction). Quotes or proposals are solicited from a minimum of three qualified suppliers. We may choose, but are not required, to compete products and services under $10,000.

We do not publicly post our procurement opportunities. Procurement, supplier diversity and department staff work collaboratively to identify qualified suppliers to participate in an acquisition opportunity.
.

Award to Responsive and Responsible Bidder

We award contracts to the responsive and responsible bidder or offeror that provides the best overall solution, which may be any combination of price, quality, service, availability, timeline or other evaluation criteria specified by the Bank. A responsive bidder is one whose quote or proposal meets all of the requirements of the bid; a responsible bidder is one that has the skill, ability, integrity, and financial and other resources necessary to perform on the requirements.

Electronic Sourcing

In most cases, we issue requests for quotes and proposals and require suppliers to submit their responses electronically through an online sourcing portal.

Procurement Services