Bingham Arbitrage Rebate Services

What Bingham Arbitrage Rebate Services does

Bingham Arbitrage Rebate Services, Inc. is a privately held, woman-owned professional services firm headquartered in Richmond, Virginia that specializes in arbitrage rebate calculations and verification services for issuers of tax-exempt bonds. Founded in 1988 as a division of Bingham & Company Capital Markets and incorporated as an independent entity in 1995, the firm was acquired by its current President Kim A. Hoyt in 1996 and has operated continuously under her ownership. Its core function is helping municipalities, counties, states, public authorities, school districts, universities, hospitals, retirement communities, housing authorities, nonprofit 501(c)(3) organizations, airports, and P3 projects comply with the Internal Revenue Code Sections 103 and 148 arbitrage rebate and yield restriction rules that govern tax-exempt debt.

The firm's service portfolio spans pre-issuance verification of refunding escrow funds and cash defeasance transactions, annual and periodic arbitrage rebate computations across fixed rate, variable rate, and variable rate with swap structures, yield restriction analysis, post-issuance compliance reviews, preparation of IRS Forms 8038-T, 8038-R, and Schedule K (Form 990), records and procedures development, and client training. The underlying technology is a proprietary in-house suite of arbitrage rebate calculation software and verification analysis models, refined since 1988 and applied to a cumulative $140 billion in bond proceeds across more than 1,500 active clients, with senior staff individually logging 1,500–2,700+ calculations. The firm holds WBENC and Virginia SWaM certifications and was awarded a statewide contract with the Virginia Department of the Treasury effective May 1, 2023 to serve State Non-Arbitrage Program participants.

Bingham generates revenue through professional services fees that are custom-priced based on bond issue size and complexity, with multi-year engagements and annual calculations that create recurring relationships. Go-to-market is sales-led and event-driven, relying on direct sales and quote requests handled via email, an extensive GFOA and Women in Public Finance conference presence across multiple states, and referrals from bond attorneys, financial advisors, and corporate trust banks. The firm deliberately remains independent and has not raised external capital, pursuing steady organic growth within a narrow regulatory niche.

Name

Bingham Arbitrage Rebate Services

Legal name

Bingham Arbitrage Rebate Services, Inc.

Website

https://bingham-ars.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Bingham Arbitrage Rebate Services is a Richmond, Virginia-based woman-owned professional services firm that calculates arbitrage rebate liability, performs pre-issuance verification, and prepares IRS forms for tax-exempt bond issuers including municipalities, universities, hospitals, and nonprofits.

Ownership category

akta.pro rank

Product category

Tax-Exempt Bond Compliance Services

NAICS

Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121), Accounting, Tax Preparation, Bookkeeping, and Payroll Services (5412)

akta.pro primary industry

Escrow & Fiduciary Escrow Services (FSAAANAH)

akta.pro secondary industry

Escrow Services (BPAJAOAD)

Keywords

• Arbitrage rebate services
• Tax-exempt bond compliance
• Bond verification services
• Post-issuance compliance
• Municipal bond advisory

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Arbitrage Rebate Calculations: Annual or periodic arbitrage rebate compliance calculations for tax-exempt bond issuers. Fees driven by size and complexity of each bond issue. Offering annual calculations eliminates time-consuming reconstruction of accounting records at the five-year mark.
2. Verification Services: Pre-bond closing verification services for refunding escrow funds and cash defeasance transactions. Requires information on refunded debt and refunding debt, including type of refunding, specific bond issues being refunded, number of escrow funds, and tentative sale/closing dates.
3. IRS Form Preparation: Preparation of IRS Forms 8038-T for arbitrage rebate payments, 8038-R for refunds, and Schedule K (Form 990) for nonprofit organizations.
4. Post-Issuance Compliance Reviews: Annual reviews and ongoing support for arbitrage rebate compliance, including yield restriction calculations.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Bingham provides arbitrage rebate calculation and verification services for issuers of tax-exempt bonds, covering spending exception tracking, rebate computations across fixed-rate, variable-rate, and variable-rate-with-swaps bond structures, and pre-bond closing verification of refunding escrow and cash defeasance transactions. The firm also delivers yield restriction analysis, post-issuance compliance reviews, IRS form preparation (8038-T, 8038-R, Schedule K Form 990), client training, and holds a statewide contract to serve Virginia's State Non-Arbitrage Program participants. Services are delivered by experienced account managers using proprietary in-house calculation and verification systems and a multi-level quality review process.

Product overview

Bingham Arbitrage Rebate Services is a specialized financial compliance firm offering a unified suite of services centered on arbitrage rebate calculations and verification for tax-exempt bond issuers. The core offerings include Verification Services for pre-bond closing escrow analysis, Arbitrage Rebate Services for rebate computations across various bond structures, Yield Restriction Analysis for compliance with spending exception rules, Post-Issuance Compliance monitoring and annual reviews, IRS Form Preparation (8038-T, 8038-R, Schedule K), Records and Procedures Development, and Client Training. The company also holds a statewide contract with Virginia's State Non-Arbitrage Program (SNAP) to serve public entities. All services are delivered through direct professional engagement with the firm's account managers rather than through a software platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Verification Services Comprehensive pre-bond closing verification services for refunding escrow funds and cash defeasance transactions, including mathematical accuracy confirmation of cash, escrow yield, and securities adequacy, performed with a multi-level analysis and quality review process for tax-exempt bond issuers and bond counsel.
• Arbitrage Rebate Computation Services Spending exception tracking and arbitrage rebate computations for tax-exempt bond issuers across fixed-rate, variable-rate, and variable-rate-with-swap structures, issued by governments, universities, private and charter schools, retirement communities, and 501(c)(3) organizations; annual calculations available to avoid reconstruction of accounting records at five-year mark.
• Yield Restriction Analysis Analysis and calculation services for yield restriction compliance when project proceeds remain unspent beyond the three-year temporary period, ensuring issuers meet IRS requirements on invested bond proceeds.
• Post-Issuance Compliance Reviews Annual reviews for arbitrage rebate compliance, including closing document review, yield restriction calculations, and ongoing compliance monitoring for tax-exempt bond issuers.
• IRS Form Preparation Preparation of IRS Forms 8038-T for arbitrage rebate payments, 8038-R for refunds, and Schedule K (Form 990) for nonprofit organizations receiving tax-exempt bond financing.
• Records and Procedures Development Guidance and development of in-house checklists and record-keeping systems for preserving bond documents and investment records to support ongoing arbitrage rebate compliance.
• Client Training Instructional sessions and educational training on arbitrage rebate compliance delivered at financial conferences and for professional development of finance officers and bond counsel teams.
• Virginia SNAP Statewide Contract Services Statewide contract service delivering arbitrage rebate calculation services to Virginia's State Non-Arbitrage Program participants, including the Commonwealth of Virginia, counties, cities, towns, and their agencies, institutions, and authorities.

Quantifiable outcome

• Over $140 Billion in bond proceeds processed
• +4 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Virginia Department of the TreasurycoreStrategic or Co-development Partner · 1 May 2023Virginia Department of Treasury awarded Bingham an optional statewide contract to provide arbitrage rebate calculation services for the State's public entities participating in Virginia's State Non-Arbitrage Program (SNAP). The contract was effective May 1, 2023 following a competitive request for proposals. Eligible participants include the Commonwealth of Virginia, counties, cities, towns, and their agencies, institutions and authorities.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• BLX Group: BLX Group (formerly BondLogistix) is one of the closest direct competitors to Bingham, offering specialized arbitrage rebate calculation, verification, and post-issuance compliance services to tax-exempt bond issuers nationwide. Its service mix, customer base (municipalities, universities, hospitals, authorities), and niche focus are essentially identical to Bingham's.

Broad incumbents

• Ice Miller LLP: Ice Miller is a major law firm with a substantial public finance practice that includes arbitrage rebate compliance, tax-exempt bond counsel, and post-issuance services. It competes with Bingham on larger and more complex bond issues, but as part of a broader legal and advisory portfolio rather than as a dedicated arbitrage specialist.
• Hawkins Delafield & Wood LLP: Hawkins is a leading national bond counsel firm that serves tax-exempt bond issuers and frequently touches arbitrage rebate compliance as part of its public finance engagements. It competes with Bingham on mandates tied to large municipal and conduit financings, though arbitrage work is typically a sub-component of broader counsel engagements.
• Orrick, Herrington & Sutcliffe LLP: Orrick has a significant public finance practice advising issuers, underwriters, and trustees on tax-exempt bond transactions, and its tax practice includes arbitrage-related services. It competes for high-value bond mandates that include post-issuance compliance components similar to those Bingham services.
• PFM Group: PFM is a leading financial advisory and management consulting firm with a dedicated public finance practice serving state and local governments, including tax-exempt bond issuers. It is comparable to Bingham as a service provider to the same municipal, education, and authority clients, though its offerings span the full public finance advisory stack.
• KPMG LLP: KPMG's tax practice includes services for tax-exempt bond issuers and can encompass arbitrage rebate compliance as part of broader engagements for large governmental, healthcare, and higher education clients. It is a broad incumbent that competes on enterprise-level mandates where Bingham also serves customers.
• Deloitte LLP: Deloitte provides tax, audit, and consulting services to tax-exempt bond issuers, with capabilities that include arbitrage rebate work bundled into larger public sector engagements. It competes with Bingham for large, complex compliance mandates from major municipalities, universities, and healthcare systems.
• BakerHostetler: BakerHostetler has a public finance practice representing issuers, underwriters, and trustees on tax-exempt bond matters, and its tax practice includes arbitrage-related compliance services. It competes with Bingham on bond transactions where legal and arbitrage counsel are sought together.
• Butler Snow LLP: Butler Snow's public finance group advises governmental, healthcare, education, and economic development issuers on tax-exempt bond transactions and offers related compliance services. It overlaps with Bingham's customer base and service scope, particularly in the Southeastern U.S.
• ArentFox Schiff LLP: ArentFox Schiff has a public finance and tax-exempt organizations practice that includes bond counsel and related compliance services for issuers across government, nonprofit, and healthcare sectors. It competes with Bingham on bond mandates where in-house arbitrage and verification capabilities are part of broader counsel engagements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bingham-ars

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bingham Arbitrage Rebate Services