FGNW NEWS

REQUEST FOR PROPOSAL: Investment Management Consultant for Florida’s Great Northwest Foundation, Inc.

REQUEST FOR PROPOSAL

Investment Management Consultant

 

PURPOSE

Florida’s Great Northwest Foundation, Inc. is looking for an investment management consultant and custodian to provide investment advice, performance reports and facilitate investment of the Foundation’s endowment, currently valued at $1 million.

 

ABOUT FLORIDA’S GREAT NORTHWEST FOUNDATION, INC. (The Foundation)

The Foundation was created by Florida’s Great Northwest (FGNW), the regional economic development organization for the Florida Panhandle. The Foundation is a 501(c)(3) not for profit corporation created as a support organization for FGNW, and to improve regional competitiveness by concentrating on key focus areas outlined in the Northwest Florida FORWARD regional strategic plan. These areas are Talent, Infrastructure, Business Vitality, Entrepreneurship & Innovation, and Quality of Place. The Foundation has an endowment with an initial investment of $1 million from a Deepwater Horizon oil spill settlement and a grant from Gulf Power. The organization intends to continually raise funds to grow the endowment and through smart investing, it aims to achieve a goal of $2 million.

FGNW donates staff time to the Foundation, which helps define priority initiatives, identify and communicate issues, and direct resources.

 

MINIMUM QUALIFICATIONS

• Registered with the Securities and Exchange Commission under the Investment Advisor’s Act of 1940 and be properly registered to provide investment advisory services in Florida.
• Completely independent of any financial institution or securities brokerage firm, or fully disclose any such relationship.
• Assign a portfolio manager and a relationship manager who each have a minimum of three years’ experience providing investment advice to not for profit organizations.
• Be financially solvent and properly capitalized to be able to provide service for the duration of the agreement.
• Must be located within the 12-county footprint of Florida’s Great Northwest.

 

INVESTMENT PRIORITIES

The Foundation would like assistance from an investment management consultant to:  

• Maintain the real purchasing power of the Endowment Fund, equal to or greater than the instituted Spending Policy plus the current rate of inflation.
• Establish reasonable expectations, objectives and guidelines in the investment of the assets
• Set forth an investment structure detailing permitted asset classes and expected allocation among asset classes
• Create the framework for a well-diversified asset mix that can be expected to generate acceptable long-term returns at a level of risk suitable for these assets

 

PROFESSIONAL SERVICES EXPECTED

• Manage on a daily basis The Foundation’s investment portfolio(s) pursuant to the Investment Policy and stated investment objectives
• Consult Endowment Managers on establishing the overall financial objectives and setting the investment policies
• Communication on a structured and ongoing basis with the Endowment Managers
• Hold conference calls and/or meet with the Foundation Board of Directors and Endowment Managers to provide updates and respond to inquiries
• Provide quarterly investment reports and summary of key actions made

 

PROPOSAL REQUIREMENTS

Please submit a proposal in hard copy and electronic format (PDF). The proposals should not exceed 10 pages. An appendix can be provided but will not be required reading by the evaluation team.  The following information should be included:

 

1. Company Information

• Contact information
• Year established and history
• Core competencies and overall services provided
• Bios for all key personnel that will be part of the proposed project team and identify the key point of contact that the Foundation would directly communicate
• Known existing relationships with FGNW Board Members, Foundation Board Members, and Endowment Managers (see last page for lists)
• Share any prior history of current employees likely to be involved with this project that have criminal convictions, indictments or investigations
• The firm’s investment philosophy and strategy and demonstrated investment performance
• Overview of your process/approach

2. Experience

• Client list (highlight those that are not for profit, foundations, endowments, trusts). Three to five will be sufficient.
• Share the type of work you did that is similar to what we need for at least 3 organizations, within the past 5 years. Provide a brief overview of services provided
• Provide examples that highlight your capabilities to provide

1. Investment research and analytics
2. Comprehensive portfolio accounting services
3. Performance reporting

 

3. Additional Information

Briefly describe any additional features, attributes, or conditions which the Foundation should consider in the selection process.

 

4. Conflict of Interest

Provide disclosure statement citing any potential or existing conflict of interests.

 

5. References

Provide contact details for at least three client references (include at least one foundation client, if applicable). Describe services provided and projects completed for these clients if not previously mentioned.

 

6. Costs

Provide proposed fee and breakdown. If travel is recommended, share when and number of trips. Any travel must be pre-approved by the Foundation Board of Directors. Reasonable travel costs will be reimbursed based upon IRS guidelines. Contractor will not be reimbursed for items that can reasonably be deemed as overhead expenses such as telephone calls, copies, mail, postage, etc.

 

Please add the following language to the end of the proposal:

“By virtue of submission, (the company) declares that all information provided is true and correct.”

 

EVALUATON CRITERIA

Criteria for selection include, but are not limited to:

1. Qualifications
2. Process
3. Core Team
4. Past Experience

 

EVALUATION PROCESS

The RFPs will be reviewed by the Endowment Managers. The Managers may choose to interview top firms to make a final decision. The Managers may defer final approval to the FGNW Foundation Board of Directors.

 

TIMELINE

• 11/8      RFP issued
• 11/15    Confirm receipt of RFP and intent to submit a proposal to AQuintana@fgnw.org
• 11/20    Deadline to submit questions to AQuintana@fgnw.org. Responses will be shared with all planning to submit a proposal to ensure the RFP and our intentions are clear
• 11/22    RFP hard copy and electronic responses due to Alex Quintana by 5pm CT
• 12/2      Potential interviews with top firms
• 12/6      Potential award of contract. Contract negotiations begin and work to commence immediately.

 

KEY DEADLINES

1. If your firm is interested, please confirm receipt of this Request for Proposal and your intent to submit a proposal to Alex Quintana via email by 11/15
2. Please mail 2 hard copies and email your proposal to be received by November 22, 2019.

 

Notes

• The Foundation reserves the right to select one or to reject all proposals.
• All questions must be submitted via email. Responses will be shared with all who have indicated they will submit a proposal.

 

CONTACT INFORMATION

Alex Quintana

Florida’s Great Northwest Foundation

PO Box 370

Niceville, FL 32588

or

100 College Boulevard,

Building 30

Niceville, FL 32578

AQuintana@fgnw.org

 

FGNW BOARD MEMBERS

https://www.floridasgreatnorthwest.com/about/board/

 

FOUNDATION BOARD MEMBERS

John Daniel, Beggs & Lane

Bruce Vredenburg, Hancock Whitney

Joe Brown, Hopping Green & Sams

Kevin Bowyer, WarrenAverett

John Sumrall, Trustmark

ENDOWMENT MANAGERS

Chris Moore, General Dynamics IT

Rhea Goff, The St. Joe Company

Dave Whalen, HCA Healthcare

Jason Belcher, FNBT

Ed Gray, Capital Trust Agency

 

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