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

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

Posted: November 12, 2019

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

Investment research and analytics
Comprehensive portfolio accounting services
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:

Qualifications
Process
Core Team
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

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
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

100 College Boulevard,

Building 30

Niceville, FL 32578

AQuintana@fgnw.org

FGNW BOARD MEMBERS

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

FOUNDATION BOARD MEMBERS