NIGP 949: Financial Services, Higher Education

NIGP 949 Financial Services, Higher Education is a Class code encompassing payment processing, investment advisory, employee benefit administration, banking services, and financial counseling for higher education institutions and other state and local entities. Recent solicitations show state and local governments using this code for diverse financial services: research participant payment management platforms and tax-compliance tools at universities; investment advisory services aligned with state public funds investment acts and municipal financial product structuring; banking services including deposit management, payroll processing, and cash management for school districts; employee benefit plan administration covering flexible spending accounts and COBRA compliance; and financial empowerment and counseling programs for residents at risk of housing loss. The mix of issuing bodies reflects broad institutional participation: large public universities (University of Texas at Austin), school districts serving substantial student populations (Bibb County with $400 million budget, Stockton Unified with 34,000 students), county governments (Santa Clara County), cities (Waco, Dallas, Santa Monica), and regional purchasing cooperatives (Region 7 Purchasing Cooperative in Texas).

Geographic activity concentrates in Texas, Florida, California, and Georgia based on recent opportunities. Representative solicitations include the University of Texas at Austin's RFI for Research Participant Payment Management Solutions (NIGP codes 94670, 95839, and 949, due March 6, 2026), seeking vendors in payment card services and financial management; the City of Waco RFP 2026-007 for Investment Advisory Services and Municipal Financial Products Advisory Services (due March 9, 2026), requiring five years' experience with Texas public entities and SEC/MSRB registration; the Bibb County School District RFP 26-033 for Banking Services (due March 24, 2026, via Bonfire), soliciting federally chartered banks to provide deposit, cash, and payroll processing with pledged collateral requirements; and the County of Santa Clara's RFP for FSA/DCAP/ECAP/TSA/COBRA Administration Services (due April 7, 2026). Additionally, the Maricopa County Community College District issued RFP #3606-10 for an Electronic Invoice Process integrating with Oracle PeopleSoft (due April 2, 2026, for a cloud-based replacement to legacy invoice capture systems). Several opportunities involve federal compliance and grant administration: the City of Dallas NOFA for Dallas Financial Empowerment Centers under CDBG funding (due March 13, 2026) restricted to 501(c)(3) nonprofits serving residents in high-poverty areas with counseling and financial literacy services.