2479 S. Lake Park Blvd, West Valley City, UT 84120 www.utahhousingcorp.org P: 801.902.8200

REQUEST FOR PROPOSAL

Compensation Practices, Pay Equity, and Governance Review July 2026

INTRODUCTION

Utah Housing Corporation (“UHC”, or the “Corporation”) is a self-funding, independent state agency created in 1975 by the Utah Legislature. Provisions related to UHC’s organization, duties and power, assets and obligations are found in Utah Code Title 63H, Chapter 8 (the “Act”). The Act empowers UHC, among other things, to issue bonds and other obligations, and to purchase mortgage loans in furtherance of its purpose of providing safe and sanitary housing for persons of limited income residing in the State of Utah.

UHC employs approximately 120 staff members and is led by an executive team consisting of the President and CEO, Chief Financial Officer, Chief Operating Officer, and Chief Legal Officer. UHC's workforce is organized across eight departments: Multifamily Finance and Development, Information Technology, Mortgage Servicing, Capital Markets, Mortgage Banking, Human Resources, Financial Services, and Internal Audit. Positions within the Corporation range from administrative and operational support roles to highly specialized professional, technical, management, and executive positions, reflecting the diverse functions required to support UHC's mission and business operations.

More information on UHC may be found on our website, www.utahhousingcorp.org, including UHC’s most recent audited financial statement and a link to UHC’s official statements and continuing disclosure reports.

RFP PURPOSE AND DESIGN

UHC seeks proposals from qualified firms with experience in compensation consulting, pay equity analysis, compensation administration, and executive compensation.

The purpose of this procurement is to engage with a consultant that will conduct a comprehensive review of UHC's compensation programs, policies, procedures, and related practices and provide recommendations related to compensation administration, pay equity, compensation governance, and executive compensation – all in order to ensure that the organization’s compensation administration is consistent, competitive, and legally compliant.

The resulting analysis, and a confidential report thereof, will be issued only to UHC’s legal counsel for the purpose of providing confidential legal advice and advising management and the Board of Trustees (BOT) to evaluate potential improvements to compensation-related policies, practices, and governance processes.

TERM OF ENGAGEMENT

The anticipated term of this engagement will begin upon contract execution and continue until completion of the project deliverables.

UHC anticipates completion of the project within approximately two to four months following contract execution, although the final schedule will be established in collaboration with the selected consultant.

UHC reserves the right to modify the project schedule, negotiate scope modifications, or terminate the engagement in accordance with the final contract terms.

PROPOSAL SUBMISSION REQUIREMENTS

Written proposals must be received no later than 5:00 p.m. (MDT) on Friday, August 28, 2026.

Proposals will be limited to not more than fifteen pages (excluding exhibits or appendices) with a font size not less than twelve points, and must be submitted in PDF format to:

Technical proposals submitted to:

Valerie Terry – VP Internal Audit Utah Housing Corporation vterry@uthc.org

Cost proposals submitted to:

Travis Kartchner – VP Financial Services Utah Housing Corporation tkartchner@uthc.org

Proposals must be formatted and submitted in the exact form and sequence as follows:

1. A brief, one-page executive letter (which does not count as part of the fifteen-page proposal limit) should accompany each proposal.

2. Answers to all questions in sequential order as described in this RFP under “Proposal Content.”

3. Additional information should be included as an exhibit and does not count toward the fifteen-page limit.

4. UHC requires proposals to be submitted in two distinct sections: (1) Technical Proposal and (2) Cost Proposal. The sections must be clearly labeled and separated. Respondents shall not include any pricing, fee, rate, or cost information within the Technical Proposal. UHC reserves the right to evaluate the Technical Proposal independently before reviewing the Cost Proposal.

INQUIRIES

Questions concerning this Request for Proposal may be directed to Valerie Terry, VP Internal Audit, at vterry@uthc.org, and must be received by 5:00 p.m. Wednesday, August 19, 2026. Responses to all questions will be provided to respondents.

SCOPE OF WORK (SOW)

The selected consultant shall conduct a comprehensive, data-driven review of UHC's compensation programs, practices, policies, procedures, and governance processes. At a minimum, the consultant shall perform the following services:

1. Compensation Program Assessment – Review and evaluate UHC's compensation practices, including compensation structures, salary administration practices, compensation decision-making processes, and other factors that influence employee compensation.

2. Pay Equity Analysis – Conduct a pay equity analysis to identify actual or potential compensation disparities and assess whether compensation practices are being applied fairly and consistently. The consultant shall describe the methodology utilized and identify any findings, risks, or areas of concern. Respondents should explain:

a. Statistical methodology

b. Regression analysis approach

c. Factors to be evaluated

d. Treatment of tenure, performance, experience, certifications, education, etc.

e. How unexplained variances will be identified

f. How recommendations will be prioritized

3. Policy, Procedure, and Governance Review – Review compensation-related policies, procedures, and governance practices to identify opportunities for improvement and recommend best practices that support fair, consistent, and legally compliant compensation administration. Specifically, the consultants should review:

a. Salary structure design

b. Pay grade architecture

c. Job classification methodology

d. Career ladders

e. Starting pay practices

f. Promotion practices

g. Market pricing methodology

h. Merit increase processes

i. Equity adjustments

j. Compression and inversion issues

4. Executive Compensation Review – Evaluate executive compensation practices and provide market-based recommendations, including proposed compensation ranges and related governance considerations.

5. Recommendations and Implementation Plan – Provide recommendations to address identified findings and opportunities for improvement. Recommendations should include practical implementation considerations and a roadmap that prioritizes actions based on risk, impact, and organizational need. Recommendations should identify priority level, estimated implementation effort, responsible parties, and suggested implementation timelines.

6. Compensation Governance Processes – Review compensation governance processes, including board oversight, executive approval authority, compensation decision-making responsibilities, documentation standards, exception approval practices, and monitoring processes.

7. Deliverables – At a minimum, the selected consultant shall provide:

a. A project plan and timeline.

b. A comprehensive written report summarizing findings, analyses, identified risks or concerns, and recommendations.

c. Recommended executive compensation ranges.

d. Specific recommendations to correct identified problems with the organization’s compensation-related policies.

e. An implementation roadmap identifying recommended actions and priorities.

f. An executive summary suitable for presentation to senior leadership and the BOT.

g. A presentation of findings and recommendations to the UHC BOT.

8. Best Practice Recommendations: Recommendations should be provided on the following:

a. Compensation philosophy

b. Compensation governance framework

c. Pay administration guidelines

d. Documentation requirements

e. Market review frequency

f. Pay-equity monitoring process

g. Executive compensation oversight

9. Future Compensation Framework

a. Recommended compensation philosophy

b. Salary structure framework

c. Governance model

d. Pay administration process

e. Roles and responsibilities

RESPONDENT SELECTION CRITERIA AND PROCESS

In considering your firm’s proposal, UHC’s evaluation team will carefully review your submission and make recommendations based on the following criteria:

1. Experience and capabilities conducting compensation studies and pay equity analyses.

2. Qualifications and experience of proposed project personnel.

3. Methodology, analysis, and technical approach.

4. Deliverables, recommendations, and implementation support.

5. Ability to meet project timelines.

6. Reference checks.

7. Cost proposal.

Threshold requirements

1. Independence from conflicts of interest.

2. No existing compensation-setting role with UHC.

3. Ability to provide objective recommendations.

4. Data privacy and confidentiality.

5. Security of employee compensation data.

6. Compliance with applicable employment laws.

7. No disclosed matters, or disclosed matters do not present a material risk to UHC's interests or the Respondent's ability to perform the engagement

8. Ability to execute on SOW and required contractual terms.

Optional Discussions, Presentations, and Interviews UHC reserves the right, but is not obligated, to conduct discussions, request oral presentations, or hold interviews with any or all Respondents. UHC may, at its sole discretion, select which Respondents, if any, are invited to participate in such activities. Participation in discussions, presentations, or interviews, if requested, shall be at the Respondent’s expense.

OTHER ITEMS OF NOTE

1. UHC is subject to Utah’s Government Records Access and Management Act (GRAMA) defined in Utah Code Title 63G Chapter 2 and is designed to balance the public’s right to participate in state government and access public records with the right of privacy in relation to personal data gathered by governmental entities. In short, provisions in GRAMA serve vital public interests by increasing transparency, accountability, and trust in state government. Responders to this RFP (each a “Respondent”) acknowledge and agree that, notwithstanding anything contained therein or in any transmittal, all documents submitted to UHC pursuant to this RFP are not considered confidential or proprietary in any way and may be subject to inspection by the public. However, as noted above, any report generated by Respondent following engagement will be issued only to UHC’s legal counsel for the purpose of receiving legal advice. As a result, a final confidential report issued by Respondent will not be subject to inspection by the public. By submitting a proposal, Respondents expressly authorize UHC to disclose such proposals and any related information at UHC’s sole discretion. Respondents asserting a business confidentiality claim under GRAMA shall submit both an unredacted proposal and, if requested by UHC, a redacted version of identifying information claimed to be protected from disclosure.

2. All submitted proposals become the sole and exclusive property of UHC.

3. During the evaluation and decision process, UHC may request additional information or clarifications from Respondents. Further, interviews may be conducted, virtually or in-person at UHC’s offices, to obtain additional information. To the extent that your firm is selected for an interview, key individuals identified in the statement of qualifications should be present. If Respondent is accepted to do this work, they must agree to follow instructions from UHC’s legal counsel about how to preserve the attorney-client privilege and protect other relevant legal rights.

4. UHC is not liable for any costs incurred by Respondents, including and without limitation, costs related to preparation of proposals or oral interviews or travel expenses.

5. UHC reserves the right to reject any and all proposals and to negotiate the terms of the responses with any Respondent prior to commencing services. If negotiations cannot be concluded successfully with any selected Respondent(s), UHC may negotiate with the other Respondents.

6. UHC reserves the right to reissue a new RFP for the same or similar services, to modify this RFP, or to change or postpone proposal deadlines for its own convenience.

7. Any Contract resulting from this RFP will include but not be limited to the State’s Terms and Conditions (Attachment A). Requests for exemptions from, or exceptions and/or additions to the State’s Terms and Conditions can be submitted but are strongly discouraged. Proposed exemptions, exceptions or additions to the Terms and Conditions must be submitted as part of Respondent’s Response. Exemptions, exceptions, additions, service level agreements, etc. submitted after the date and time for receipt of Responses will not be considered. Website URLs, or information on website URLs may not be incorporated into any form of proposed exception or addition to the Terms and Conditions. URLs provided as part of a Response may result in that Response being rejected as non-responsive. Also, any use of URLs within the final Contract are prohibited. UHC retains the right to refuse to negotiate on exceptions should the exceptions be excessive, not in the best interest of the Corporation, or if such negotiations or exceptions could result in excessive costs to the Corporation, or could adversely impact existing time constraints. If negotiations are required, Firm must provide all documents in Microsoft® Word format for redline editing. Firm must provide the name, contact information, and access to the person(s) that will be directly involved in legal negotiations. Contracts written pursuant to this RFP will not be legally binding without the written approval of the Corporation.

PROPOSAL CONTENT

Your proposal will include responses to the following questions, in sequential order.

A. General Information

1. Provide the firm's name, address, primary contact person, phone number, and email address.

2. Provide a brief description of the firm's history, areas of expertise, and experience performing compensation-related consulting services.

3. Disclose any litigation, investigations, administrative actions, or regulatory findings related to compensation consulting, pay equity services, professional conduct, data security, or contractual performance within the past five years.

B. Relevant Experience

1. Describe the firm's experience performing corporate practice/policy audits, pay equity analyses, compensation studies, or similar projects.

2. Describe experience working with governmental entities, public-sector organizations, housing finance agencies, or similar organizations.

3. Provide three to five client references for comparable engagements, including contact information.

4. Provide at least one sample deliverable or redacted report from a comparable project, if available.

C. Project Team

1. Identify the individuals who will be assigned to this project.

2. Describe each team member's qualifications, experience, and role in the engagement.

3. Identify the project manager who will serve as UHC's primary point of contact.

D. Project Approach

1. Confirm the respondent’s ability to perform all elements outlined in SOW.

2. Describe the proposed approach to completing the SOW.

3. Describe the methodologies that will be used to assess compensation practices and pay equity.

4. Describe anticipated data requirements and stakeholder involvement.

5. Provide a proposed project timeline.

E. Compensation & Project Costs

Respondents shall provide a detailed cost proposal identifying all fees, expenses, and anticipated costs associated with completing the SOW.

a. Fixed fees

b. Hourly rates (if applicable)

c. Travel expenses

d. Other reimbursable costs

e. Total proposed cost

F. Data Security

Describe your firm's practices related to data security, confidentiality, and protection of sensitive employee information. At a minimum, please provide information regarding:

a. Data encryption

b. Data retention

c. Data destruction practices

d. Access controls

e. Use of subcontractors

f. Security incidents within the last three years

G. Independence Disclosures

Vendor (or firm) will need to disclose the following:

a. Conflicts of interest

b. Prior work for UHC

c. Relationships with UHC executives, trustees, or employees

d. Compensation products being recommended for future sale

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